Single superphosphate (SSP) Market to Grow with a CAGR of 4.09% through 2028
Surge in research and development activities is expected to drive the Global
Single Superphosphate (SSP) Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Single superphosphate (SSP) Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Single Superphosphate (SSP) Market stood
at USD 2.98 billion in 2022 and is anticipated to grow with a CAGR of 4.09% in
the forecast period, 2024-2028. The initiatives taken by government based on single
superphosphate (SSP) has led to favorable market conditions for the Global
Single Superphosphate (SSP) Market. Several factors contribute to the growth of
various single superphosphate (SSP) products.
The government has taken proactive measures to promote the use of single
superphosphate (SSP) fertilizer as part of their efforts to enhance agricultural
productivity. In order to incentivize farmers, they have established a
dedicated task force that encourages the combination of SSP and urea in a ratio
of 3:1. By doing so, they aim to provide a balanced nutrient composition that
optimizes crop growth and yield.
To further support farmers, the Department of Fertilizers has
implemented subsidy schemes such as the Urea Subsidy Scheme and Nutrient Based
Subsidy Scheme (NBS). These schemes provide financial assistance to farmers for
the purchase of fertilizers, including single superphosphate. This ensures that
farmers have access to the necessary resources to improve their agricultural
practices and achieve better yields.
In addition to subsidy schemes, the government is also focused on
ensuring the availability of fertilizers, including single superphosphate, to
farmers across the country. Efforts are being made to make fertilizers like
urea and various grades of phosphatic and potassic (P&K) fertilizers easily
accessible to farmers. This includes streamlining the distribution channels and
establishing strategic partnerships with manufacturers and suppliers. By
implementing these comprehensive measures, the government aims to create a
conducive environment for farmers to adopt sustainable agricultural practices
and achieve higher productivity levels. This, in turn, will contribute to the
overall growth and development of the agricultural sector in the country.
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Single Superphosphate (SSP) Market”
Through extensive research and development efforts, innovative
production techniques have been meticulously crafted to further enhance the
manufacturing process of single superphosphate fertilizers. These cutting-edge
techniques are specifically designed to not only improve overall efficiency and
reduce production costs, but also to minimize potential environmental impacts
associated with the manufacturing process. By implementing advanced
technologies and embracing automation, production processes have been
seamlessly streamlined, ensuring a consistent level of product quality and
availability that can readily meet the ever-growing demand.
Moreover, the realm of research and development has also delved into
gaining a deeper understanding of specific crop requirements, paving the way
for the tailoring of single superphosphate formulations on an individual basis.
This level of customization empowers farmers to effectively address and rectify
any nutrient deficiencies that may be present in their particular crops or soil
conditions. By applying these tailor-made formulations, farmers can harness the
full potential and benefits of single superphosphate fertilizers, ultimately
leading to remarkable improvements in crop yield, quality, and overall
profitability.
Global Single Superphosphate (SSP) Market is segmented into type, application,
regional distribution, and company
Based on its application, the agriculture segment held the largest share
in the market. Despite the demand for SSP being well-documented as one of the
richest sources of nutrients for growing plants, it is the industrial sector
that is experiencing remarkable market growth in developing economies.
Producers are tirelessly investing in research efforts to develop more
efficient and cost-effective harvesting and impregnating materials, aiming to
reduce overall costs and generate greater interest in adopting this technology.
The agriculture division, particularly focused on research and development for
crop production, is anticipated to witness significant demand in the near
future, further driving the industry forward.
Based on region, Asia Pacific segment is expected to grow during the
forecast period. Developing regions like India, China, and Japan are widely recognized as
the major contributors to the Single Superphosphate (SSP) market growth in the
Asia Pacific region. This is primarily due to the government policies
implemented in this region, which include large subsidies of up to 100% for
marginal farmers, specifically provided on fertilizers. These favorable
policies have been crucial factors in generating significant growth in the SSP
market across the Asia Pacific region.
Furthermore, it is noteworthy that North America currently dominates the
overall market, commanding a substantial share of more than 38%. This can be
attributed to the significant contribution of North America to the overall
demand for SSP. The versatile applications of SSP in key industries such as
tobacco, cotton, vegetables, and fruits production have played a pivotal role
in the region's market dominance. Notably, North America, particularly the
United States, has emerged as the leading consumer of single superphosphate
(SSP) in the region. This is largely due to the high cultivation of crops and
the favorable conditions for subtropical agriculture in the U.S., further
bolstering the demand for SSP in North America.
Major companies operating in Global Single Superphosphate (SSP) Market are:
- The
Mosaic Company
- Coromandel
International Limited
- Gujarat
Narmada Valley Fertilizers & Chemicals
- Madhya
Bharat Agro Products Limited
- PCC Group
- Jubilant
Industries Ltd
- Aarti
Industries Ltd
- Yara
International ASA
- Agrium
Inc
- ICL Group
Limited
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“Growing application of single superphosphate (SSP) in various end user
industries are key drivers of the single superphosphate (SSP) market. Growth in
competitive landscape and presence of well-established countries in the market
who are dedicated to enhance their productivity of single superphosphate (SSP) with
every passing year are anticipated to register an impressive growth to Global
Single Superphosphate (SSP) Market in the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Single superphosphate (SSP) Market By Type (Zincated, Boronated), By Application (Agriculture, Horticulture,
Animal Feed, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential
of Global Single Superphosphate (SSP) Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Single Superphosphate (SSP) Market.
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