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The global Phosphate Rock Market is expected to reach 268.0 million tons by 2024 as a result of its increasing demand in the downstream sector for producing fertilizers.
It is the only global resource which is used in agriculture and fertilizer industry.The mineral is a vital ingredient used for manufacturing NPK fertilizers.
Therefore, the growing demand for fertilizer is expected to be the primary driving factor for the growth of the market over the next few years.
Moreover, the absence of substitutes is expected to result in negligible substitution threat.Additionally, one of the factors for fertilizer consumption growth is directly related to the global increasing calorie consumption per capita.
High-calorie consumption foods are becoming popular, with rising prevalence of oilseeds, dairy and meat which are directly increasing the demand for stock feeds, grain, and agricultural production.Demand for phosphate rock in Asia Pacific was 127.94 million tons in 2016 and is anticipated to maintain its dominant position over the forecast period owing to the presence of numerous agriculture-oriented economies.
Rising demand for the mineral as an additive for feed & food as well as manufacturing of industrial chemical coupled with the growth of the manufacturing sector in the region is expected to drive the market.
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