Global single superphosphate (SSP) market is touted to amass significant gains over the span of 2021-2027, owing to the exploding global population, rising need for food production, and availability of fertile land. The product is known to offer numerous advantages to farmers in terms of wide production of plant by offering nutrients during the entire growing season.
Factors like advancements in chemical engineering and science and robust growth in R&D activities across the globe are expected to further impact the market statistics for SSP in the coming years.
SSP is massively adopted across the nutrients sectors given its ability to help achieve effective nutrients management tools for food as well as non-food crops. The compound helps in intensifying the organic content of soil while further contributing nutrients for microorganism present in the soil. Besides, single superphosphate also helps in treating the sulfur deficiency of the soil and subsequently enhance the crop yield at lower cost.
However, the global SSP market growth is expected to be hindered by stiff competition, due to growth in the adoption of high-analysis potassium fertilizers, owing to high nitrogen and potassium concentrations.
Based on the type, zincated single superphosphate (SSP) market growth is characterized by the rising product demand, in powdered form, for the cultivation of corn, beans, sorghum, sweet corn, and spinach. These products contain 2.5% zinc and are considered to be a modified form of SSP. The demand for this product is mainly observed in cereal crops.
In terms of the applications, SSP fertilizers have been witnessing massive demand from the agricultural sector to promote root arrangement. During the nascent stages of fruit development, the product is utilized to offer supplementation to support the production. It is broadly applied to support field production as it is rich in sulfur and phosphorus content. The segmental growth is anticipated to expand further driven by the rising need for arable land and demand for improving the harvest yield to cater to the consistently rising food demand worldwide.
Geographically, Asia Pacific Single Superphosphate (SSP) Market is slated to record considerable growth in the overall industry through 2027. This can be ascribed to rising urbanization and growing population in developing countries like China, Japan, and India. These economies have emerged as the major contributors and consumers for SSPs, reasoned to the introduction of government policies across these nations and increasing adoption of fertilizers for crop yield betterment.
The global SSP industry is highly consolidated and boasts the presence of leading players including Jubilant Industries Ltd, Coromandel International Limited (Murugappa Group, EID Parry), The Mosaic Company, Gujarat Narmada Valley Fertilizers & Chemicals, Madhya Bharat Agro Products Limited, and PCC Group, amongst others.
These market vendors have been relentlessly working towards development of novel products and being engaged in different strategies including mergers and acquisitions, and more, to secure a prominent position in the space.
The global Single Superphosphate (SSP) Market share is severely affected by the outbreak of the novel coronavirus pandemic. This can be backed by a decline in the economic growth in almost all major countries, impacting consumer spending patterns. Due to the movement restriction and implementation of lockdown norms, international and national transport has been severely hampered, affecting the supply chain for different industries. This is estimated to further impact the industry share of single superphosphate market in the coming years.