Phosphate Market Size was valued at USD 50,410.0 million in 2022. The Phosphate industry is projected to grow from USD 52,764.2 million in 2023 to USD 68,897.3 million by 2030, exhibiting a compound annual growth rate (CAGR) of 3.88% during the forecast period (2023 - 2030). The key factor driving the growth of the Phosphate Market is the growing demand from key end-users such as fertilizers and detergents. Strong agriculture production, boosted by high crop prices, is expected to contribute significantly to phosphate demand throughout the forecast period. Also, applications such as detergents and water treatment chemicals are gaining importance due to phosphate's extensive range of properties. Furthermore, the growing usage of phosphate in food processing applications is likely to propel the global market in the coming years.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Phosphorus is a essential element for sustaining life and is abundantly available on our planet ranking eleventh in terms of availability. According to the data published by United States Geological Survey, there are large number of phosphate reserves that can sustain global production for about 1,200 years at the current rate of extraction. In agriculture phosphorus plays an important role as it is necessary for achieving optimal food production. When soils are deficient in phosphorus crop yields can be limited unless phosphate fertilizers are applied thus driving the demand for phosphate fertilizers. Currently majority of phosphate fertilizers are derived from naturally occurring phosphorus containing minerals.
Phosphorus is an essential nutrient for life. However it is not readily available to plants. To make it accessible to plants phosphate rock typically needs to undergo processing to convert the phosphorus into water soluble or plant-available forms. There are various methods to process phosphate rock into fertilizers. While there are natural organic sources of phosphate, such as bone meal, manure, guano, and urban waste, their commercial significance is relatively minor. This is primarily due to their higher cost per nutrient unit and the fact that the potential supply of these sources is only a fraction of the raw materials needed to produce the amount of phosphate-based fertilizers used globally.
Phosphates are used to treat water in a variety of ways. They are used to prevent red (iron) and black (manganese) water as well as to prevent or delay scale development (from minerals accumulating) and corrosion (from low pH or dissimilar metals) in the water distribution system as well as to reduce soluble lead and copper in water. The major types of phosphate products that are used in potable water treatment are orthophosphates, phosphoric acid, and condensed phosphates. These are all chemical substances that have the potential to be used in potable water treatment. The use of each phosphate product is determined by the intended qualities or treatment. Water availability and management are crucial for economic growth, public health, food security, and trade throughout the world. Increasing population growth, rapid urbanization, and industrial and economic growth make water challenges more urgent than ever.
Phosphorus an essential mineral required by the human body is obtained through natural food sources or food phosphate additives. Phosphate, a natural component found in almost all foods has been utilized in food processing for over a century. It serves as a food additive providing several beneficial properties to various food items. It is widely employed in poultry, fruits, vegetables, meat products, dairy, bakery, seafood, and beverage production. Additionally it is commonly used in the processing of potato products, convenience foods, and seasonings. In food processing activity phosphates are generally incorporated as sodium, potassium, calcium, iron, and zinc salts serving as nutrient fortifiers. With more than 30 commonly used food grade phosphate varieties it remains one of the most widely utilized food additives. Some of the food grade phosphates include disodium phosphate, trisodium phosphate, monosodium phosphate, dipotassium phosphate, tri potassium phosphate, monopotassium phosphate, monocalcium phosphate, tricalcium phosphate, dicalcium phosphate, sodium acid pyrophosphate, tetrasodium pyrophosphate, and others.
The Phosphate Market segmentation, based on Type has been segmented as Ammonium/Phosphoric Acid, Calcium, Potassium, Sodium, Others. Among these, the Ammonium/Phosphoric Acid segment is projected to dominate the Phosphate Market revenue through the projected period. Ammonium phosphate is one of the major ingredients used in several fertilizers as it provides essential nutrients such as phosphorus and nitrogen to the crops. With the increasing demand for food production, the need for high quality fertilizers is growing, further positively impacting the market of ammonium phosphate.
Based on Application, the Phosphate Market is segmented as Fertilizers, Detergents, Food & Beverages, Water Treatment Chemicals, Metal Treatment, Cosmetic & Personal Care, Pharmaceuticals, Others. Out of which the Fertilizers segment dominated base year market and is also projected to dominate the Phosphate Market revenue through the projected period. The significant increase in the population globally has increased the demand for food which is creating a higher need for food production and this factor is driving the demand for fertilizers that can boost the crop yields.
Based on Region, the Phosphate market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific Phosphate market held the maximum market share and is also expected to account for a significant revenue share during the forecast period. The market growth in Asia-Pacific is driven by various factors, including rising demand for ammonium phosphate for manufacturing fertilizers, increased foreign investments, government subsidies, and rising demand from South Asian countries such as India, Thailand, and Indonesia.
