The phosphate rock market has seen considerable growth due to a variety of factors.
• In recent times, the phosphate rock market has experienced significant expansion. An increase from $26.64 billion in 2024 to $28.09 billion in 2025 is anticipated, with an average yearly growth rate (CAGR) of 5.5%.
Factors such as the agricultural revolution and the increased demand for fertilizers, the expansion of agricultural methods, a rising population and food demand, the creation of phosphate-based chemicals and global industrialization and urbanization contribute to this historic phase of growth.
The phosphate rock market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the phosphate rock market is projected to witness a slight expansion, reaching a valuation of $29.81 billion by 2029 with a 1.5% compound annual growth rate (CAGR). This anticipated growth during the forecast period is due to the R&D in phosphate-related chemicals, modifications in the regulatory landscape of the fertilizer industry, increasing demand from emerging markets, transition towards eco-friendly mining procedures, as well as applications in water treatment and other industries. Predominant trends for the forecast duration encompass market requirements in burgeoning economies, the effect of climate changes on farming, shifting environmental apprehensions and legislation, emphasis on precision farming, and a rising demand for bioenergy crops.
The phosphate rock market is projected to expand due to an anticipated increase in food and feed production. Feed production involves the creation of animal feed from unrefined agricultural commodities. The food-making process supports the phosphate rock market by converting edible raw materials into edible food items, which necessitate the use of fertilizer to enhance food production more frequently. For example, the United States generated 238.09 million metric tons (MMT) of animal feed in 2023, marking a 1.13% increase compared to the previous year. As such, the phosphate rock market is likely to be driven by the expected increase in food and feed production.
The phosphate rock market covered in this report is segmented –
1) By Type: Marine Phosphate Deposits, Igneous Phosphate Deposits, Other Types
2) By Application: Fertilizers, Food And Feed Additives, Industrial, Other Applications
3) By Distribution Channel: Online, Offline
Subsegments:
1) By Marine Phosphate Deposits: Offshore Deposits, Continental Shelf Deposits
2) By Igneous Phosphate Deposits: Magmatic Deposits, Pegmatitic Deposits
3) By Other Types: Sedimentary Deposits, Weathered Deposits
Leading entities in the phosphate rock market are exploring innovative methods to consolidate their market standing, such as developing phosphate fertilizer complexes. These complexes are industrial infrastructure where phosphate rock is transformed into different phosphate-based fertilizers like DAP (Diammonium Phosphate) and MAP (Monoammonium Phosphate). They act as a boon for the phosphate rock industry by increasing the demand for raw phosphate rock, fueling market expansion, and aiding worldwide agricultural productivity by facilitating better crop yields. For example, EuroChem Group AG, a Switzerland-based fertilizer producer and manufacturer with self-administered capacity, inaugurated a $1 billion phosphate fertilizer complex in Brazil in March 2024. Operating with an annual production of 1 million tonnes, the facility is designed to lessen Brazil's reliance on imports and safeguard the agricultural sector from market uncertainty. The plant is characterized by low water usage and a clean energy creation system, endorsing sustainability. The comprehensive approach from mine to farm guarantees quality and dependability throughout the supply chain, furthering EuroChem's objective of improving food security in Brazil and other regions.
Major companies operating in the phosphate rock market include:
• Indian Farmers Fertilizer Cooperative Limited
• Vale Fertilizers and Energy Ltd.
• Nutrien Ltd.
• Yara International ASA
• Mosaic Company
• Rashtriya Chemicals & Fertilizers Ltd.
• Pradeep Phosphates Limited
• OCP Group
• EuroChem Group AG
• ICL Group
• PhosAgroCo
• Coromandel International Limited
• Krishak Bharati Cooperative Limited
• Deepak Fertilizers and Petrochemicals Corporation Limited
• Sinochem Group
• Uralchem Group
• Misr Phosphate
• Hubei Xingfa Chemicals Group Co Ltd.
• Wengfu Group Co Ltd.
• Savannah Resources plc
• Rock Phosphate Limited
• Sam Phosphate Kenya Ltd.
• Nauru Phosphate Removal Company
• Arif Phosphate Limited
• Hindustan Fertilizers Limited
Asia-Pacific was the largest region in the phosphate rock market in 2024. The regions covered in the phosphate rock market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.