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The global phosphoric acid market is set to gain traction from the decreasing per capita farmland.
But, in sub-Saharan Africa, only 22% of the land is under cultivation.This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & Industry Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that phosphoric acid market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.Effect of COVID-19 Pandemic on Fertilizers Market to Obstruct GrowthThe outbreak of the COVID-19 pandemic has resulted in a wide range of economic consequences, such as shutdown of workplaces, halt of manufacturing processes, and collapse of trading practices.
We are providing detailed research reports to help you better understand the current scenario of the phosphoric acid industry.To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:How Did We Conduct Our Research?The report involved four notable activities in projecting the current market size.
We have also used bottom-up and top-down approaches to calculate the market size.Drivers & Restraints-Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid GrowthPhosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers.
It is also an important source of nitrogen and phosphorus for plant feeding applications.
It will reach approximately 197.1 Mt of nutrients.Regional Insights-Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years.
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