Global Monoammonium Phosphate Market 2019-2023 | Adoption of Precision Farming to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 12, 2019--
The global monoammonium phosphate market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191112005873/en/
Technavio has announced its latest market research report titled global monoammonium phosphate market 2019-2023 (Graphic: Business Wire)
Monoammonium phosphate is widely being used in leavening agents, electronics, flame retardants, and various other applications. The continuous research and product developments are increasing the functionalities of monoammonium phosphate as a preservative, flavoring agent, and coloring agent in F&B. In addition, it is used as a nutritional supplement and buffering agent for yeast formation, winemaking, and mead brewing. Furthermore, monoammonium phosphate is used to formulate ABC dry chemical for fire extinguishers as it reduces the intensity and spread of fire in flame retardants applications. These diverse applications of monoammonium phosphate will propel its demand during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR31194
As per Technavio, the adoption of precision farming will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Monoammonium Phosphate Market: Adoption of Precision Farming
Precision agriculture is gaining immense popularity in the global agriculture industry. The technique involves the use of information technology systems such as smart sensors and high-precision positioning systems to increase crop productivity. The growing use of precision farming is optimizing the use of monoammonium phosphate fertilizers whereby farmers are enabled to use monoammonium phosphate in precise amounts for fertilizer application. This reduces the overall fertilizer cost and improves the profitability of farmers. Thus, the growing adoption of precision farming in developed and developing countries will be a positive trend in the global monoammonium phosphate market during the forecast period.
“The growing investments to increase production capacity, and the increasing preference for backward integration among vendors are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Global Monoammonium Phosphate Market: Segmentation Analysis
This market report segments the global monoammonium phosphate market by application (fertilizers, flame retardants, food and beverages, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to a reduction in arable land, the increasing population, rise in per capita income, and the rising demand for food grains in the region. In addition, favorable government initiatives and investments in key agriculture-driven economies including India and China are further likely to increase the consumption of monoammonium phosphate for improving crop yield.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.Request a free sample report
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191112005873/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: RETAIL CHEMICALS/PLASTICS MANUFACTURING AGRICULTURE NATURAL RESOURCES FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 11/12/2019 09:00 PM/DISC: 11/12/2019 09:00 PM