Global Phosphate Market worth $219.74 billion by 2029, at a CAGR of 3.9%, says MarketsandMarkets™

Delray Beach, FL, Jan. 26, 2025 (GLOBE NEWSWIRE) -- In terms of value, the Phosphate Market is estimated to grow from USD 180.99 billion in 2024 to USD 219.74 billion by 2029, at a CAGR of 3.9%, as per the recent study by MarketsandMarkets™. The growing demand for agricultural fertilizers is one of the main factors propelling the phosphate market. Phosphorus is one of the three major nutrients required for plant growth, nitrogen, and potassium. As the world's population increases, there is increase in need for food production. This has accelerated the use of phosphate fertilizers to enhance the crop productivity.

The market for phosphate is expanding due to the urbanization and shifting dietary habits. More processed and high-protein foods are typically found in the diets of those who relocate to urban areas. Subsequently growing livestock raises the demand for phosphate fertilizers for production of animal feed, which in turn supports this demand for protein. Additionally, the demand for dairy, meat, and other animal-based goods, rises in developing nations as disposable incomes rise.

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Browse in-depth TOC on “Phosphate Market”

350 - Market Data Tables
59 – Figures
294 - Pages

List of Key Players in Phosphate Market:

1. OCP Group S.A. (Morocco)
2. The Mosaic Company (US)
3. PhosAgro Group of Companies (Russia)
4. Ma’aden (Saudi Arabia)
5. Nutrien Ltd. (Canada)
6. EuroChem Group (Switzerland)
7. Innophos Holdings , Inc. (US)
8. Jordan Phosphate Mines Company (PLC) (Jordan)
9. Kazphosphate LLP (Kazakhstan)
10. ICL Group Ltd. (ICL) (Israel)
11. Wengfu Group Co., Ltd. (China)
12. Yara (Norway)
13. Yuntianhua Group Co., Ltd. (China)

Drivers, Opportunities and Challenges in Phosphate:

1. Drivers: Increasing need for food and crop production 
2. Restraint: Declining supply of phosphates 
3. Opportunity: Development of innovation production processes 
4. Challenge: Global regulatory pressures on reducing phosphate use in detergents 

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Key Findings of the Study:

1. The calcium phosphate segment is the fastest growing segment, in terms of value, of the global phosphate market during the forecast period.
2. Igneous and weathered segment is estimated to be the second-largest type of resource of phosphate market, in terms of value, during the forecast period.
3. Animal feed is estimated to be the second-largest application of phosphate market, in terms of value, during the forecast period.
4. South America is projected to register the second highest CAGR, in terms of value, during the forecast period in the phosphate market.

Based on type, the phosphate market is segmented as phosphoric acid, ammonium phosphate, calcium phosphate, sodium phosphate, potassium phosphate, and other types. From them, phosphoric acid segment accounted for largest market share, in terms of value, in 2023 and continue to dominate during the forecast period. This dominance is attributed to their essential use of phosphoric acid in the manufacturing of phosphate fertilizers. Phosphoric acid-based fertilizers have become increasingly popular in many developing nations, particularly in Asia, Africa, and South America, due to the expansion of agriculture and the need for increased production.

Based on type of resource, the phosphate market is segmented as sedimentary marine deposits, igneous and weathered, biogenic, and other types of resources. From them, sedimentary marine deposits segment accounted for largest market share. One of the main factors influencing the mining of sedimentary marine phosphate deposits is their geologic abundance. These deposits are a desirable source for mining since they are more accessible than other kinds of phosphate resources. It is easier to extract these deposits since the geologic formations that contain them are often found in shallow marine environments.

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Based on application, the phosphate market is segmented into fertilizers, animal feed, food additives, detergents, water treatment chemicals, metal finishing, and other applications. The fertilizers segment is estimated to be the largest application, in terms of value, in 2023. The growing demand of phosphate fertilizers increases the agricultural production and allow the farmers to sustain their livelihood. A significant percentage of population in many emerging economies rely on agriculture as a source of income. Further investments in inputs will lead to creating an environment that is increasingly favorable to develop and grow the economy.

Based on region, Asia Pacific is the fastest growing market for phosphate and is projected to register the highest CAGR during the forecast period. Agriculture continues to play a major role in the economies of some of the world's largest and most densely populated nations, including China, India, Indonesia, and Vietnam in the Asia Pacific region. These countries are crucial to the production of food worldwide in along with providing for their huge populations. This demand is directly met by phosphates, an essential part of fertilizers, which improve soil fertility and promote sustainable crop development.

OCP Group S.A. is one of the world's leading exporters of phosphate-based and other chemical products. It is one of the leading producers of essential minerals for the fertilizer industry and is one of the key players in the phosphate market. The company is involved throughout the value chain, from mining and manufacturing to community development and education. The company has more than 70% of the world's phosphate reserves. It operates businesses into four segments: phosphates, phosphoric acid, fertilizer, and others. The company offers phosphates through the phosphates segment. The strategies that help the company grow include major R&D, start-up initiatives, education, and skill development projects.

The Mosaic Company develops, manufactures, and markets concentrated phosphate and potash crop nutrients. It is a single- source provider of potash & phosphate fertilizers and feed ingredients for the global agriculture industry. The company operates its business into six segments: phosphate crop nutrients, potash crop nutrients, crop nutrient blends, performance products, phosphate rocks, and others. It offers phosphates through its phosphate crop nutrients and phosphate rocks business segment. The company is committed to make informed choices that improve its financial strength, corporate governance, environmental stewardship, operational efficiency, community engagement, and resource management. Through these efforts, the company intends to sustain its business and experience long-lasting growth.

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