Press release
Phosphate Rock Global Market Estimated to Surge at a CAGR of 2.8% to Reach $30.02 Billion By 2028 | Nutrien Ltd., OCP Group, Group AG, ICL Group, Sinochem Group
Phosphate Rock Market
Phosphate Rock Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $30.02 billion In 2028 At A CAGR Of 2.8% :
The phosphate rock market size has grown strongly in recent years. It will grow from $25.45 billion in 2023 to $26.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to agricultural revolution and fertilizer demand, expansion of agricultural practices, rise in population and food demand, development of phosphate-based chemicals, global industrialization and urbanization.
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.
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Phosphate Rock Market Major 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 Driver - 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.
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Prominent Trend - 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.
Phosphate Rock Market Players
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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the phosphate rock market in 2023. The regions covered in the phosphate rock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Phosphate Rock Market Report Structure
3. Phosphate Rock Market Trends And Strategies
4. Phosphate Rock Market - Macro Economic Scenario
5. Phosphate Rock Market Size And Growth
…..
27. Phosphate Rock Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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