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Phosphate Rock Market Overview by Key Factors, Scope, Drivers 2023
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The market can also be segmented on the basis of its end applications such as fertilizers, feed and food additives, industrial chemicalsand others. Based on applications, fertilizers is the largest segment in the global phosphate rock (PR) market due to its huge demand in the developing nations of Asia Pacific and Latin America.The fertilizer segment can be further sub-segmented into DAP (Di-ammonium Phosphate), MAP (Mono-ammonium Phosphate), and TSP (Triple superphosphate).
The global phosphate rock market is expected to grow significantly in future primarily due to the growing world population and associated food demand which is increasing the demand for phosphate fertilizers. Phosphate fertilizers are needed for optimum crop production. By 2050, the global population is expected to reach 9.6 billion which will put pressure on farmers to produce more to feed this large population. Another major driver for the growth of the phosphate rock market is rise in per capita income in developing countries which will impact the dietary habits i.e. shift from mostly vegetarian diet to a diet with a higher volume of meat and dairy products.
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This in turn will increase demand for crops. According to Food and Agriculture Organization’s estimates, food production has to increase by 70% by 2050 in order to feed such a large number of people. This required growth in crop production will require additional land for cultivation along with intensification of agriculture, both of which will lead to increased demand for phosphate fertilizers. However, factors such as increasing awareness regarding use of bio-based eco-friendly fertilizers is expected to hamper the growth of the global phosphate rock market.
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