According to Acumen Research and Consulting, the global Phosphate Rock market is forecasted to grow at striking CAGR around 6.8 % over the forecast time frame and reach around US$ 38 billion by 2026.
Phosphate rock is a sedimentary rock with a enormous phosphate mineral concentration. The industry in phosphate rock may be segmented by sources from which the phosphate is mined such as marine soils, igneous deposits of phosphates, metamorphic soils, biogenic deposits and ancient soils. Sediment and marine deposits are the world's biggest source of phosphate rock.
The report provides analysis of global Phosphate Rock market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Growth is motivated by the growing use of fertilizers in crops to satisfy the growing requirement for meat. Furthermore, increased demand for the product as an additive and preservative is expected to fuel the market growth to improve the taste and shelf-life of processed food. Phosphate rock is a rock mined from clay deposits in sedimentary form. It includes many minerals, and phosphoric acid and elemental sulfur are extracted and processed. Phosphate processes are used in different applications, including fertilizer, feed, detergent, meat & drinks, dentures, chemicals and metal coatings. Increasing global population combined with increased food supply is anticipated to fuel cereal and grain requirements in the coming years. World Bank reports that the world's population grew from 7.51 billion in 2017 to 7.59 billion in 2018. The population growth is expected to contribute to an rise in food supply and therefore to the use of fertilizers in plant manufacturing. This will probably increase the use of the item in fertilizer manufacturing in the coming years.
A fast urbanization and the establishment of countless fast-food shops drive the requirement for processed food and drinks. According to the UN Department of Economic and Social Affairs, about 68% of the world's population is expected to live in urban areas by 2050. This is expected to boost demand for processed foods in the coming years and thus boost the development of the industry in phosphate rock.
Despite increasing consumer supply, market growth is probable to be hindered due to the accessibility of replacements. For example, phytase is chosen in the livestock feed sector over feed phosphate due to its small price. The item has comparable functionalities, such as enhancing bone power, digestion and energy. Phytase also encourages a heavy feed consumption, which helps livestock to develop physically. Phytase advantages are expected to have a negative effect on phosphate rock sector development in the coming years.
As far as quantity and sales are concerned, Fertilizer was the major implementation category in 2018 and the trend is expected to proceed over the prediction era. The growing use of fertilizers in agriculture to provide the soil with enough nutrients is expected to boost market growth over the next few years. Phosphate rock is used in fertilizers as a raw material. It is the only source of phosphorus used in the production of nitrogen, phosphorous and sulfur (NPK). NPK nutrients are combined and used to enhance healthy plant growth as an fertilizer.
In terms of revenues, the animal feed segment is expected to increase at a CAGR of around 8% between 2019 and 2026. Phosphorus is used mainly in foods such as monocalcium phosphate (MCP) and calcium phosphate (DCP). It increases the power of the bone, digestion and animal health. The increasing demand for milk and meat products is expected to fuel market growth in the coming years.
Chemicals and nutrition are other uses. Due to customer preferences for immediate and on - the-job food goods, the accessibility of multiple quick food chains and retail facilities is probable to increase the requirement for manufactured & packaged food goods. In turn, this is likely to increase market growth in the coming years. In addition, chemicals based on phosphates are used in detergents, pesticides, metal coating, toothpaste, matches, and water softing applications.
Asia Pacific has the biggest income market share of around 55% in 2018 and is anticipated to expand rapidly over the next few years. In emerging and mainly inhabited nations such as China and India, development is supported by diverse food requirements. Growing food demand in the region is expected to fuel the use of fertilizers to enhance crop production efficiency.
China and India accounted for 18 and 9 percent of world crop production, respectively, according to the Organization for Economic Co-operation and Development, in 2018. The farmers in the region have made efforts to improve yield and soil quality through experimenting with the use of a number of soil nutrients, which in turn have had a positive effect on market growth. The growth of the North American market is driven by the production of high animal feed. In 2018, the US accounted for 88.4 percent of the market share in North America. It is the region's largest consumer of meat and meat products. The Organization for Economic Co-operation and Development has reported a 3.1 percent increase in meat consumption in the US from 2017 to 2018. The increased demand for high-quality meat goods is projected to boost demand for nutritious animal feed goods, which will increase the use of the item in future years.
The Middle East and Africa are expected to expand in revenues at a CAGR of 4.1 percent between 2019 and 2025. Africa has the world's largest reserves of phosphate rock and was the second-largest producer in 2018. According to the USGS, Morocco and Western Sahara have more than 70% of the world's reserves.
Global Phosphate Rock Market, by Application
Global Phosphate Rock Market, by Geography
The market research study on “Phosphate Rock Market Size, Share & Trends Analysis Report By Application, By Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global Phosphate Rock market segments with market dynamics and their impact. The report also covers basic technology development policies.
This study offers an assessment of the recent sector trends in each subsection from 2015 to 2026 and forecasts income development at the worldwide, regional, and nation levels. ARC has divided the Phosphate Rock market into the drug and region for the purpose of this research:
Key Players & Strategies
The global market is highly competitive in nature owing to the presence of key players such as Phosphate Resources Ltd.; Itafos; GUIZHOU CHANHEN CHEMICAL CORPORATION; The Mosiac Company; OCP; Misr Phosphate; Nutrien Ltd.; Hubei Xingfa Chemicals Group Co., Ltd.; PhosAgro, Fertoz; Yunnan Phosphate Haikou Co., Ltd.; and J R Simplot.
Mergers & purchases are the main business participants ' policies. For example, in January 2018, Itafos purchased a wholly-owned subsidiary of Conda Phosphate Operations from Agrium Inc. Conda annually generates 540,000 tonnes of phosphate products. The purchase included manufacturing equipment for phosphates and phosphate mineral rights.
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