The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & Industry Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2024-2032.” The global phosphoric acid market size was valued at USD 35.2 billion in 2023 and is projected to grow from USD 37.0 billion in 2024 to USD 54.0 billion by 2032, exhibiting a CAGR of 4.9% during the forecast period.

Effect of COVID-19 Pandemic on Fertilizers Market to Obstruct Growth

The outbreak of the COVID-19 pandemic has resulted in a wide range of economic consequences, such as shutdown of workplaces, halt of manufacturing processes, and collapse of trading practices. Governments of several countries are taking multiple initiatives to help agriculturists and food production chains. It is hampering the fertilizers market. We are providing detailed research reports to help you better understand the current scenario of the phosphoric acid industry.

Source: https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571

How Did We Conduct Our Research?

The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.

Drivers & Restraints-

Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth

Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.

Segment-

Fertilizers Segment to Dominate in the Near Future

Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.

Regional Insights-

Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years

This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for phosphoric acid would increase because of the presence of numerous end-use industries.