Phosphate Rock Market Size, Share, Growth Analysis, By Application(Fertilizers, Food & Feed Additives), By Grade(Fertilizer, Feed) - Industry Forecast 2024-2031

In the year 2022, the Asia Pacific region claimed the largest segment of volume share, exceeding 45.0%. This dominance can be attributed to the diverse dietary requirements prevalent in densely populated and emerging nations within the region, notably India and China. With an escalating demand for food within this geographical area, the utilization of fertilizers is projected to rise in order to enhance the productivity of crop cultivation. This phenomenon, in turn, is expected to drive a heightened demand for phosphate rock in the forthcoming years. The impetus for phosphate rock demand in the Asia Pacific region predominantly emanates from factors such as population expansion, governmental initiatives, pricing dynamics, and production trends. The agricultural sector within the Asia Pacific region is undergoing expansion, and a significant portion of the local populace depends on domestic farming practices. These converging factors are motivating farmers to enhance land productivity through the utilization of various soil inputs, thereby effectively propelling the growth trajectory of the regional market.

In the same vein, during the year 2021, the Middle East and Africa region secured the second-largest portion of volume share. This region is anticipated to sustain a growth rate of 2.3% from 2022 to 2030. Notably, Africa stands as the possessor of the world's largest reserves of phosphate rock. Citing data published by the United States Geological Survey (USGS), it is revealed that Morocco and Western Sahara collectively account for over 70% of the global reserves of phosphate rock.