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Phosphate Rock Global Market Report 2024 Market Research Analysis 2024-2033 | Growth, Size, Analysis, Insights
Phosphate Rock Global Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Phosphate Rock Market 2024 Key Insights:
• 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%.
• Phosphate Rock Market Growth Fueled By Soaring Food And Feed Production Demands
• Innovative Recycling Trends In The Phosphate Rock Market
• Asia-Pacific was the largest region in the phosphate rock market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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