Key market players are emphasizing significantly on R&D for increasing their product offerings, which will further help the Phosphate Market to grow considerably. Market players are adopting several business development strategies such as acquisitions, mergers, collaborations, and partnerships to enhance their market presence and acquire a larger customer base. To survive in the competitive market, industry players must provide cost effective products.
The Phosphate market is very competitive with market players trying to develop unique and innovative products and solutions, which could render the competitors’ offerings obsolete. The competitive environment is likely to grow further owing to rising technological advancements. Some of the key players operating in the Phosphate Market are The OCP Group, The Mosaic Company, EuroChem Group AG, Nutrien Ltd, Jordan Phosphate Mines Co., ICL Group Ltd, PhosAgro, Ma’aden-Saudi Arabian Mining Company, Yara International ASA, Innophos Holding Inc, Yunnan Phosphate Haikou Co., Ltd. To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
The OCP Group: The OCP Group, originally known as the Office Chérifien des Phosphates, is a Moroccan state-owned corporation founded in 1920. It is the world’s largest producer of phosphate and phosphate-based products, with a significant presence in the global fertilizer market. With exclusive access to over 70% of the world’s phosphate rock reserves, OCP plays a pivotal role in global agriculture by providing essential nutrients that enhance soil fertility and crop yields. The company’s operations encompass the entire plant nutrition cycle, from mining phosphate rock to producing phosphoric acid and fertilizers. OCP’s industrial operations are advanced and widespread, with a history of mining in Khouribga since 1921 and subsequent expansions to Youssoufia and Benguerir, alongside chemical production in Safi and Jorf Lasfar. The company’s phosphate production capacity is around 44 million tons and is produced around 41 million tons annually. Moreover, the company serves 350 customers across the globe.
The Mosaic Company: The Mosaic Company, established in 2004 through the merger of Cargill Inc’s crop nutrition division and IMC Global, is a preeminent producer of concentrated phosphate and potash. As a Fortune 500 company headquartered in Tampa, Florida, Mosaic has a strategic global presence, with operations and assets in North America, Latin America, Asia Pacific, and the Middle East. The company’s business is structured into three segments: Phosphate, Potash, and Mosaic Fertilizer, which collectively cater to the agricultural industry’s need for crop nutrients essential for healthy and robust plant growth. With 10.4 million tonnes of potash capacity, Mosaic operates several mines and surface mills, including Belle Plaine, Colonsay, Esterhazy K1, Esterhazy K2, Esterhazy K3, and Carlsbad. Mosaic has approximately 16.8 million tons of operational capacity for finished concentrated phosphates. Mosaic is the largest producer of finished phosphate products with an annual capacity greater than the next two largest producers combined. It has a global distribution network made up of plants, port facilities, warehouses, and sales offices.
March 2024: EuroChem, a global leader in the production of mineral fertilizers, celebrated the opening of its new phosphate fertilizer production facility in Serra do Salitre, State of Minas Gerais, Brazil. The new phosphate mine and plant complex, which represents a total project investment of nearly US$1 billion, was constructed in record-breaking time and will have an annual production capacity of 1 million tonnes of advanced phosphate fertilizers.
January 2023: OCP Group and India have entered into a strategic partnership to strengthen food security and confirm their common ambition for an innovative and sustainable agriculture.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 50,410.0 million |
| Market Size 2023 | USD 52,764.2 million |
| Market Size 2030 | USD 68,897.3 million |
| Compound Annual Growth Rate (CAGR) | 3.88% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and Latin America |
| Countries Covered | US, Canada, Germany, Poland, UK, France, Italy, Spain, China, India, Japan, Australia & New Zealand, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Turkey, South Africa |
| Key Companies Profiled | The Mosaic Company, EuroChem Group AG, Nutrien Ltd, Jordan Phosphate Mines Co., ICL Group Ltd, PhosAgro, Ma’aden-Saudi Arabian Mining Company, Yara International ASA, Innophos Holding Inc, Yunnan Phosphate Haikou Co., Ltd |
| Key Market Opportunities | ·      Rising adoption of food-grade phosphate in food processing applications       |
| Key Market Dynamics | ·      Growing demand for fertilizers ·      Growing investments in the development of water treatment infrastructure |
Phosphate Market Highlights:
Frequently Asked Questions (FAQ) :
US$ 50,410.0 Mn
3.88%
Asia Pacific
The Mosaic Company, EuroChem Group AG, Nutrien Ltd, Jordan Phosphate Mines Co., ICL Group Ltd, PhosAgro, Ma’aden-Saudi Arabian Mining Company, Yara International ASA, Innophos Holding Inc, Yunnan Phosphate Haikou Co., Ltd
Ammonium/Phosphoric Acid
Fertilizers
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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