The growth in fertilizer industry will drive the growth of the monoammonium phosphate market. Monoammonium phosphate enriches the soil with phosphorous and nitrogen and increases yield.
Factors such as high alkaline nature of monoammonium phosphate, its pH regulation capacity, and its ability to create acidic soil composition make it suitable for fertilizer applications. It is expected to increase capacity constraints on food production, the analysts have predicted that the monoammonium phosphate market will register a CAGR of over 2% by 2023.
The global monoammonium phosphate market is witnessing the growing demand from APAC. Factors such as increasing population and rising per capita income in APAC will drive the demand for food and agricultural products. Owing to availability of arable lands, the efficient supply of raw materials have prompted vendors to shift their manufacturing base to China.
Increase in demand for organic fertilizers
The increased demand for organic fertilizers to increase nutrient uptake in crops, including cereals, pulses, and fruits and vegetables, can adversely affect the growth of the global monoammonium phosphate market. Organic food have attracted consumers owing to their health benefits and environmental sustainability.
For the detailed list of factors that will drive and challenge the growth of the monoammonium phosphate market during the 2019–2023, view this report.
The market appears to be fragmented and with the presence of several companies. Factors such as the growing demand from APAC and growth in fertilizer industry, will provide considerable growth opportunities monoammonium phosphate manufactures.
Read the article online at: https://www.worldfertilizer.com/phosphates/10052019/global-monoammonium-phosphate-market-20192023/