The global market for phosphoric acid is poised for significant growth, driven by the diminishing per capita farmland amid a rapid surge in the global population. According to the Food and Agriculture Organization (FAO), approximately 94% of potentially arable land in South Asia is currently utilized, while only 22% of land in sub-Saharan Africa is under cultivation. These insights are gleaned from a recent report by Fortune Business Insights™ titled “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis,” forecasting the market's trajectory from 2021 to 2028. The report reveals that the market, valued at USD 31,367.7 million in 2020, is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Research Methodology:
Our research process involved four key activities to determine the current market size. Initial exhaustive secondary research was conducted to gather data on both the parent and peer markets. Subsequently, primary research was undertaken to validate these findings, assumptions, and sizing with input from various industry experts. Utilizing both bottom-up and top-down approaches, we calculated the market size to ensure comprehensive analysis.
Driving Forces & Limitations:
The increasing utilization of DAP in the cultivation of fruits and vegetables is expected to drive market growth. DAP, being a widely used phosphatic fertilizer, boasts excellent physical properties and a high nutrient content, serving as a crucial source of nitrogen and phosphorus for plant nutrition, particularly in the farming of grains such as vegetables, fruits, barley, and wheat. However, the imposition of stringent regulations on fertilizer usage may pose a challenge to market expansion in the near future.
Regional Outlook:
Asia Pacific is anticipated to lead the market in the coming years, driven by factors such as rising consumer expenditure, expanding agricultural activities, growth in the chemical industry, and government initiatives. In countries like China, the demand for phosphoric acid is expected to surge owing to the presence of numerous end-use industries. Conversely, Europe and North America collectively accounted for over 20% of the global market in 2020, with increased adoption of phosphoric acid in animal feed and food additives bolstering growth in these regions.
Information Source:
https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571
