Phosphate is a derivative of phosphoric acid and is a principal chemical fertiliser used in the agricultural sector, with the level of demand for phosphate fertilisers just behind nitrogen fertilisers. Phosphate is also used in the meat and dairy industry, carbonated beverage industry, insecticide industry, metal industry, etc.
The value of the global Phosphate Market stood at USD 69.3 billion in the year 2018. It reached the value of USD 75.16 billion in the year 2021. In the forecast period 2021-2026, this value is projected to increase by USD 112.15 million. The CAGR in this period is projected to be 5.89%.
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Increasing crop production is driving the growth of the phosphate market. Decreasing arable lands boosting the need for chemical fertilisers, including phosphate fertilisers, to increase crop production to feed the growing population is also boosting the phosphate market. The rise in demand for meat products globally is also fuelling the growth of the phosphate market. This is because phosphate is added to meat to enhance its water holding capacity, improve texture and minimise cooking losses. The rising demand for packaged food and beverages is another important growth driver.
The adoption of environmentally sustainable fertilisers and the increasing availability of low-cost plant nutrients are the main restraining factors for the growth of the phosphate market. Depleting the number of phosphate rocks and strict regulations governing the use of phosphate is also slowing the growth of this market.
The global phosphate market is divided into ammonium phosphate, calcium phosphate, phosphoric acid, sodium tripolyphosphate, potassium phosphate, and others. Ammonium phosphate is the dominant segment and is expected to retain the largest share in the forecast period. Ammonium phosphate fertilisers are in high demand globally for increasing crop cultivation. Calcium phosphate is expected to grow at the fastest rate in the forecast period. This is because calcium phosphate is used as a preservative in packaged foods, and this industry is growing fast.
The global phosphate market demands is divided into fertilisers, food and beverage, water treatment, metal treatment, detergents and more. Fertilisers account for the largest share. The reason is the high demand for fertilisers to increase crop production. The food and beverage segment is expected to exhibit the fastest growth due to the increasing demand for packaged food.
The global phosphate market is divided into marine sedimentary deposits, igneous and weathered rock, biogenic and others. Sedimentary marine deposits account for 75% of the global supply of phosphate rocks.
The global phosphate market is divided into North America, Asia Pacific, Europe, South America and the Middle East and Africa.
The Asia Pacific is the largest phosphates market. The main reasons are the increasing demand for food production and the growing population in the region. Europe and North America are projected to grow fastest during the forecast period, mainly due to increasing demands for packaged food products in both these regions.
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