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Single Superphosphate (SSP) Market Size
Single Superphosphate (SSP) Market will experience a dynamic growth between 2024 and 2032, owing to the exploding global population, rising need for food production, and limited availability of fertile land. As per the UN data, the global human population reached 8 billion as of mid-November 2022 which means the need for food is likely to increase through the coming years.
SSP 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 are expected to further impact the market statistics.
SSP is massively adopted across the nutrients sectors due to 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.
Single Superphosphate (SSP) Market Trends
There's a growing focus on sustainable agricultural practices, leading to increased demand for SSP as a phosphorus fertilizer due to its effectiveness and relatively low cost. Technological advancements and innovations in SSP production processes are enhancing efficiency and reducing environmental impact. Additionally, there's a trend towards vertical integration within the industry, with companies diversifying into raw material sourcing and distribution to optimize supply chains. Moreover, regulatory initiatives promoting balanced fertilization practices and environmental stewardship are shaping market dynamics, influencing product development and marketing strategies.
Single Superphosphate (SSP) Market Analysis
Based on the type, the zincated single superphosphate (SSP) segment is anticipated to witness remarkable proceeds by 2032, backed 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 driven by the rising need for arable land and focus for improving the harvest yield to cater to the consistently rising food demand worldwide.
Asia Pacific SSP Market is slated to record considerable growth between 2024 and 2032. Initiatives are being taken by governments across the region to launch new and developed SSP. There is 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.
Single Superphosphate (SSP) Market Share
The global single superphosphate 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
- PCC Group
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.
Single Superphosphate (SSP) Industry News
- In January 2023, in an effort to diminish reliance on imports, India Farmers Fertiliser Cooperative (IFFCO) and Coromandel International submitted an application seeking approval for nano-DAP, while the request for approval for a product comprising both urea and SSP was then pending.