Global Ammonium Phosphate Market Expected To Reach $42.7 Billion By 2020
The global ammonium phosphate market was valued at $35.69 billion in 2015, and it is expected to grow at a CAGR of 3.67% during 2016 to 2020, reach $42.7 Billion. The major factors driving the growth of the market globally include its increasing use in animal feed and industrial applications, and growing agriculture industry in the emerging nations.
Asia-Pacific is anticipated to create significant growth opportunities for the growth of the global ammonium phosphate market. The significant growth of the end-user industries, such as food and beverages, and agriculture in the region is catalyzing the demand of ammonium phosphate. The continuous investment in these industries is also expected to drive the demand for ammonium phosphate in Asia-Pacific. The growing demand for food and food products, along with increasing population is expected to augment the growth of the agricultural industry, which in turn is expected to boost the growth of the ammonium phosphate market during the forecast period.
China accounted for the largest regional share for ammonium phosphate followed by India and Brazil. China was also the largest producer, accounting for over 50% of the global market in 2014. However, the government of India’s decision to lower fertilizer subsidy is expected to decline demand. As a result, fertilizer prices have increased, which is expected to hamper market growth.
North America demand is expected to increase on account of improved reforms by the government on the use of fertilizers in crops. However, growing demand for organic products in the region is expected to hamper market growth over the forecast period. Furthermore, stringent regulations against the use of chemical fertilizers are expected to negatively impact market growth in Europe. As a result, the demand is expected to decline over the forecast period.
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