Global Phosphate Fertilizers Market 2020-2024 | Increase in Vertical Integration Among Vendors to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 6, 2020--
The phosphate fertilizers market size is poised to grow at a CAGR of almost 2% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global phosphate fertilizer market 2020-2024. (Graphic: Business Wire)
Rising industrialization, urbanization, and population growth have led to a decline in arable land. For instance, the arable land in China reduced by nearly 15 million hectares from 1979 to 1995. With shrinking arable land and declining total factor productivity (TFP), the application of fertilizers must be increased to improve the productivity of crops in the arable land available. The productivity and quality of crops can be improved by using a large range of macronutrients and micronutrients as soil supplements. Phosphate fertilizers can be used in combination with other macronutrients such as nitrogen and potassium to increase agricultural productivity and the quality of yield. Thus, the shrinking arable land and growing demand for food are crucial factors driving the demand for phosphate fertilizers.
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As per Technavio, the increasing preference for vertical integration among vendors 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 2020-2024.
Phosphate Fertilizers Market: Increasing Preference for Vertical Integration Among Vendors
Vendors are increasingly engaging in vertical integration as it helps companies to reduce the dependence on suppliers and other stakeholders. It significantly reduces the operating cost and improves process efficiency. For instance, the cost associated with raw material procurement is one of the key expenses for phosphate fertilizer manufacturers. Thus, phosphate fertilizer manufacturers are opting for backward integration to produce raw materials such as phosphate rock by themselves, which helps them reduce cost as well as dependence on suppliers.
Thus, the increase in adoption of vertical integration among vendors will boost the phosphate fertilizers market growth during the forecast period.
“Other factors such as the global initiatives to improve agricultural output and growing awareness about organic farming will have a significant impact on the growth of the phosphate fertilizers market value during the forecast period,” says a senior analyst at Technavio.
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Phosphate Fertilizers Market: Segmentation Analysis
This market research report segments the phosphate fertilizers market by geography (APAC, Europe, MEA, North America, and South America) and application (cereals and grains, fruits and vegetables, oilseeds, and others).
The APAC region led the market in 2019, followed by South America, North America, Europe, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance and account for the highest incremental growth due to factors such as the presence of a strong agriculture industry, large population base, growing per capita income, and reduction in arable land.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: AGRICULTURE NATURAL RESOURCES
SOURCE: Technavio Research
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PUB: 01/06/2020 03:30 PM/DISC: 01/06/2020 03:30 PM