Asia-Pacific Phosphatic Fertilizers Market was worth $22.22 billion in 2021 and estimated to be growing at a CAGR of 4.13%, to reach $27.2 billion by 2026.
High consumption levels and greater food requirements in developing and large populous countries such as India and China is driving the region phosphatic fertilizers market.Phosphate element occurs naturally and plays a crucial role in supporting human life. Majority of phosphate which is extracted from the phosphate ores is used for manufacturing fertilizers. Phosphorous is necessary for cell renewal, enhancing the quality of crop, plant growth, increasing crop production and also aids in photosynthesis.
The demand for fertilizers in Asia-Pacific has been persuaded by factors such as financial growth, population, development of agriculture area, government strategies, prices, and production. The agricultural segment in this region is very protruding, and the part of population reliant on the farming sector is very huge. Therefore, farmers of this region place extra efforts to rise the productivity of land by using several farm inputs. This drives the demand of phosphatic fertilizers in this region.
Asia-Pacific Phosphatic Fertilizers Market - By Type:
Diammonium Phosphate (DAP)
Asia-Pacific Phosphatic Fertilizers Market - By Application:
Superphosphate type is in great demand due to its advantages over other phosphate types. Phosphates are mainly used in fruits and vegetables to mark the need of phosphates in the body.
Geographically the market of Asia-Pacific region is segmented into India, China, Japan, South Korea and Australia. China is the world's largest phosphate rock producer. India and Japan are anticipated to grow at a high growth rate in the forecast period.
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