Phosphate Rock Market– Statistics And Analysis & Forecast To 2030Posted by Mrudula Anil Karmarkar on July 25th, 2022 The global phosphate rock market size is expected to reach USD 29.73 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.2% from 2022 to 2030. The increasing demand from the agriculture industry, along with the growing population, is anticipated to fuel the market growth over the forecast period. According to the United Nations, the world population increased by 1.1% from 2017 to 2018 and is projected to reach 9.8 billion in 2050. This is expected to drive the demand for phosphate fertilizers to support the food needs, which, in turn, is expected to propel the utilization of phosphate rock over the coming years. Moreover, growing animal feed production is projected to support the market growth over the coming years. Phytase is a growing alternative for phosphate feed owing to the high costs of phosphate feeds. It is a vital ingredient in animal feed and affects reproduction, growth, and feed cost. Most of the natural phosphate is unavailable to animals, thus it is important to add inorganic phosphate in diets to compensate for natural phosphate needs. In such cases, phytase is added to improve performance and reduce the cost of animal feed. These benefits of phytase are further expected to affect the market dynamics. Industrial applications of phosphate rock include cleaners, detergents, incendiary shells, tracer bullets, pyrotechnics, pesticides, metal coatings, toothpaste, cosmetics, pharmaceuticals, anticorrosion agents, matches, and other phosphorus compounds. Demand for synthetic detergents is projected to rise owing to urbanization in emerging economies. Most synthetic detergents contain phosphate as a builder, which improves the phosphate loading rate in water bodies. Thus, the demand from the detergent application segment is projected to benefit the growth of the phosphate rock industry. The European Union countries are highly dependent on other countries for phosphate rock imports owing to the lack of sufficient phosphate reserves in the region. This leads to high production costs of phosphate fertilizers in the region. The demand for fertilizers is decreasing in Western Europe in contrast to the increasing demand in Eastern Europe. European countries are relying on potassium and nitrogen fertilizers as a result of the high production costs involved with phosphate fertilizers owing to the high phosphate prices. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/phosphate-rock-market/request/rs1 According to the Food and Agriculture Organization, food production has to increase by 70% by 2050 in order to supply food for the global population. This is anticipated to boost the demand for fertilizers, which is expected to augment the market growth over the coming years. The demand for phosphate fertilizers is expected to be driven by an increase in food and feed production to meet the rising needs of livestock and humans. The U.S. is one of the largest producers of cereals, grains, and oilseeds. This is anticipated to drive the market over the forecast period. Phosphate Rock Market Report Highlights
According to data published by National Agricultural Statistics Service Information, the per capita consumption of poultry and red meat in the U.S. increased to 224.63 pounds per person from 224.10 pounds per person in 2022. The growing demand for high-quality meat is projected to boost the demand for animal feed with high nutrition, which, in turn, is expected to drive the market for phosphate rock over the coming years.The outbreak of foot and mouth disease (FMD), highly pathogenic avian influenza (HPAI), and African Swine Fever (ASF) represents a significant threat to the animal feed industry and thus to the market for phosphate rock. Small and large outbreaks of such diseases rapidly affect the demand, where consumption and production witness a decline. Thus, the outbreak of such diseases is projected to affect the market dynamics of the phosphate rock industry. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1081/ibb The phosphate rock value chain consists of mining companies, distributors, manufacturers of phosphate rock-based products, and end users. About 70% of players in the market are vertically integrated and engaged in the mining of phosphate rock to the manufacturing of fertilizers. This scale of operations helps to lower logistics costs and address supply chain challenges such as delays in product delivery and high transport costs. At the same time, it assists for efficient monitoring and improvement of production quality. In August 2021, Centrex Metals started a new mine project for phosphate rock in Ardmore, Northwest Queensland, Australia. This mine is likely to produce 800 kilotons of phosphate rock reach year, which can translate into 600 kilotons of phosphate fertilizers. Australia and New Zealand import million tons of phosphate rock each year from the Western Sahara region. This will provide an opportunity for Centrex Metals owing to a significant freight advantage compared to current suppliers. Some prominent players in the global phosphate rock market include:
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