
The global phosphate fertilizer market is expected to grow upto US$84bn by 2031. (Image credit: Adobe Stock)
The phosphate fertilizers market is on a robust growth trajectory, anticipated to expand from US$57.5bn in 2024 to a significant US$84bn by 2031
This growth corresponds to a healthy compound annual growth rate (CAGR) of 5.6% during the forecast period from 2024 to 2031, according to the latest research. Phosphate fertilizers remain crucial for global agriculture, enhancing crop yields and soil fertility, thus playing a vital role in food security and sustainable farming practices worldwide.
Rising population levels, increasing food demand, and the need to improve agricultural productivity drive the expansion of phosphate fertilizer consumption. The market is segmented by product type, with single superphosphate (SSP) and triple superphosphate (TSP) being among the leading segments due to their efficiency and widespread adoption. Geographically, Asia Pacific dominates the market owing to extensive agricultural activities and supportive government policies encouraging fertilizer use.
The phosphate fertilizers market is pivotal in supporting global agriculture by providing essential nutrients that improve soil health and crop output. In 2024, the market value stood at US$57.5bn, expected to rise steadily to US$84bn by 2031, reflecting the growing need for sustainable and enhanced agricultural practices worldwide. The surge is driven largely by increased adoption in developing regions, where food production must keep pace with rising populations and changing dietary preferences.
Growth in the market is primarily fueled by the high demand from staple crops such as wheat, rice, and maize, which require phosphorus for optimal growth. Among different phosphate fertilizer types, single superphosphate holds a significant share due to its cost-effectiveness and suitability across diverse soil types. Regionally, the Asia Pacific market leads because of extensive farmland, large farming communities, and government incentives aimed at boosting fertilizer use to ensure food security and economic growth.