[FURL=https://www.industryarc.com/Report/16086/phosphate-rock-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=Paidpressrelease]Phosphate Rock Market[/FURL] is forecast to reach $29.7 billion by 2025, after growing at a CAGR of 6.8% during 2020-2025. In the future, the global phosphate rock market is projected to rise dramatically, largely due to the rising world population and related food production, which is increasing the demand for phosphate fertilizers. For optimum crop production, phosphate fertilizers are required. It is projected that the global population will reach 9.6 billion by 2050, placing pressure on farmers to grow more to feed this huge population. Another big factor of the phosphate rock demand growth is the increase in per capita income in developed countries that will influence dietary preferences, i.e. the change from a predominantly vegetarian diet to a higher amount of meat and Dairy products diet. In exchange, this would increase crop demand. Food demand needs to rise by 70 percent by 2050 in order to feed such a vast number of people, according to the Food and Agriculture Organization's projections. Key Takeaways
Due to customer desire for instant and on-the-go food items, the availability of numerous fast-food chains and retail outlets is expected to fuel the market for refined & packaged food products. In exchange, this is expected to accelerate the growth of the industry over the coming years. In addition, in the manufacturing of detergents, pesticides, metal coatings, toothpaste, matches, and water softeners, phosphate-based chemicals are used.
Rapid urbanization and the establishment of various fast-serve restaurants are driving the market for processed food & beverages. Around 68 percent of the global population is anticipated to remain in urban areas by 2050, according to the United Nations Department of Economic and Social Affairs. In the coming years, this is expected to drive the demand for processed food, thereby propelling the development of the phosphate rock industry.
However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is limiting the market growth in current situation.
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Phosphate Rock Market Drivers
High demand in the Fertilizer and Animal Feed Industry
For the development of fertilizers used in the agricultural sector to improve plant protection, phosphoric acid is necessary. In a large scale, phosphate is also used in animal feeds. Both of these markets are likely to offer high growth prospects for the phosphate rock industry to expand.
Phosphate Rock Market top 10 companies are Potash Corp, MBAC Fertilizer Corp, Grange Resources, Phosphate Resources Limited, The Mosaic Company, WENGFU Group, Vale, AgriumInc, Anglo American, Shaw River Manganese Ltd, and Sterling Group Ventures Inc.,
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