The global phosphate market was USD 68.51 Billion in 2016, and is projected to reach USD 75.17 Billion by 2021, at a CAGR of 1.9% during the forecast period. Global focus on increasing agricultural output and increasing demand for phosphate from the foods & beverages industry is expected drive the market during the forecast period.
The global phosphate market is classified on the basis of type/derivative, namely, ammonium phosphate, calcium phosphate, phosphoric acid, potassium phosphate, sodium tripolyphosphate, and others. Ammonium phosphate is expected to lead the global phosphate market during the forecast period, followed by calcium phosphate. Ammonium phosphate leads the market due to its growing use for the production of fertilizers, which is a vital element for the growth of plants and crops. The market for calcium phosphate is expected to witness the highest CAGR from 2016 to 2021. The growth is mainly due to the rapid growth of the packaged food industry, as calcium phosphate is an excellent food preservative.
The global phosphate market is classified on the basis of application, namely, fertilizers, foods & beverages, detergents, water treatment chemicals, metal finishing, and others. The fertilizers application is the highest, as the need for higher agricultural production on the limited available arable land is driving the consumption of fertilizers. However, the foods & beverages application is expected to grow at the highest CAGR during forecast period mainly due to the increasing consumption of packaged food.
The global phosphate market is classified on the basis of type of resource, namely, sedimentary marine deposits, igneous & weathered rock, biogenic, and others. Sedimentary marine deposits are the largest source for phosphate. About 75% of the global phosphate rock is extracted from sedimentary marine deposits. The igneous & weathered rock is the second largest source of phosphate.
The global phosphate market is segmented on the basis of region, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for phosphate. The increasing population coupled with the increased demand for nutritious food in the region is expected to drive the increasing demand for phosphate. South America is projected to be the second-fastest growing market from 2016 to 2021. This growth is attributed to the rapidly growing agricultural sector in the region.
The major factors restraining the growth of the global phosphate market are, the stringent regulations in the use of phosphate in detergents and the diminishing supply of phosphate rock.
Some of the key players in the global phosphate market are The Mosaic Company (U.S.), S.A. OCP (Morocco), PJSC PhosAgro AG (Russia), EuroChem (Russia), and Agrium Inc. (Canada), Potash Corporation of Saskatchewan Inc. (Canada), Saudi Arabian Mining Company (MA’ADEN) (Saudi Arabia), Innophos Holdings, Inc. (U.S.), Israel Chemicals Ltd (Israel), and Jordan Phosphate Mines Company (Jordan), among others.
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