Sustainable Synergy: Phosphate and Compound Fertilizers for a Greener Agriculture

The global phosphate and compound fertilizer market is estimated to grow at a moderate CAGR 5.6% during the forecast period (2021-2027). The requirements for fertilizers are on the rise globally attributing to the rising population. The other factors contributing to the market growth include the adoption of better agricultural practices and climate change. The gradual replacement of conventional fertilizers by innovative smart fertilizers is also contributing towards industry growth. The global market is also growing owing to the green revolution. Additionally, governmental subsidies and support programs and along with the subsidies from other organizations are significantly contributing towards market growth. Furthermore, crop diversification and specialization, and an increase in the use of technology in the production of fertilizers are accelerating the market growth. 

Browse the full report description of “Global Phosphate and Compound Fertilizer Market Size, Share & Trends Analysis Report, by Product Type (Low Concentration Phosphate Fertilizer, High Concentration Phosphate Fertilizer), by application(Vegetables, Fruiter, Cereal Crop), Forecast (2021-2027)” at https://www.omrglobal.com/industry-reports/phosphate-and-compound-fertilizer-market

The market is segmented by product type (into low-concentration phosphate fertilizer and high-concentration phosphate fertilizer), by application (into vegetables, fruiter, and cereal crops), and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).

Market Outlook and Recent Development 

• The Asia-Pacific region has been the largest market for phosphate and compound fertilizers in 2023, owing to the high demand for food and the improvements in crop yields in countries such as China and India.

• Innovations including controlled-release coatings and nanotechnology are increasing the potency and efficiency of phosphate fertilizers. These developments can increase agricultural yields while lowering the requirement for fertilizer.

• In September 2021, Coromandel International introduced GroShakti Plus and NPK (nitrogen, phosphate, and potassium) fertilizer. GroShakti Plus contributes towards nutrient content and suitability for various crops. 

• Research institutions and companies are investing in phosphate and compound fertilizers for the development of new technologies. 

• In February 2022, the Mosaic Company acquired Plant Response to produce new soil health solutions that give superior crop nutrients to consumers and assist globally with the food it requires.

The major companies operating in the phosphate and compound fertilizer market include Agrium, PotashCorp, Hanfeng Evergreen, Kingenta Ecological Engineering Co. Ltd., Luxi Chemical Group Co. Ltd., Stanley Fertilizer Co. Ltd., and WengFu Group. The market players are contributing significantly towards market growth by adopting various business strategies.  For instance, in June 2021 the Industrial Development Corporation, an African government corporation invested in Nitrogen Chemical of Zambia (NCZ), its subsidiary to support the production of fertilizer including compound fertilizers to cut the need for imports. 

To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/phosphate-and-compound-fertilizer-market