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(ARABNEWSWIRE.COM, September 08, 2017 ) According to the report, the North America Phosphatic Fertilizers Market was worth $13.25 billion in 2016 and estimated to be growing at a CAGR of 2.7%, to reach $15.14 billion by 2021. The North American phosphatic fertilizer industry is estimated to grow at a sturdy rate. The factors assisting the growth are economic development, input-output prices and potential for agriculture sector.
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Phosphorus is the 11th richest element in the earth’s crust. Nevertheless, the soil from which plants attain phosphorus comprises of only minor amounts of it. There is no other alternate for phosphorus in agriculture. Hence, phosphatic Fertilizers are used to complete the shortages in the soil so that it can supply essential phosphates to the plants.
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High population progression directing to food security concern over the North America region together with growing need of enhanced field production largely drive the phosphatic fertilizers market growth. Apart from human utilization the grains are also in demand for generating animal feed for the meat industry. The augmented demand can only be met by growing the agricultural production, which can be attained by use of fertilizers for grain production. Resistance of farmers to take a shift towards costly fertilizers is a major factor hindering the growth of the market.
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North America market for phosphatic fertilizers is segmented by type into Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Superphosphate and Others. Based on application the phosphatic fertilizers market is segregated into Grains & Oilseeds, Fruits & Vegetables and Others. 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.
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Geographically the market of North America region is segmented into USA and Canada. USA sustained the first position in terms of revenue for phosphatic fertilizers use followed by Canada. USA is also expected to grow at highest CAGR in the forecast period.
The key players covered in this report are CF Industries Holdings Inc. (U.S.), OCP (Morocco), Agrium Inc., (Canada), Potash Corp. of Saskatchewan (Canada), Mosaic (U.S.), Eurochem (Russia), ICL (Israel), Yara International ASA (Norway), Coromandel International Ltd. (India), and Phosagro (Russia).
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