Phosphate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1853
Phosphate Market size will register significant gains over the projected time period. It is a rock used to make calcium nutritional supplements for animals. Its purest form is utilized to formulate chemicals in the industry and fertilizers for agriculture. Product is natural occurring found in minerals, they are also mined to obtain phosphorus from the material. Substance contains properties of softness, flexibility, resistance to crack, waterproof and clarity that has boosted the phosphate market demand and usage in various industries.
Agricultural industry drives the phosphate market, it will surge to over 4% from 1.2% in the forecast period. The rock is extensively used to produce fertilizers for agricultural fields, it helps a plant to convert other nutrients into usable building blocks with which they can grow. Fertilizers are significantly consumed by the crops and plants in agricultural fields to increase productivity and life span of the fields. Growing product demand in agricultural industry will positively influence phosphate market.
High usage of product in food industry is uplifting phosphate market, it is commonly found in protein rich foods including eggs, fish and sausages. It plays a vital role in meat industry, used as an additive for preserving meat and retains its water by forcing the proteins apart and maintaining natural flavor of the meat for longer duration. Its wide consumption as thickening and leavening agents in baked goods has fueled the phosphate market demand in food processing industry.
Pharmaceutical industry will grow at over 10% in near future. The product is commonly used in medicines to make urine more acidic that helps to prevent kidney stone formation in human body. Increasing problem of kidney stone due to unhealthy diet and lifestyle of people has accelerated demand for product in medicines and has boosted phosphate market.
Factors hindering phosphate market growth includes its side effects on human body. Excessive usage of substance can lead to vomiting, nausea, stomach pain, muscle pain, weakness, numbness and tingly feelings. Increasing consumers awareness and product’s ill effects is becoming an obstacle in consumption of the substance.
Phosphate market is segmented on the basis of its product that include ammonium, potassium, calcium and sodium. Calcium accounts for highest share in the phosphate market. Phosphate market end-user industries is classified into pharmaceuticals, food, agriculture and ecology. Its bifurcation on the basis of applications includes medicines, fertilizers, biochemistry and food processing.
Asia Pacific is projected as fastest growing region in phosphate market. Increasing awareness about product amongst farmers, growing demand for harvesting and rising agriculture is driving the phosphate market demand in the region. Indian agriculture sector contributes over 13% of its gross domestic product. China is a major contributor in agriculture and ranked first worldwide in farm output, primarily producing wheat, tomato, cotton and barley. Product’s extensive usage as an essential component in fertilizers is bolstering its demand in agriculture industry.
The U.S. is world’s crucial pharmaceutical industry. It accounts for over 40% of global industry by hosting many top companies that are contributing in the medicine industry globally. The product is widely used in medicines to prevent kidney stone formation in body. Flourishing pharmaceutical industry in North America will surge phosphate market in forecast time period.
Australia is one of the major consumer and producer of meat worldwide. People in the country consumes over 190 lbs. of meat every year. Wide usage of rock in meat processing to preserve its natural taste for maximum duration of time is uplifting the phosphate market.
Prominent players in phosphate market are Mosaic Company, Israel Chemicals Ltd, Saudi Arabian Mining Company, S.A OCP, PJSC PhosAgro, Potash Corporation, EuroChem, Innophos Holdings, Agrium Inc. and Jordan Mines Company. EuroChem, the second largest apatite concentration producer in Russia expanded its mines in 2015. Objective of expansion was growth, up gradation and renovation of whole mining program. Enlargement will increase the supply demand ratio over next five years, the company is one of those four companies that are mining rocks in huge quantity globally.
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