Phosphate Rock Market Size Worth USD 32.89 Billion in 2032 | Emergen Research

Vancouver, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global phosphate rock market size was USD 23.32 billion in 2022 and is expected to register a rapid revenue CAGR of 3.4% during the forecast period. Rising demand for additives for animal feed and increasing need for industrial chemicals are major factors driving market revenue growth.

The development of animal feed supplements, which increase animal health and productivity, uses phosphate rock as a primary raw ingredient. In addition, rising demand for meat and dairy products as a result of the increasing population and shifting dietary preferences is another key factor driving revenue growth of the market. Moreover, market players across the globe are engaging in significant collaborations and acquisitions, which is also expected to drive market revenue growth during the forecast period.

Furthermore, rising need for industrial chemicals is another factor driving market revenue growth. Various industrial chemicals, including phosphoric acid, which is used to make detergents, food additives, and other industrial chemicals, are produced using phosphate rock as a primary raw material.

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However, deteriorating quality of phosphate rock reserves, environmental issues associated with phosphate mining and processing, and availability of substitute fertilizers are key factors, which could restrain market revenue growth. The profit margins of phosphate rock producers are being impacted by rising production costs brought on by the diminishing quality of phosphate rock reserves. In addition, as concerns about the environmental effects of phosphate mining and processing develop, more laws and higher compliance costs are resulting, which could also restrain market revenue growth.

Segment Insights

Type Insights:

On the basis of type, the global phosphate rock market is segmented into Sedimentary, igneous, and metamorphic. The sedimentary segment accounted for largest revenue share in the global phosphate rock market in 2022. This is because sedimentary phosphate rock is frequently utilized in the manufacture of fertilizers. High phosphate mineral content and low impurity levels of phosphate rock makes it a favored choice for the manufacture of fertilizers, which explains its extensive utilization.

Application Insights:

On the basis of application, the global phosphate rock market is segmented into fertilizers, animal feed, Food & Beverage (F&B), and others. The fertilizer segment is expected to account for significantly large revenue share in the global phosphate rock market during the forecast period due to rising need for food and increase agricultural yields, which are rising demand for fertilizers.  A vital component in the creation of fertilizers is phosphate rock, specifically phosphoric acid, which is used to create various fertilizers including Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), and Triple Superphosphate (TSP).

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Regional Insights:

The Asia Pacific accounted for largest revenue share in the global phosphate rock market in 2022 due to increasing food and feed production. 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, nearly 296.65 million tonnes of the total food grain production in the country was recorded, which was up by 11.44 million tonnes when compared with 285.21 million tonnes.

The Middle East & Africa is expected to account for considerably large revenue share in the global phosphate rock market over the forecast period.  This is due to rising need for fertilizers, notably in nations such as Saudi Arabia, Brazil, and Morocco. In addition, increasing use of phosphate rock to increase crop yields and rising emphasis on sustainable agriculture in these areas are also expected to drive market revenue growth of this region during the forecast period.

Scope of Research

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Major Companies and Competitive Landscape

The global phosphate rock market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective phosphate rock products in the market. Some of the major companies included in the global phosphate rock market report are:  

• Mosaic
• OCP
• PhosAgro
• EuroChem Group
• Nutrien Ltd.
• Jordan Phosphate Mines Company
• Innophos
• ICL
• Ma’aden
• J.R. Simplot Company.
• Wengfu (Group) Co., Ltd
• YPH
• Yuntianhua Group
• Hubei Xingfa Chemicals Group Co., LTD
• Guizhou Kailin Holdings (Group) Co., Ltd.

Strategic Development

• On 7 November 2023, Mosaic Company announced its plans to expand its phosphate production capacity in the U.S. by restarting a dormant mine and constructing a new beneficiation plant. This expansion aimed to meet rising demand for phosphate-based fertilizers and capitalize on favorable market conditions.
• On 28 February 2023, ICL Group, a global specialty minerals and chemicals company, announced the acquisition of Fosbrasil, a leading Brazilian producer of phosphoric acid and phosphate-based products. This strategic move aimed to strengthen ICL's position in the phosphates market and enhance its portfolio of specialty phosphate products.

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For the purpose of this report, Emergen Research has segmented the global phosphate rock market on the basis of type, application, and region:

• Type Outlook (Revenue, USD Billions; 2019-2032)
  • Sedimentary
  • Igneous
  • Metamorphic
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Fertilizers
  • Animal Feed
  • Food & Beverage
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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