New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Phosphate Rock Global Market Report 2022" - https://www.reportlinker.com/p06351382/?utm_source=GNW
r.o, ASX Limited ABN, Mir Phosphate, Gecopham and Prayon S.A.
The global phosphate rock market is expected to grow from $22.52 billion in 2021 to $23.86 billion in 2022 at a compound annual growth rate (CAGR) of 6.0%. The phosphate rock market is expected to grow to $30.31 billion in 2026 at a compound annual growth rate (CAGR) of 6.2%.
The phosphate rock market consists of sales of phosphate rock products by entities (organizations, sole traders, and partnerships) that are used to make calcium phosphate nutritional supplements for animals. Phosphate rock is a rock consisting of a large amount of calcium phosphate and other minerals such as calcium carbonate.
The main types of phosphate rock are marine phosphate deposits, igneous phosphate deposits, and other types.Marine phosphate deposits refer to phosphate deposits primarily comprised of marine phosphorite from the continental shelf that contain synsedimentary, stratiform, dispersed uranium in fine-grained apatite.
The various applications include fertilizers, food, and feed additives, industrial and other applications and are distributed through online and offline channels.
Asia Pacific was the largest region in the phosphate rock market in 2021. The regions covered in the phosphate rock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The phosphate rock market research report is one of a series of new reports that provides phosphate rock market statistics, including phosphate rock industry global market size, regional shares, competitors with a phosphate rock market share, detailed phosphate rock market segments, market trends and opportunities, and any further data you may need to thrive in the phosphate rock industry. This phosphate rock market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
An increase in food and feed production is expected to propel the growth of the phosphate rock market going forward.Feed production is the process of creating an animal feed from unprocessed agricultural goods.
The process of making food helps the phosphate rock market by turning edible raw ingredients into consumable food products, which need to use fertilizer more frequently to increase food production. For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, The Economic Survey of India 2020-21 report stated that in FY20, nearly 296.65 million tonnes of the total food grain production in the country was recorded, which was up by 11.44 million tonnes when compared with 285.21 million tonnes in FY19. Therefore, an increase in food and feed production is expected to propel the growth of the phosphate rock market.
Developing innovative ways to recycle phosphorous is a key trend gaining popularity in the phosphate rock market.Major companies operating in the phosphate rock market are looking for innovative ways to strengthen their position in the market.
For instance, in November 2021, OCP Group, a Morocco-based company operating in phosphate rock became a member of the European Sustainable Phosphorus Platform (ESPP) to promote and develop sustainable phosphorus management. The partnership is developing innovative ways of recycling phosphorous that contribute to a long-term vision for phosphorus sustainability.
In September 2021, Yara Suomi Oy, a Norway-based crop nutrition solutions and precision farming company, acquired Ecolan Oy for an undisclosed amount.Through this acquisition, Yara strengthens its position in the organic fertilizer segment and plays a bigger role in organic farming and in contributing to the circular economy.
Ecolan Oy is a Finland-based producer of agricultural fertilizer and groundworks products operating in the phosphate rock market.
The countries covered in the phosphate rock market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06351382/?utm_source=GNW
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