Fertilizers - DAP: Market Size & Forecast 2026

The global diammonium phosphate (DAP) fertilizer market reached approximately USD 37.8 billion in 2025, held in a structurally tight balance between concentrated phosphate rock supply from Morocco and Saudi Arabia, seasonal agricultural demand anchored by cereal cropping cycles, and acute geopolitical disruption from the Strait of Hormuz closure that began in February 2026. The market is pricing at roughly 3.2 percent CAGR through 2032, reaching an estimated USD 47.1 billion by the end of the forecast period, though that path depends heavily on how quickly Gulf supply chains normalise. > **Analyst Take.** The consensus 3.2 percent CAGR is directionally right but compositionally wrong: the base is inflated by 2025-2026 supply disruption pricing that will normalise once Gulf shipping routes stabilise, but the structural cost floor has risen permanently because phosphate rock quality is dec

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