The phosphate fertilizer market is growing at a significant rate due to growing meat consumption and limited availability of arable land. Growth potentials in Asia-Pacific and Latin America market are providing an ample opportunity for the phosphate fertilizer market to grow at a considerable rate in the coming years. India is the second largest consumer of phosphate fertilizers globally and also the largest importer of diammonium phosphate (DAP).
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Phosphorus is an important element for plants which supports the plant growth by providing root development, seed developments and plant maturation to it. The utilization of phosphorus can be done by plants by the dry or liquid property of the fertilizer. Plant nutrient use in both dry and liquid fertilizers is exaggerated by the factors such as root and crop growth characteristics, method of application, climatic conditions and soil test levels. Modern farming is fully dependent on inorganic fertilizers containing phosphorus so as to maximize the production of forage and grains. Phosphate rocks are used to manufacture phosphate fertilizers and about 85% of the global phosphate rock demand is from the food production industry only.
Almost two-third of the global phosphate resources are derived from marine and sedimentary phosphate rock deposits. Market forces and political regulations may affect availability of phosphate rock as it is a non-renewable resource and phosphorous is limited in quantity. Most of the organic phosphorus is easily decomposable in the soil, but some factors such as soil moisture, temperature and soil potential of hydrogen (pH) has a bearing on the phosphorus mineralization rate.
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The phosphate fertilizer market can be categorized on the basis of types as monoammonium phosphate (MAP), diammonium phosphate (DAP) and superphosphate. On the basis of applications, the phosphate fertilizer market can be categorized as fruits and vegetables, and grains and oilseeds.
Rise in population and diversified food demand are some of the factors driving the growth of the phosphate fertilizer market. Rising energy demands with increase in population challenged the farmers to increase crop output from the limited available land. It results in an increase in the use of chemical fertilizers, which resulted in the growth of the phosphate fertilizer market. However, government policies and pricing volatility regarding phosphate fertilizers are some of the factors restraining the growth of the phosphate fertilizer market.
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