Newark, April 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global phosphate rock market is expected to grow from USD 27.08 billion in 2020 to USD 47.65 billion by 2030, at a CAGR of 7.60% during the forecast period 2021-2030.
The phosphate rock market has been grown at a substantial rate over the past few years. The rapid growth of the global population has increased the demand for food production.
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The United Nations (FAO) forecasts that the rising population is expected to increase the food demand by 70% by 2050. Increased food production requires greater inputs such as land, water, and fertilizers. Thus, the rising demand for food production is boosting the fertilizer industry's growth, resulting in driving the need for phosphate rock for the production of phosphorus fertilizers.
Phosphate rock is a naturally occurring rock that has a high phosphorus content. It is one of the largest sources of phosphorus that can be obtained by mining. Phosphate rock is processed further to produce phosphorus, which is a key element used in fertilizers. Phosphorus is one of the important nutrients for plant growth after nitrogen. Most of the phosphate rocks are mined using the method large-scale surface method. Most phosphate rock is currently being produced by open-pit shovel/excavator mining methods or opencast dragline.
The phosphate rock market is experiencing high growth, owing to the rising consumption of phosphorus fertilizer across the globe. The robust growth of the fertilizer industry and the increasing global population are driving the growth of the global phosphate rock market. In addition to this, the rising demand for phosphate rock in animal feed production is further propelling the growth of the market.
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However, the increasing risk of supply chain disruption due to geopolitical instability in the major phosphate rock-producing countries could hamper the growth of the market over the forecast period. In addition to this, the adverse impact of phosphate rock production and consumption could also impede the market's growth over the forecast period. Besides, rising research and development activities for the production of phosphate rock on a large-scale basis are expected to offer future opportunities for the key players in the market.
Major players in the global phosphate rock market are Phosphate Resources Ltd., Nutrien Ltd., Yunnan Phosphate Haikou Co., Ltd., GUIZHOU CHANHEN CHEMICAL CORPORATION, Itafos, Misr Phosphate, Hubei Xingfa Chemicals Group Co., Ltd., J R Simplot, The Mosaic Company, OCP, PhosAgro, and Wengfu among others. The key players of the global phosphate rock market are majorly focusing on the adoption of various strategies such as widening the product portfolio, product innovations, geographical expansion, mergers & acquisitions, and forming a strong distribution network to gain a significant market share in the industry.
• In January 2019, The Mosaic Company announced that it has signed an agreement to supply phosphate fertilizers and phosphate rock, including premium products, to Sinochem Fertilizer Co. Ltd.
• In May 2019, China's state-owned phosphate producers Wengfu announced the merger with the Kailin to create the China’s largest phosphate and NPK producer.
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The igneous phosphate deposits segment dominated the global phosphate rock market and valued at USD 10.59 billion in the year 2020
The source segment is divided into marine phosphate deposits, igneous phosphate deposits, metamorphic deposits, biogenic deposits, and weathered deposits. The igneous phosphate deposits segment dominated the global phosphate rock market and was valued at USD 10.59 billion in the year 2020. Rising demand for phosphorous fertilizers is one of the key factors boosting the growth of this particular segment.
The animal feed segment is anticipated to grow at the highest CAGR of 8.9% over the forecast period
The application segment includes fertilizer, animal feed, and others. The animal feed segment is anticipated to grow at the highest CAGR of 8.9% over the forecast period. The rising demand for feed-grade phosphorous for animal feed is boosting the growth of this segment. Phosphorous is one of the key elements for the growth of animals. It is the second-largest element present in the animal’s body after calcium. Phosphate is an important nutrition element in the animal feed to ensure optimal growth, fertility, improve gut functionality, and aid bone development.
Regional Segment Analysis of the Phosphate Rock Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region dominated the global phosphate rock market and valued at USD 15.84 billion in the year 2020. China and India held the largest market share in the Asia Pacific region, mainly due to the large agriculture zone present in these countries. Agriculture is a primary sector of India, and it is expected to drive the global growth of the phosphate rock market over the forecast period. China has a modern agriculture and animal husbandry industry and plays a significant role in the phosphate rock market. The rising demand for high-quality meat in the region is driving the demand for high-quality animal feeds, which in turn boosts the demand for phosphate rock. The North America region is anticipated to grow at a significant growth rate over the forecast period. The countries such as U.S. and Canada are the major contributor to the growth of the phosphate rock industry. These countries are major consumers of meat and meat-related products. In addition to this, the presence of a large number of companies is driving the market's growth in the North America region.
About the report:
The global phosphate rock market is analyzed on the basis of value (USD Billion) and Volume (Tons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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