DELRAY BEACH, Fla., Nov. 13, 2024 /PRNewswire/ -- The report "Phosphate Market by Type (Phosphoric Acid, Ammonium, Calcium, Sodium, Potassium), Type of Resource (Sedimentary Marine Deposits, Igneous and Weathered), Application (Fertilizers, Animal Feed, Food Additives), and Region - Global Forecast to 2029", size was USD 180.99 billion in 2024 and is projected to reach USD 219.74 billion by 2029, at a CAGR of 3.9%, between 2024 and 2029.
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350 - Tables
59 - Figures
294 - Pages
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Phosphates are in great demand especially focusing much on soil health management and sustainable farming. Soil fertility has declined in many regions due to intensive farming techniques, deforestation, and industrial activities degrading the arable land. A common problem which denies efficient productivity in agriculture relates to low phosphorus in the soils. Increasingly, farmers are using phosphate fertilizers to replenish soil nutrients to correct this trend. These factors are likely to drive the phosphate market, shifting towards soil restoration and sustainable farming methodologies.
The calcium phosphate segment is the fastest growing segment, in terms of value, of the global phosphate market during the forecast period.
The calcium phosphate segment is the fastest growing segment in the phosphate market during the forecast period. The prevailing usage of the substance in the pharmaceutical and medical industries is one of the main reasons for the popularity of calcium phosphate. Tricalcium phosphate and hydroxyapatite are the most used forms of calcium phosphate in drugs, dental care products, and bone transplants because of their bioactive nature. Its efficiency in facilitating the regeneration of bones and biocompatibility have also made it a highly necessary requirement in the process of most medical operations, especially those that require implants and bone repair.
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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.
The igneous and weathered segment is estimated to be the second-largest type of resource in the phosphate market, in terms of value, during the forecast period. Technological advancements have also significantly affected the formation of igneous and weathered phosphate deposits. Because of lower percentages of phosphate minerals in some volcanic deposits and harder rock underneath, it is often technically difficult to extract phosphate from volcanic deposits than to extract it from sedimentary deposits. However, extraction of phosphate from such harder rock types is easier because of the improved mining procedures that involve blasting, drilling, and crushing.
Animal feed is estimated to be the second-largest application of phosphate market, in terms of value, during the forecast period.
The animal feed segment is estimated to be the second-largest application in the phosphate market, in terms of value, during the forecast period. Phosphorus forms the basis of many biological functions-which include bone development, energy metabolism, and cellular function. It is one of the important nutrients that animals need to grow and develop well. As consumers become more informed about the origin of their food, they must be guaranteed that animals raised for consumption have been raised in humane conditions. It entails feeding the right nutrition to the animals since it directly influences both their welfare and quality of products they produce.
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South America is projected to register the second highest CAGR, in terms of value, during the forecast period in the phosphate market.
South America is projected to register the second highest CAGR in the phosphate market, in terms of value, during forecast period due to several factors. Phosphate reserves and production capacity primarily shape the South American phosphate market. The region's huge phosphate reserves, especially in Brazil and Peru, have incrementally positioned both countries as a significant player in the supply chain of the global phosphate industry. Based on its essential phosphate rock reserves and consistent investments in mining and production capacities, Brazil has been able to minimize its dependence on importing more phosphate products for local supply.
The key players profiled in the report include OCP Group S.A. (Morocco), The Mosaic Company (US), PhosAgro Group of Companies (Russia), Ma'aden (Saudi Arabia), Nutrien Ltd. (Canada), EuroChem Group (Switzerland), Innophos Holdings, Inc. (US), Jordan Phosphate Mines Company (PLC) (Jordan), Kazphosphate LLP (Kazakhstan), ICL Group Ltd. (ICL) (Israel), Wengfu Group Co., Ltd. (China), Yara (Norway), and Yuntianhua Group Co., Ltd. (China).
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