USD 23.30 billion
Phosphate Rock Market Size, Share, Growth Analysis, By Application(Fertilizers, Food & Feed Additives, Industrial, Others), By Grade(Fertilizer, Feed, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2249 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
64
|Figures:
75
Phosphate Rock Market Insights
Global Phosphate Rock Market size was valued at USD 23.30 billion in 2022 and is poised to grow from USD 24.12 billion in 2023 to USD 31.76 billion by 2031, growing at a CAGR of 3.5% in the forecast period (2024- 2031).
Anticipated over the forecast period is an upswing in phosphate rock demand, driven by the increasing need for fertilizers due to rising demand. The global population surge and the expanding food sector are poised to propel the requirement for grains and cereals in the years ahead. To cater to the world's populace, food production must rise by 70% by 2050, as indicated by the Food and Agriculture Organization. This surge in food demand is expected to bolster fertilizer needs, thereby fostering market growth in the foreseeable future. The push for phosphate fertilizers is foreseen to be propelled by the growing necessity for food and feed production to meet the heightened requirements of both humans and livestock. Notably, the U.S. stands as a key producer of grains, cereals, and oilseeds, a factor that is set to be a driving force for the market in the projected period.
According to data released by the National Agricultural Statistics Service Information, per capita consumption of poultry and red meat in the U.S. has inched up from 224.10 to 224.63 pounds per person. This escalating demand for premium-quality meat is expected to boost the need for highly nutritious animal feed, consequently fueling the phosphate rock market in the coming years.
US Phosphate Rock Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fertilizers
Fastest Growth
Food & Feed Additives
Growth Rate
3.5% CAGR
Global Phosphate Rock Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Phosphate Rock Market Segmental Analysis
The global phosphate rock market is segmented on the basis of application, grade, region. By application, the market is segmented into fertilizers, food & feed additives, industrial, others. By grade, the market is segmented into fertilizer, feed, industrial. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Phosphate Rock Market Analysis By Application
The largest portion of revenue, surpassing 75.0%, was attributed to the fertilizers segment. This segment's expansion is foreseen in the upcoming years, driven by escalating demand from the agricultural sector due to the burgeoning global population. According to data published by the Food and Agriculture Organization, the worldwide requirement for phosphorus in the form of P2O5 for fertilizers is projected to reach 49 million tons in 2021, a rise from 45 million tons in 2020.
The practice of hydroponics has garnered significant global attention due to its capacity for high-quality food production and efficient resource utilization. Traditional soil-based farming confronts challenges such as climate shifts, natural calamities, and diminishing soil fertility. Hydroponics presents a highly advantageous alternative by involving the cultivation of plants within nutrient-rich solutions. Countries including Canada, the U.S., France, the U.K., Israel, the Netherlands, and France are anticipated to provide opportunities in the field of hydroponics in the forthcoming years.
Global Phosphate Rock Market By Application
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Phosphate Rock Market Regional Insights
In the year 2022, the Asia Pacific region claimed the largest segment of volume share, exceeding 45.0%. This dominance can be attributed to the diverse dietary requirements prevalent in densely populated and emerging nations within the region, notably India and China. With an escalating demand for food within this geographical area, the utilization of fertilizers is projected to rise in order to enhance the productivity of crop cultivation. This phenomenon, in turn, is expected to drive a heightened demand for phosphate rock in the forthcoming years. The impetus for phosphate rock demand in the Asia Pacific region predominantly emanates from factors such as population expansion, governmental initiatives, pricing dynamics, and production trends. The agricultural sector within the Asia Pacific region is undergoing expansion, and a significant portion of the local populace depends on domestic farming practices. These converging factors are motivating farmers to enhance land productivity through the utilization of various soil inputs, thereby effectively propelling the growth trajectory of the regional market.
In the same vein, during the year 2021, the Middle East and Africa region secured the second-largest portion of volume share. This region is anticipated to sustain a growth rate of 2.3% from 2022 to 2030. Notably, Africa stands as the possessor of the world's largest reserves of phosphate rock. Citing data published by the United States Geological Survey (USGS), it is revealed that Morocco and Western Sahara collectively account for over 70% of the global reserves of phosphate rock.
Global Phosphate Rock Market By Region
- Largest
- Fastest
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Phosphate Rock Market Dynamics
Phosphate Rock Market Drivers
Population Growth and Urbanization
- Rapid urbanization and population growth are increasing the demand for food, thereby necessitating higher agricultural productivity, which in turn boosts the demand for phosphate rock.
