Phosphate fertilisers could provide the natural answer to global food security.
Crop yield boost
The use of phosphate fertilisers in the past 50 years has boosted crop yields and helped feed millions, if not billions, of people. Fertilisers are typically comprised of three major water-soluble macronutrients such as phosphate, potash and nitrogen.
It’s predicted the global phosphate fertiliser market will reach $207 billion by 2026 (Global Market Insights), registering a 5.1% CAGR therein. The world’s increasing population (and, therefore, increasing meat consumption), limited availability of land and drive for food diversity have been key drivers of demand. Asia is currently the largest market, due to large farming communities in China and India. Awareness programmes in emerging economies in Latin America, Africa and Asia-Pacific are encouraging greater use in these areas.
Security and sustainability
The European Union once again named phosphate rock as a ‘Critical Raw Material’ in 2020. Its security is emerging as a vital global sustainability challenge. Supply strategies to ensure farmers have sufficient access to phosphates to feed the world are therefore becoming increasingly urgent.