DUBLIN, Nov 15, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Phosphate Market by Type/Derivative, Application and by Type of Resource - Global Forecast to 2021" report to their offering.
The global phosphate market is projected to reach USD 75.17 billion by 2021, at a CAGR of 1.9% from 2016 to 2021. The growth is primarily due to the increasing population coupled with the increasing demand for food, which is exerting pressure on increasing agricultural productivity. The factors restraining the growth of this market are, stringent regulations for the use of phosphate in detergents. The market for ammonium phosphate is projected to be the largest by type/derivative in the global phosphate market from 2016 to 2021. Ammonium phosphate has the highest demand due to its increasing use in producing fertilizers, as, it is a vital element for the growth and development of plants. Moreover, the rising demand from the other applications such as foods & beverages, water treatment, cements and others is fueling the growth of ammonium phosphate in the global phosphate market. The Asia-Pacific region is the largest phosphate market. The increasing population and rising per capita intake of food exerts pressure on increasing agricultural output. The area under cultivation cannot be increased due to a decrease in arable land. Thus, the rising application of fertilizers in agriculture is essential to cater to the demands of the increasing population, thereby driving the demand for phosphate in the region. Companies Mentioned: