SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Phosphate Market - Procurement Intelligence Report.
Buyers from the food processing industry are exhibiting an exponential demand for food-grade phosphates that are used as preservatives in the consumables. Phosphate is used as a key ingredient in the composition of detergents, personal hygiene products, pharmaceutical drugs, anti-corrosion coating, and construction materials. These factors will have cumulative impacts on the spend growth of the global phosphate market and will propel the spend momentum at a CAGR of more than 3% between 2019-2024.
In North America, the growing fondness towards pork is resulting in the recent surge in the export of pork from the US to Canada, China, and Mexico. This is offering a major boost to the pork and poultry business in this region, which, in turn, is favoring the demand growth of phosphate suppliers in this region. Meanwhile, in South America, cultivators are taking initiatives to augment their crop production with their focus on cultivating soybean in Brazil and Argentina. This is creating substantial requirements of phosphate fertilizers to enhance the crop yield.
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