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Phosphate Rock Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Petróleo Brasileiro S.A., Indian Farmers Fertilizer Cooperative Limited, Vale Fertilizers and Energy Ltd
Phosphate Rock Global Market Report 2024
The phosphate rock market size is expected to see steady growth in the next few years. It will grow to $30.02 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to research and development in phosphate-based chemicals, regulatory changes in fertilizer industry, emerging market demand, shift towards sustainable mining practices, water treatment and industrial applications. Major trends in the forecast period include market demands in developing economies, impact of climate change on agriculture, evolving environmental concerns and regulations, focus on precision agriculture, rise in demand for bioenergy crops.
Market Overview -
The phosphate rock refers to a rock consisting of a large amount of calcium phosphate and other minerals such as calcium carbonate. Phosphate rock is used to make calcium phosphate nutritional supplements for animals.
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Phosphate Rock Market Growth Fueled By Soaring Food And Feed Production Demands
An increase in food and feed production is expected to propel the growth of the phosphate rock market going forward. Feed production is the process of creating an animal feed from unprocessed agricultural goods. The process of making food helps the phosphate rock market by turning edible raw ingredients into consumable food products, which need to use fertilizer more frequently to increase food production. For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, The Economic Survey of India 2020-21 report stated that in FY20, nearly 296.65 million tones of the total food grain production in the country was recorded, which was up by 11.44 million tones. Therefore, an increase in food and feed production is expected to propel the growth of the phosphate rock market.
Competitive Landscape -
Major companies operating in the phosphate rock market report are Petróleo Brasileiro S.A., Indian Farmers Fertilizer Cooperative Limited, Vale Fertilizers and Energy Ltd., Nutrien Ltd., Yara International ASA, Mosaic Company, Rashtriya Chemicals & Fertilizers Ltd., Pradeep Phosphates Limited, OCP Group, EuroChem Group AG, ICL Group, PhosAgroCo, Coromandel International Limited, Krishak Bharati Cooperative Limited, Arab Potash Company, Deepak Fertilizers and Petrochemicals Corporation Limited, Sinochem Group, Uralchem Group, JSC Belaruskali, Misr Phosphate, Hubei Xingfa Chemicals Group Co Ltd., Wengfu Group Co Ltd., Savannah Resources plc, Rock Phosphate Limited, Sam Phosphate Kenya Ltd., Nauru Phosphate Removal Company, Arif Phosphate Limited, Hindustan Fertilizers Limited
Innovative Recycling Trends In The Phosphate Rock Market
Developing innovative ways to recycle phosphorous is a key trend gaining popularity in the phosphate rock market. Major companies operating in the phosphate rock market are looking for innovative ways to strengthen their position in the market. For instance, in November 2021, OCP Group, a Morocco-based company operating in phosphate rock became a member of the European Sustainable Phosphorus Platform (ESPP) to promote and develop sustainable phosphorus management. The partnership is developing innovative ways of recycling phosphorous that contribute to a long-term vision for phosphorus sustainability.
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Key Segments -
The phosphate rock market covered in this report is segmented -
1) By Type: Marine Phosphate Deposits, Igneous Phosphate Deposits, Other Types
2) By Application: Fertilizers, Food And Feed Additives, Industrial, Other Applications
3) By Distribution Channel: Online, Offline
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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