LOS ANGELES, Aug. 13, 2019 (GLOBE NEWSWIRE) — The global phosphate rock market size is estimated to grow at CAGR above 6.8 % over the forecast time frame and reach the market value around US$ 38 billion by 2026.
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The economy is mainly powered by the growing use of fertilizers for plant growth in the agricultural industry. Phosphate rock is used as phosphorus-based fertilizers in agriculture. In order to provide soil nutrients necessary for good crop development, fertilizers are dumped on agrarian land and arable land. The increasing world population has enabled fertilizer use to boost plant manufacturing effectiveness in order to deliver adequate food goods. This will probably boost the use of the item over the next few years.
Changes in customer food preferences, such as increased nutrition and meat intake, are probable to boost demand for phosphate rock. In the livestock feed sector, it is used as an ingredient in manufactured meat and as a feed phosphate. Feed phosphates provide good pets with a contribution to improving digestion and animal bone endurance.
Phosphorous is used in packaged food and drinks as a preservative. The demand for packaged foods is probable to be driven by raising disposable revenue and expanding working population. Due to their hectic daily timetable, consumers opt for packaged food & drinks, such as yogurt, buttermilk and salad. This will boost the use of the item during the prediction era.
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The purchase is a significant approach for enhancing their technological capacities, extending their companies globally and broadening brand portfolios, among significant industry participants like Itafos, Nutrien Ltd. and The Mosaic Company. For example, in August 2018 The Mosaic Company bought Vale Fertilizantes, a Brazilian fertilizer company, for 2.5 billion USD in order to improve its business and increase its presence in Brazilian agriculture.
All issued and exceptional joint stocks of GB Minerals Ltd., a mining, exploration and growth business, was purchased by Itafos in February 2018. Itafos holds an investment of 31.3% in GB Minerals Ltd., which makes it an indirect subsidiary wholly owned by the former. Itafos’ own Farim Phosphate Project, earlier held by GB Minerals, was also allowed to acquire the product.
- The implementation segment of fertilizers is expected to record a quantity CAGR of more than 5% over the prediction era.
- The North American phosphate stone industry is anticipated to advance in quantity at a small CAGR of around 3 percent between 2019 and 2026 due to increased meat consumption.
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The Middle East and Africa will receive a 4.0% CAGR of income from the region’s elevated production of phosphate fertilizers.
Key players adopt policies such as purchases to improve their manufacturing capacity and meet the increasing requirement for phosphate rock.
Key Players & Strategies
The global market is highly competitive in nature owing to the presence of key players such as Phosphate Resources Ltd.; Itafos; GUIZHOU CHANHEN CHEMICAL CORPORATION; The Mosiac Company; OCP; Misr Phosphate; Nutrien Ltd.; Hubei Xingfa Chemicals Group Co., Ltd.; PhosAgro, Fertoz; Yunnan Phosphate Haikou Co., Ltd.; and J R Simplot.
Mergers & purchases are the main business participants’ policies. For example, in January 2018, Itafos purchased a wholly-owned subsidiary of Conda Phosphate Operations from Agrium Inc. Conda annually generates 540,000 tonnes of phosphate products. The purchase included manufacturing equipment for phosphates and phosphate mineral rights.
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