LONDON--(BUSINESS WIRE)--The global single superphosphate (SSP) market is expected to post a CAGR of close to 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global single superphosphate (SSP) market is the increasing demand for phosphate fertilizers. This is mainly because these fertilizers contain high concentrations of phosphorous, which are required by plants. Phosphate fertilizers are classified into different types which include monoammonium phosphate, diammonium phosphate, triple superphosphate, SSP, and rock phosphate. SSP is extensively used in agriculture, owing to the ease of availability and its low cost. Thus, the increasing demand for phosphate fertilizers will drive the use of SSP as a fertilizer during the forecast period.
As per Technavio, the rise in demand for micronutrient-based fertilizers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global single superphosphate (SSP) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global single superphosphate (SSP) market: Rise in demand for micronutrient-based fertilizers
The deficiency of micronutrients can hamper some of the critical plant functions, that results in low yield, reduced growth, and other plant abnormalities. This is resulting in an increase in demand for micronutrient fertilizers, that can be easily applied to plants and help overcome micronutrient deficiency in plants. These fertilizers also improve the nutritional content of horticultural crops, fruits, and vegetables. SSP is one of the nutrient-based fertilizers which contains phosphorous, calcium, and sulfur as nutrients that are useful in plants. Thus, the growing demand for micronutrient-based fertilizers will drive the growth of the SSP market during the forecast period.
“Urbanization and industrialization are rapidly growing across the world, which has led to a reduction in arable land. Moreover, inappropriate agricultural practices and deforestation have reduced the fertility of arable lands. With shrinking arable land and the increase in global population, which has led to the increasing demand for food, the demand for fertilizers is increasing significantly. This will boost the use of SSP which will help in improving crop yield and meet the growing food requirement,” says a senior research analyst at Technavio.
Global single superphosphate (SSP) market: Segmentation analysis
This market research report segments the global single superphosphate (SSP) market by application (agriculture, and others) and geographic regions (North America, APAC, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by South America, Europe, North America, and MEA respectively. The agriculture industries in India and China, which are under tremendous pressure because of the ever-rising population are the major consumers of fertilizers in the region. The increasing demand for wheat and milled rice in these economies will drive the consumption of SSP-based fertilizers during the forecast period.
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