The global phosphate market was USD 68.51 Billion in 2016, and is projected to reach USD 75.17 Billion by 2021, at a CAGR of 1.9% during the forecast period. Global focus on increasing agricultural output and increasing demand for phosphate from the foods & beverages industry is expected drive the market during the forecast period.
Seattle, WA -- (SBWIRE) -- 02/24/2017 -- The report "Phosphate Market by Type/Derivative (Ammonium Phosphate, Calcium Phosphate, Phosphoric Acid), Application (Fertilizers, Foods & Beverages, Detergents), Type of Resource (Sedimentary Marine Deposits, Igneous & Weathered, Biogenic) - Global Forecast to 2021", The global phosphate market was USD 68.51 Billion in 2016 and is projected to grow at a CAGR of 1.9% to reach USD 75.17 Billion by 2021.
Browse 102 market data tables and 67 figures spread through 166 pages and in-depth TOC on "Phosphate Market - Global Forecast to 2021"
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Global focus on increasing agricultural output and the increasing demand for phosphate from the foods & beverages industry has led to the growth of the global phosphate market.
Calcium Phosphate to register the highest CAGR in the global phosphate market between 2016 and 2021
The global phosphate market is segmented by type/derivative, namely, ammonium phosphate, calcium phosphate, phosphoric acid, potassium phosphate, sodium tripolyphosphate, and others. The market for calcium phosphate is expected to grow at the highest CAGR in the global phosphate market from 2016 to 2021. The higher CAGR for calcium phosphate over other types/derivatives is due to the rising demand from the foods & beverages, healthcare, pharmaceuticals & nutraceuticals, plastics, rubber and others applications. It offers advantages such as softness, flexibility, clarity, barrier, waterproof properties, resistance to crack & stress and ultraviolet radiations, and optical and mechanical properties. Moreover, the increasing consumption of packaged food is driving the demand for calcium phosphate.
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Foods & beverages to be the fastest growing application of the global phosphate market during the forecast period
The foods & beverages application is projected to be the fastest growing application in the global phosphate market during the forecast period mainly due to the increasing demand for food. Food grade phosphates are used as food additives owing to properties such as, buffering capacity (pH stabilization), sequestration, and water retention capability. The demand for phosphate is estimated to witness the highest CAGR in the Asia-Pacific region due to changing customer preferences and increasing per capita incomes.
Asia-Pacific to be the fastest growing market for phosphate during the forecast period
The Asia-pacific region phosphate market is expected to witness the highest CAGR during the forecast period. The growing population in the Asia-Pacific region coupled with the increased demand for food is driving the market for phosphate. In addition, the massive growth in agriculture and the increased demand for food in key countries such as China and India, are contributing to the growth of the phosphate market in the region.
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Currently, the global phosphate market is led by various market players such as The Mosaic Company (U.S.), S.A. OCP (Morocco), PJSC PhosAgro AG (Russia), EuroChem (Russia), Agrium Inc. (Canada), Potash Corporation of Saskatchewan Inc. (Canada), Saudi Arabian Mining Company (MA'ADEN) (Saudi Arabia), Innophos Holdings, Inc. (U.S.), Israel Chemicals Ltd (Israel), and Jordan Phosphate Mines Company (Jordan), among others.
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