The Phosphate Rock Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Phosphate Rock Global Market Report 2024, The phosphate rock market size has grown strongly in recent years. It will grow from $25.45 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to agricultural revolution and fertilizer demand, expansion of agricultural practices, rise in population and food demand, development of phosphate-based chemicals, global industrialization and urbanization.
The phosphate rock market size is expected to see steady growth in the next few years. It will grow to $30.02 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to research and development in phosphate-based chemicals, regulatory changes in fertilizer industry, emerging market demand, shift towards sustainable mining practices, water treatment and industrial applications. Major trends in the forecast period include market demands in developing economies, impact of climate change on agriculture, evolving environmental concerns and regulations, focus on precision agriculture, rise in demand for bioenergy crops.
An increase in food and feed production is expected to propel the growth of the phosphate rock market going forward. Feed production is the process of creating an animal feed from unprocessed agricultural goods. The process of making food helps the phosphate rock market by turning edible raw ingredients into consumable food products, which need to use fertilizer more frequently to increase food production. For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, The Economic Survey of India 2020-21 report stated that in FY20, nearly 296.65 million tones of the total food grain production in the country was recorded, which was up by 11.44 million tones. Therefore, an increase in food and feed production is expected to propel the growth of the phosphate rock market.
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The phosphate rock market covered in this report is segmented –
1) By Type: Marine Phosphate Deposits, Igneous Phosphate Deposits, Other Types
2) By Application: Fertilizers, Food And Feed Additives, Industrial, Other Applications
3) By Distribution Channel: Online, Offline
Major companies operating in the phosphate rock market are focusing on introducing advanced solutions, such as the organic mineral, to provide reliable services to customers. Organic minerals are minerals that has been formed through biological processes or due to the presence of biological material. For instance, in April 2022, Phosphea, a France-based company that produces phosphates for Animal Nutrition launched HumIPHORA. It is an organic-mineral also a type of phosphate.it provides mineral phosphorus and antinutritional effect of calcium to animals. When combined with other nutrients like proteins, ortho-phosphates, or phytic acid, it can form complexation. HumIPHORA is used as calcium humophosphate for feed material in animals.
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