ROCKVILLE, Md., March 01, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Phosphate Rock market is projected to grow at a compound annual rate (CAGR) of 3.2% between 2022 and 2032. The market is expected to reach USD 28.86 Bn by the end of 2032.
During the COVID-19 pandemic, forecasts for fertilizer demand grew increasingly pessimistic, with demand significantly declining during July 2020', which adversely affected the phosphate rock market. The global fertilizer demand for the 2019-20 fiscal year fell from 190.5 MMT to 189.9 MMT, and the demand for the 2020-21 fiscal year dropped from 192.9 MMT to 184.4 MMT, a decline of 4.5%.
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With the growing demand for food and increases in per capita income, there will be a significant increase in crop demand, which will result in increased phosphate fertilizer demand. The Asia Pacific region, with countries like China and India, is expected to be the most lucrative regions for this market due to the growing demand for the growing population. As per the segment, the fertilizers segment is going to dominate this market during the forecast period.
Demand Analysis of Phosphate Rock, 2015-2021 vs. Market Outlook 2022-2032
According to Fact.MR, a market research and competitive intelligence provider, from 2015 to 2021, the global market for Phosphate Rock expanded at a CAGR rate of 6.5%.
As per Farm Bureau, in response to COVID-19 and the flurry of uncertainty that arose, forecasts for fertilizer demand became more pessimistic, with the demand projected to decline significantly during July 2020’ greatly affecting the phosphate rock market. The global fertilizer demand for the 2019/20 fiscal year declined from 190.5 MMT to 189.9 MMT, while demand for the 2020/21 fiscal year fell from 192.9 MMT to 184.4 MMT, a decrease of 4.5%. The latest forecast sets global fertilizer demand expectations at 189 MMT for the next fiscal year.
As the world population increases, there is an increase in food demand which is increasing demand for phosphate fertilizers. These factors are driving the growth of the global phosphate rock market in the coming years. The rise in per capita income in developing countries is another major driver of market growth for phosphate rock. This will affect dietary habits, such as a shift from a vegetarian diet to one with more meat and dairy products.
This in turn will increase demand for crops, which will lead to increased demand for phosphate fertilizers. In spite of these factors, there will still be challenges hindering the growth of the global phosphate rock market. The reasons include increased awareness about the use of bio-based, eco-friendly fertilizers. From 2022 to 2032, the market is forecast to expand 1.3x.
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Key Segments Covered in the Phosphate Rock Industry Survey
By Application
- Phosphate Rock for Fertilizers
- Phosphate Rock for Food & Feed Additives
- Phosphate Rock for Industrial Applications
- Phosphate Rock for Other Applications
Competitive Landscape
- The Mosaic Company announced in January 2019 that it had signed a Memorandum of Understanding (MoU) with Sinochem Fertilizer Company Limited for the supply of phosphate rock and fertilizers.
- With the help of Indian Potash Ltd (IPL), IFFCO announced the acquisition of 37.0% interest in JPMC, the largest mining and chemical company in Jordan, for nearly Rs 900 crore in May 2018.
- The Centrex Metals Company newly started mining phosphate rock in Ardmore, Northwest Queensland, Australia in August 2021, and is expected to produce 800 kilotons of phosphate rock each year, which can be used to produce 600 kilotons of phosphate fertilizer.
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Key players in the Phosphate Rock Market
- OCP Group
- The Mosaic Company
- Ma’aden
- PhosAgro
- Guizhou Kailin Holdings (Group) Co. Ltd.
- Yuntianhua Group
- Misr Phosphate
- Hubei Xingfa Chemicals
Key Takeaways from the Market Study
- The global phosphate rock market is expected to reach a market size worth USD 22 Bn at the end of 2022.
- The Asia Pacific region accounted for 44.5% of global volumes in 2021
- In 2021, the Middle East and Africa held the second-largest share of the global market, and growth is forecast to be 2.2% from 2022 to 2032
- Fertilizers accounted for more than 76.5% of revenue in 2021
- About 70% of the market players operate vertically integrated businesses, which include both mining and fertilizer production.
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