Research and Markets: Publication about the Phosphate Rock Market Size
Research and Markets offers a research publication about the Phosphate Rock Market Size and a forecast and trend analysis from 2014-2024.
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The global phosphate rock market is expected to reach 268.0 million tons by 2024 as a result of its increasing demand in the downstream sector for producing fertilizers. It is the only global resource which is used in agriculture and fertilizer industry.
The mineral is a vital ingredient used for manufacturing NPK fertilizers. Therefore, the growing demand for fertilizer is expected to be the primary driving factor for the growth of the market over the next few years. Moreover, the absence of substitutes is expected to result in negligible substitution threat.
Additionally, one of the factors for fertilizer consumption growth is directly related to the global increasing calorie consumption per capita. High-calorie consumption foods are becoming popular, with rising prevalence of oilseeds, dairy and meat which are directly increasing the demand for stock feeds, grain, and agricultural production.