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

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.