Phosphorus is an essential nutrient required for plant growth. It helps in root development, plant maturation, and seed development. Along with nitrogen and potassium, phosphorus is one of the most important elements for plant life. These features make phosphorus essential to maximize the production of grains and forage. Soil often gets depleted of phosphorus by plants that use it and by being washed away by rain. Therefore, modern farming is reliant on the use of inorganic fertilizers that contain phosphorus.
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In Asia Pacific, the Phosphatic Fertilizers Market in China is expected to grow at the highest CAGR in Next five years. The agriculture sector in China is very large and also the population dependent on the agrarian sector is very high. Hence there are always efforts to increase the efficiency of land by using various agriculture fertilizers among other things. This drives the demand for greater volumes of phosphate fertilizers.
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The China is dominating Asia Pacific Phosphatic Fertilizers Market with highest market share among the region. It constitutes whopping 46.92% of market share and has imoprtant market for global Phosphatic Fertilizers producers. The Indian Phosphatic market is lagging behind the China. In developing countries the priorities of government may not be aligned with the world trend. Suppose a government decides to support and incentivize production of pulses then there will be virtually no need for any type of fertilizer. India is one of the major importer of fertilizer products and there are major shifts in the policy pertaining to the subsidy domain. A weak Indian economy and a continual reduction in subsidies have resulted in decline in demand for fertilizers.
Phosphatic Fertilizers are one of the fastest growing markets among fertilizers; factors such as big agriculture sector, rising income levels and decreasing arable are driving the Asia Pacific market. Several companies such as Agrium Inc. (Canada), EuroChem (Russia), Coromandel International (India) , Israel Chemical Ltd. (Israel) and Yara International ASA (Norways) are investing in this high-growth market in order to gain higher profits and increase their shares in the Asia Pacific Phosphatic Fertilizers market.
Moreover, the grain and oil seed segment is promising markets, which has largest market share among Phosphatic fertilizers. The segments has constitutes more than 48% of Asia Phosphatic Fertilizers Market. By type, the superphosphate market is largest with market share more 39.5%.
