The global market for phosphoric acid is poised for significant growth driven by the dwindling per capita farmland amid a rapidly surging global population. According to the FAO, while approximately 94% of potentially arable land is utilized in South Asia, only about 22% is under cultivation in sub-Saharan Africa. These insights are derived from a recent report by Fortune Business Insights™ titled “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis,” projecting market trends and impacts by application and region for the period 2021-2028. The report reveals that the market size stood at USD 31,367.7 million in 2020 and is expected to reach USD 44,873.5 million by 2028, with a projected Compound Annual Growth Rate (CAGR) of 4.7%.
Drivers & Restraints:
The increasing utilization of DAP in the cultivation of fruits and vegetables is anticipated to drive market growth. Diammonium phosphate (DAP), known for its superior physical properties and high nutrient content, is a key component in various phosphate fertilizers. It serves as a significant source of nitrogen and phosphorus for plant nutrition, particularly in the cultivation of grains such as vegetables, fruits, barley, and wheat. However, stringent regulations regarding fertilizer usage may pose challenges to market expansion in the near future.
Segment Analysis:
The fertilizers segment is expected to maintain its dominance in the market, holding the largest market share in the coming years. The International Fertilizer Association (IFA) forecasts a steady increase in fertilizer demand, reaching approximately 197.1 Mt of nutrients by 2024.
Regional Insights:
Asia Pacific is poised to lead the market in the forthcoming years, driven by factors such as increased consumer spending, agricultural activities, chemical industry expansion, and government initiatives. Countries like China are expected to witness heightened demand for phosphoric acid owing to the presence of diverse end-use industries. In contrast, Europe and North America collectively accounted for over 20% of the global market in 2020. The growing utilization of phosphoric acid in animal feed and food additives is expected to drive market growth in these regions.
Source:
For more information, refer to: https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571
