Phosphate Rock Market To Reach $39.3 Billion By 2025: Grand View Research, Inc.

Phosphate Rock Market To Reach $39.3 Billion By 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Rising demand for the product as an additive and preservative to enhance the taste and shelf life of processed food is anticipated to fuel the phosphate rock market growth.

According to a report,“Phosphate Rock Market Size, Share & Trends Analysis Report By Application (Animal Feed, Fertilizers), By Region (North America, Europe, Asia Pacific, CSA, MEA), Vendor Landscape, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The global phosphate rock market size is anticipated to reach USD 39.3 billion by 2025, denoting a CAGR of 7.1% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the increasing use of fertilizers in the agriculture industry to enhance plant growth.

In the agriculture sector, phosphate rock is used in the form of phosphorus-based fertilizers. Fertilizers are sprayed on agricultural and arable land to provide soil nutrients essential for healthy plant growth. The growing global population has facilitated the use of fertilizers to increase the efficiency of crop production to supply sufficient food products. This is likely to increase the utilization of the product over the coming years.

Changing consumer food preferences, such as increasing consumption of packaged & processed food and meat products, are likely to fuel the demand for phosphate rock. It is used as an additive in processed food and as a feed phosphate in animal feed industry. Feed phosphates ensure healthy livestock as they help improve digestion and bone strength of animals.

Phosphorous is used as a preservative in packaged food & beverages. Rising disposable income and increasing working population are likely to drive the demand for packaged food products. Consumers opt for packaged food & beverages such as yogurt, buttermilk, and salads owing to their hectic routine schedule. This is projected to fuel the utilization of the product over the forecast period.

Major players in the market such as Itafos, Nutrien Ltd., and The Mosaic Company are adopting acquisition as the major strategy to enhance their technological capabilities, expand their businesses at the global level, and widen the product portfolios. For instance, The Mosaic Company, in August 2018, acquired Vale Fertilizantes, a fertilizer company in Brazil, for USD 2.5 billion to improve its business and enhance its presence in the Brazilian agriculture sector.

In February 2018, Itafos acquired all issued and outstanding common shares of GB Minerals Ltd., a mining, exploration, and development company. Itafos owns 31.3% interest in GB Minerals Ltd., which makes the latter an indirect wholly-owned subsidiary of the former. The acquisition has also enabled Itafos own Farim Phosphate Project, previously owned by GB Minerals.

Key Takeaways from the report:

  • The fertilizers application segment is anticipated to register a CAGR of 5.2%, in terms of volume, over the forecast period

  • The phosphate rock market in North America is expected to progress at a low CAGR of 2.8%, in terms of volume, from 2019 to 2025 owing to the increasing consumption of meat

  • The Middle East & Africa is expected to witness a CAGR of 4.0%, in terms of revenue, due to high phosphate fertilizer exports from the region

  • Major players are adopting strategies such as acquisitions to increase their production capacities and to cater to the growing demand for phosphate rock.

U.S. Phosphate Rock Market Size, By Application, 2014 - 2025 (USD billion)

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Global phosphate rock market share, by region, 2018 (%)


Regional Insights

Asia Pacific held the largest market share of 59.3%, in terms of revenue, in 2018 and is expected to grow at a rapid pace over the coming years. The growth is bolstered by diversified food needs in developing and largely populated countries such as China and India. Growing demand for food in the region is expected to fuel the utilization of fertilizers to increase the efficiency of crop production.

According to the Organisation for Economic Co-operation and Development, China and India accounted for 18.8% and 9.2% of the world crop production, respectively in 2018. The farmers in the region have been taking efforts for increasing the yield and soil quality by experimenting the use of several soil nutrients, which has in turn favorably impacted the market growth.

North America market growth is driven by high animal feed production. The U.S. accounted for 88.4% of the North America market share in 2018. It is the largest consumer of meat and meat products in the region. According to data by the Organisation for Economic Co-operation and Development, the consumption of meat in the U.S. increased by 3.1% from 2017 to 2018. The rising demand for high-quality meat products is anticipated to fuel the demand for nutritious animal feed products, which, in turn, is likely to augment the utilization of the product over the coming years.

The Middle East and Africa is projected to grow at a CAGR of 4.0%, in terms of revenue, from 2019 to 2025. Africa has the largest phosphate rock reserves in the world and was the second-largest producer in 2018. According to the USGS, Morocco and Western Sahara together have over 70% of the world reserves.

Phosphate Rock Market Share Insights

The global market is highly competitive in nature owing to the presence of major players such as Itafos; The Mosiac Company; Phosphate Resources Ltd.; Nutrien Ltd.; OCP; Misr Phosphate; GUIZHOU CHANHEN CHEMICAL CORPORATION; Hubei Xingfa Chemicals Group Co., Ltd.; Yunnan Phosphate Haikou Co., Ltd.; PhosAgro, Fertoz; and J R Simplot.

Mergers & acquisitions are the key strategies adopted by major players in the market. For instance, in January 2018, Itafos acquired Conda Phosphate Operations from Agrium Inc., a wholly-owned subsidiary of Nutrien Ltd. Conda produces 540,000 metric tons of phosphate-based products annually. The acquisition included phosphate production facilities and phosphate mineral rights.

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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