Government Initiatives
- Various governments are implementing agricultural policies and initiatives to ensure food security, which often involves promoting the use of fertilizers, positively impacting the phosphate rock market.
Growing Meat and Dairy Consumption
- Rising consumption of meat and dairy products increases the demand for livestock feed, requiring phosphate additives to support animal health and growth.
Phosphate Rock Market Restraints
Finite Reserves
- Phosphate rock is a finite resource, and the accessibility and quality of reserves can affect the supply chain and overall market dynamics.
Environmental Concerns
- Phosphate mining and fertilizer usage can lead to environmental challenges, such as water pollution and ecosystem disruption, leading to regulatory restrictions and negative public sentiment.
Alternative Agricultural Practices
- The adoption of alternative farming practices like organic farming and precision agriculture might reduce the dependence on conventional phosphate-based fertilizers.
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Phosphate Rock Market Competitive Landscape
The competitive landscape of the global phosphate rock market is characterized by the presence of several key players striving to solidify their positions. Industry giants like OCP Group, Mosaic Company, and Nutrien Ltd. command significant market share due to their extensive production capacities and established distribution networks. These players leverage their strong R&D capabilities to enhance production efficiency and develop innovative phosphate-based products.
Additionally, there is a growing trend toward partnerships and collaborations among companies to tap into complementary strengths and expand market reach. Regional players also play a crucial role, catering to localized demand and providing cost-effective solutions. Environmental concerns are driving companies to explore sustainable mining practices and develop eco-friendly fertilizer formulations.
Phosphate Rock Market Top Player’s Company Profiles
- OCP Group (Morocco)
- Mosaic Company (United States)
- Nutrien Ltd. (Canada)
- PhosAgro (Russia)
- Yara International ASA (Norway)
- Agrium Inc. (Canada)
- ICL Group (Israel)
- EuroChem Group (Switzerland)
- Jordan Phosphate Mines Co. (Jordan)
- Ma'aden - Saudi Arabian Mining Company (Saudi Arabia)
- Itafos (Canada)
- Wengfu Group (China)
- PotashCorp (Canada)
- Phosphate Resources Limited (Australia)
- Wengfu (Group) Co., Ltd. (China)
- The Mosaic Company (United States)
- Arianne Phosphate Inc. (Canada)
- Vale S.A. (Brazil)
- J.R. Simplot Company (United States)
- Solikamsk Magnesium Works (Russia)
Phosphate Rock Market Recent Developments
-
In March 2024, specialists at an Iranian university created phosphatic fertilizers utilizing sludge.
-
In March 2024, India is set to sign a long-term agreement to buy a pivotal fertilizer ingredient from Mauritania.
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In December 2023, the global market for phosphoric acid encountered a slowdown because of disturbances in market interest elements during the main portion of the month. The huge decrease in prices is likewise connected to Chinese stock dumping on the worldwide market throughout recent months. Thus, major phosphatic acid producers are confronting huge losses underway and are working their plants at decreased capacities.
Phosphate Rock Key Market Trends
- Hydroponics and Controlled Environment Agriculture: The adoption of hydroponic and controlled environment agriculture methods is reducing the reliance on traditional soil-based farming, altering the demand for conventional fertilizers.
- Circular Economy Initiatives: Efforts to establish circular economies within agriculture could lead to increased recycling and reuse of phosphate-rich waste materials, influencing the demand for virgin phosphate rock.
- Shift towards Micronutrient Blends: The trend toward customized nutrient formulations is encouraging the blending of phosphate rock with micronutrients to address specific soil deficiencies.
Phosphate Rock Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global phosphate rock market analysis, global phosphate rock market is poised for significant growth driven by factors like increasing agricultural demand, population growth, and expanding livestock production. Asia Pacific leads the market due to diversified food needs in countries like India and China, coupled with government initiatives and rising urbanization. However, the market faces challenges such as environmental concerns and finite reserves that might impact its trajectory. Key trends include the adoption of sustainable agricultural practices, technological advancements in extraction and processing, and the emergence of hydroponics and controlled environment agriculture. The competitive landscape features major players like OCP Group, Mosaic Company, and Nutrien Ltd., each vying for dominance through innovation and partnerships. As the industry embraces sustainability, players are investing in eco-friendly production methods and exploring circular economy initiatives.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.30 billion |
| Market size value in 2031 | USD 31.76 billion |
| Growth Rate | 3.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phosphate Rock Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phosphate Rock Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phosphate Rock Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phosphate Rock Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phosphate Rock Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phosphate Rock Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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