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SpendEdge Forecasts a Spend Growth of over USD 10 Billion for the Phosphate Market

November 19, 2019 GMT
SpendEdge Forecasts a Spend Growth of over USD 10 Billion for the Phosphate Market
SpendEdge Forecasts a Spend Growth of over USD 10 Billion for the Phosphate Market

LONDON--(BUSINESS WIRE)--Nov 19, 2019--

SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Phosphate Market - Procurement Intelligence Report.

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Global Phosphate Market Procurement Intelligence Report. (Graphic: Business Wire)

Buyers from the food processing industry are exhibiting an exponential demand for food-grade phosphates that are used as preservatives in the consumables. Phosphate is used as a key ingredient in the composition of detergents, personal hygiene products, pharmaceutical drugs, anti-corrosion coating, and construction materials. These factors will have cumulative impacts on the spend growth of the global phosphate market and will propel the spend momentum at a CAGR of more than 3% between 2019-2024.

In North America, the growing fondness towards pork is resulting in the recent surge in the export of pork from the US to Canada, China, and Mexico. This is offering a major boost to the pork and poultry business in this region, which, in turn, is favoring the demand growth of phosphate suppliers in this region. Meanwhile, in South America, cultivators are taking initiatives to augment their crop production with their focus on cultivating soybean in Brazil and Argentina. This is creating substantial requirements of phosphate fertilizers to enhance the crop yield.

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Things You Need to Know Before Venturing into the Phosphate Market:

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

View source version on businesswire.com:https://www.businesswire.com/news/home/20191119005464/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 11/19/2019 01:30 PM/DISC: 11/19/2019 01:30 PM

http://www.businesswire.com/news/home/20191119005464/en