Single Superphosphate (SSP) Market size will experience a dynamic growth between 2023 and 2032, 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 large-scale crop production by providing nutrients during the entire growing season.
Factors such as advancements in chemical engineering and science and robust growth in R&D activities across the globe are expected to further impact the market statistics.
SSP is massively adopted across the nutrients sectors, given its ability to help achieve effective nutrient management for food as well as non-food crops. The compound helps intensify the organic content of the soil while further contributing nutrients for microorganism present in the soil. Besides, single superphosphate also helps treat the sulfur deficiency of the soil and subsequently enhances crop yield at a lower cost.
However, the global single superphosphate (SSP) Market growth is expected to be hindered by stiff competition, due to a significant rise in the adoption of high-analysis potassium fertilizers, owing to high nitrogen and potassium concentrations.
The current situation of global inflation has significantly impacted the agriculture industry. The significant rise in the cost of goods and services can make it challenging for farmers to earn a profit, leading to food inflation, which can have a detrimental impact on both farmers and consumers. Another factor adding to the crisis is the inflating food demand caused due to consistent growth in the global population and unforeseen weather extremities such as floods and droughts leading to crop failures and subsequent food shortages. All these factors, in tandem, have escalated the need for compounds that can substantially improve crop productivity, thus fostering the adoption of single superphosphate.
Based on the type, the zincated single superphosphate (SSP) market is anticipated to witness remarkable proceeds through 2032. The segment growth is characterized by the rising demand for zincated SSP 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 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 set 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 SSP Market is slated to record considerable growth in the overall industry between 2023 and 2032. This can be ascribed to rising urbanization and growing populations in developing countries like China, Japan, and India. These economies have emerged as the major contributors and consumers of SSPs, reasoned to the introduction of government policies across these nations and increasing adoption of fertilizers for crop yield betterment.
The global Single Superphosphate (SSP) Market 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 developing novel products and engaging in different strategies, including mergers & acquisitions, and more, to secure a prominent position in the space.