Single Superphosphate (SSP) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3563
Single Superphosphate (SSP) Market size is anticipated to witness significant gains to 2025 owing to rising demand from agriculture industry as it is an excellent source of three plant nutrients namely phosphate, calcium and Sulphur. With growing industrialization & urbanization mainly in India and China, there is a significant decrease in the arable land. Moreover, deforestation and inappropriate agriculture practices have further reduced the land fertility in these regions. Rapidly growing population in these economies have triggered food demand and therefore there is strong need to improve the crop yield or production. The aforementioned trends will drive SSP demand as it is considered superior due to presence of multiple nutrients and will result in driving the overall single superphosphate market size in the forecast timeframe.
China is the largest producer as well as consumer of SSP which is mainly due to the high demand for fruits in the country. This trend will also have a positive influence on the product demand and thus will result in attaining positive gains to the single superphosphate market size in the forecast timeframe. Additionally, SSP is a low-cost source of phosphorus and Sulphur and is therefore widely applicable for pasture production. Beef cattle producers consistently work towards maintaining or improving pasture productivity. Some of the commonly used methods are over seeding, fertilization and improved grazing management. The aforementioned trends will trigger the SSP demand, thereby resulting in driving the overall single superphosphate (SSP) market size in the coming years.
Availability of several substitutes in the market, such as NPK fertilizers, sulphur based fertilizers, triple superphosphate, etc. is a key factor which is likely to hamper the overall growth of SSP market size in the forecast timeframe. However, rising demand for multi-nutrient fertilizer will generate ample opportunities for SSP demand in the near future.
Based on application, single superphosphate market size is segmented into agriculture, horticulture, pasture production, animal feed and others. SSP is widely applicable in the agriculture industry to promote root formation. It is also used when plants are beginning to bear fruit, as it provides nutrients to boost the fruits production. Furthermore, it is widely applied to boost pasture production as it is rich in phosphorus and Sulphur content. The two primary ingredients in SSP are monocalcium phosphate (MCP) and gypsum and therefore it is also used to enrich the animal feed. Growing trends across agriculture, horticulture and animal feed industry mainly in the emerging economies will have a positive impact on the global SSP demand and is thereby likely to drive the overall single superphosphate (SSP) market size by 2025. For instance, fruits & vegetables account for the 90% of the total horticulture production in India. According to The Department of Agriculture and Co-operation (DAC) of the Ministry of Agriculture, India has witnessed voluminous increase in its horticulture production in the past few years. In 2016-17, the horticulture crops was 295.2 million tons and has increased with 5.4% in the past few years.
Asia Pacific SSP market size is likely to propel significantly due to rising need to improve the crop yield/ output to meet the ever increasing food demand in the region. On the other hand, North America will also contribute to the overall SSP demand owing to its demand from fruits, vegetables, cotton and tobacco production. They are predominant in the warm and subtropical zones of the U.S. Also, agriculture in North America’s tropical and subtropical zone is threatened due to monoculture as the soil loses its nutrients. Therefore, the farmers in these areas avoid such instances through the use of fertilizers rich in nutrients. The aforementioned trends are likely to make a noteworthy impact on SSP demand and thus will drive the overall single superphosphate market size in the forecast timeframe.
The global single superphosphate (SSP) market is highly consolidated with few players capturing a major chunk of the overall market share. Some of the prominent industry players are Coromandel International Limited, GNFC, ICL, Jubilant Industries Ltd and The Mosaic Company. Other small and medium scale players are Madhya Bharat Agro Products Limited, PCC Group, KEMYAN YANBU FOR INDUSTRY LLC., Aarti Industries Ltd., Krishna Phos Chem and Bohra Industries Ltd.
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