Phosphate Rock Market Forecasts to 2028 – Global Analysis By Source (Biogenic Deposits, Igneous Phosphate Deposits), Distribution Channel (Online, Offline), Application (Chemicals, Consumer Goods, Cosmetics), and By Geography

Phosphate Rock Market Forecasts to 2028 – Global Analysis By Source (Biogenic Deposits, Igneous Phosphate Deposits), Distribution Channel (Online, Offline), Application (Chemicals, Consumer Goods, Cosmetics), and By Geography

According to Stratistics MRC, the Global Phosphate Rock Market is accounted for $21.07 billion in 2021 and is expected to reach $27.54 billion by 2028 growing at a CAGR of 3.9% during the forecast period. Phosphorous is obtained from Phosphate rock which is utilized to manufacture chemicals. Phosphate rock is a sedimentary non-detrital rock that contains large quantity of phosphate minerals. This rock is also referred to as phosphorite or rock phosphate. It is formed in the form of calcium phosphate and typically seen in oceans. The phosphate rock market can be segmented on the basis of sources from which it is mined such as marine phosphate deposits, igneous phosphate deposits, metamorphic deposits, biogenic deposits, and weathered deposits.

Market Dynamics:

Driver:

Growing occurrence of plant and crop diseases

The growing occurrences of plant and crop diseases are driving the growth of the market. Diseases are a significant source of crop and plant damage, which may be caused by several plant pathogenic organisms. Diseases often have a substantial economic impact on quality and yield; hence disease management is an indispensable component of production for the majority of the crops. Fungicides, in general, find usage for disease control during the planting and growth of a crop, increased productivity, and reducing blemishes. Diseased food crops typically produce less as their leaves, necessary for photosynthesis, are affected by the disease. It has been found that one in every eight crop plants fails to yield owing to fungal disease, thereby necessitating the need for crop protection policies.

Restraint:

Presence of substitutes

The market growth is likely to be slowed due to the availability of alternatives, in terms of rising commodity demand. For instance, due to its low cost, phytase is favoured over feed phosphate in the animal feed industry. The product has related characteristics, such as enhancing the resilience of the bone, metabolism and energy enhancement. Phytase also encourages high feed consumption, thereby aiding in livestock physical growth. Over the next few years, the effects of phytase are predicted to adversely affect the development of the phosphate rock industry.

Opportunity:

Rising world population

In the future, the global phosphate rock market is set to rise dramatically due to the rising world population and related food production, which results in increasing the demand for phosphate fertilizers. For instance, it is projected that the global population will reach 9.6 billion by 2050, placing pressure on farmers to grow more to feed this huge population. Food demand needs to rise by 70 percent by 2050 in order to feed such a vast number of people, according to the Food and Agriculture Organization's projections. Then crop production will require additional land for cultivation along with agricultural intensification, both of which will lead to increased demand for phosphate fertilizers.

Threat:

Ban on the usage of phosphate

The ban on the use of phosphate in laundry detergents in Europe and North America negatively affects the demand for phosphate in detergents in these regions. Additionally, Australia banned the use of phosphate in laundry detergents in 2014. This is because the presence of phosphates in water bodies affects the aquatic and marine life by producing excess phosphorous.

The fertilizer segment is expected to be the largest during the forecast period

The fertilizer segment is estimated to have a lucrative growth owing the increasing use of fertilizers in agriculture to provide the soil with adequate nutrients. In fertilizers, phosphate rock is used as a raw material. It is the only source of phosphorous used in the manufacture of fertilizers for phosphorus, phosphorous and potassium (NPK). Development is driven by the growing use of fertilizers in the cultivation of crops to satisfy the increasing demand for food. In addition, to boost consumer growth, growing demand for the commodity as an antioxidant and preservative to increase the flavor and shelf life of packaged food is expected.

The sedimentary marine deposits segment is expected to have the highest CAGR during the forecast period

The sedimentary marine deposits segment is anticipated to witness the fastest CAGR growth during the forecast period as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and the internet connectivity. Moreover, it provides a supplementary channel for marketing and selling of products, providing lesser marketing costs as compared to offline sales channels.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. It is driven by an increase in food and feed production to meet the rising needs of livestock and humans. The U.S. is one of the largest producers of cereals, grains, and oilseeds. According to the Food and Agriculture Organization, food production has to increase by 70% by 2050 in order to supply food for the global population. According to data published by National Agricultural Statistics Service Information, the per capita consumption of poultry and red meat in the U.S. increased to 224.63 pounds per person from 224.10 pounds per person in 2019. The growing demand for high-quality meat is projected to boost the demand for animal feed with high nutrition, which, in turn, is expected to drive the market for phosphate rock in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the growing industrialization in this region and agriculture being the backbone of emerging economies. It is anticipated to show significant growth in the years to come. The agriculture sector in APAC is expanding and the population is mainly dependent on the domestic farming sector. These factors are encouraging farmers to increase land productivity by using several soil inputs, thus propelling the regional market growth. This has triggered an increase in the demand for phosphate rock thus driving the growth in this region.

Key players in the market

Some of the key players profiled in the Phosphate Rock Market include Centrex Metals, Groupe Chimique Tunisien SA, Guizhou Kailin Holdings (Group) Co., Ltd., Hubei Xingfa Chemicals, Jordan Phosphate Mines Co. P.L.C, Ma’aden Phosphate Company, Misr Phosphate, OCP S.A, PJSC PhosAgro, Prayon S.A, Solvay SA, The General Company of Phosphate and Mines, The Mosaic Company, Vale S.A, and Wengfu Group.

Key Developments:

In August 2021, Centrex Metals started a new mine project for phosphate rock in Ardmore, Northwest Queensland, Australia. This mine is likely to produce 800 kilotons of phosphate rock reach year, which can translate into 600 kilotons of phosphate fertilizers. Australia and New Zealand import million tons of phosphate rock each year from the Western Sahara region.

In January 2019, the Mosaic Company made an announcement about signing of an MoU (Memorandum of Understanding) for the supply of phosphate rock and phosphate fertilizers to Sinochem Fertilizer Company Limited.

Sources Covered:
• Biogenic Deposits
• Igneous Phosphate Deposits
• Metamorphic Deposits
• Sedimentary Marine Deposits
• Weathered Deposits

Distribution Channels Covered:
• Online
• Offline

Applications Covered:
• Animal Feed Supplements
• Chemicals
• Consumer Goods
• Cosmetics
• Detergents
• Fertilizer
• Food Preservatives
• Fungicides
• Industrial
• Metallurgy
• Water Treatment

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances