Table of Contents
Overview
New York, NY – September 10, 2025 –
The global phosphate rock market is projected to grow from USD 21.4 billion in 2024 to USD 32.9 billion by 2034, registering a CAGR of 4.4% between 2025 and 2034. Asia Pacific leads the market with a 42.30% share, supported by strong agricultural demand.
Phosphate rock, a key raw material for fertilizers, remains essential for global food production due to its role in providing phosphorus—an indispensable nutrient for plant growth. Beyond fertilizers, it is also used in animal feed, detergents, and certain industrial chemicals, reinforcing its importance for both agriculture and industry.
The market’s momentum is closely tied to rising food demand and declining farmland per capita, which increases reliance on phosphate-based fertilizers to enhance yields and sustain soil health. Limited reserves concentrated in select regions also shape global supply dynamics.
Government efforts promoting balanced fertilizer use and soil nutrient management are further boosting demand, especially in developing economies. Recent developments, such as First Phosphate’s intersection of 92.5 meters of 11.82% igneous phosphate at its Quebec project and securing $3.2 million in financing, highlight growing investments in exploration and sustainable supply expansion.
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Key Takeaways
- The Global Phosphate Rock Market is expected to be worth around USD 32.9 billion by 2034, up from USD 21.4 billion in 2024, and is projected to grow at a CAGR of 4.4% from 2025 to 2034.
- In 2024, marine phosphate deposits accounted for 72.3%, highlighting their dominance in the Phosphate Rock Market.
- Fertilizers represented 86.2% of applications, showing agriculture’s critical dependence on the Phosphate Rock Market for productivity.
- The Asia Pacific market reached a valuation of USD 9.0 Bn.
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Report Scope
| Report Features | Description |
|---|---|
| Market Value (2024) | USD 21.4 Billion |
| Forecast Revenue (2034) | USD 32.9 Billion |
| CAGR (2025-2034) | 4.4% |
| Segments Covered | By Source (Marine Phosphate Deposits, Igneous Phosphate Deposits, Metamorphic Deposits, Biogenic Deposits, Weathered Deposits, Others), By Application (Fertilizers, Food and Feed Additives, Others) |
| Competitive Landscape | OCP Group, The Mosaic Company, Ma’aden, PhosAgro, Guizhou Kailin Holdings (Group) Co., Ltd., Yuntianhua Group, Misr Phosphate, Yunnan Phosphate Haikou Co., Ltd. (YPH) |
Key Market Segments
By Source Analysis
In 2024, marine phosphate deposits dominated the phosphate rock market’s source segment, capturing a 72.3% share. This leadership stems from the vast potential of underutilized marine resources and the shift toward diversifying supply beyond land-based reserves. Found mainly on continental shelves and seabeds, these deposits present a growing solution to rising global demand for fertilizers, feed, and industrial uses.
Concerns over declining terrestrial reserves, combined with geopolitical and environmental hurdles, have accelerated the importance of marine sources. At the same time, advancements in offshore mining technologies are making extraction more efficient and economically feasible. With phosphate remaining vital for global food security, marine deposits are set to play a decisive role in shaping the market’s future.
By Application Analysis
In 2024, fertilizers dominated the phosphate rock market by application, accounting for 86.2% of the market share. This reflects their central role in agriculture, as phosphate rock is the key ingredient in producing fertilizers like DAP, MAP, and TSP.
Fertilizers remain essential for restoring soil phosphorus, improving crop yields, and supporting plant health, especially as population growth and shrinking farmland heighten pressure on global food systems.
Government-backed programs and subsidies, particularly in developing regions, have further encouraged fertilizer use, while advances in blending and application methods continue to improve efficiency. This solidifies fertilizers as the primary driver of phosphate rock demand.
Regional Analysis
In 2024, Asia Pacific led the phosphate rock market with a 42.30% share valued at USD 9.0 billion, driven by its vast agricultural base, large population, and strong demand for food security. China and India, with extensive farmland and high fertilizer usage, were key contributors to this dominance.
The region’s rapid urbanization and declining arable land have increased dependence on phosphate-based fertilizers to sustain crop yields. While North America and Europe show steady growth through sustainable practices and advanced fertilizer technologies, the Middle East & Africa offer untapped potential due to nutrient-poor soils and expanding agriculture. Latin America, led by Brazil, maintains a consistent demand through its robust agribusiness sector. Despite these regional trends, the Asia Pacific remains the core hub of the global phosphate rock market.
Top Use Cases
- Main Raw Material for Fertilizers: Phosphate rock is the key starting ingredient for making most phosphorus fertilizers. It’s turned into phosphoric acid, which then becomes fertilizers like DAP, MAP, and TSP—vital for plant growth.
- Direct Application on Acidic Soils: In certain cases, finely ground “highly reactive” phosphate rock is applied directly to acidic soils, where it releases phosphorus slowly over time. This avoids extra processing and can be cheaper, though it only works in specific soil conditions.
- Animal Feed Supplement: Phosphate rock provides essential phosphorus and calcium when added to animal feed, supporting healthy bone development and growth in livestock.
- Ingredient in Industrial Products: Phosphate rock is processed into phosphoric acid, which is used to make various industrial goods—such as detergents (builders), ceramics, and glass.
- Food Additives & Preservatives: Phosphate derivatives serve multiple roles in food processing—they act as buffers, preservatives, thickening agents, and improve texture in items like deli meats, dairy products, baked goods, and soft drinks.
Recent Developments
- In January 2025, Mosaic exchanged its 25% stake in the Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC) for 111 million shares of Ma’aden, valued at about $1.5 billion. This move simplifies their investment and gives them more cash flexibility
- In November 2024, Energy Transition JV: OCP and ENGIE signed a strategic partnership to co-develop projects in renewables, green hydrogen and ammonia, energy storage, power infrastructure, and sustainable desalination—all supporting lower-carbon phosphate and fertilizer production.
- In August 2024, PhosAgro—Russia’s largest mineral fertilizer distributor via PhosAgro-Region—boosted domestic supplies by 7.1%, delivering 1.74 million tonnes, with phosphate-based and NPK fertilizers comprising a large portion of the increase.
Conclusion
The phosphate rock market continues to stand as a cornerstone of global agriculture and industry. With phosphorus being an essential nutrient for plant growth, the demand for fertilizers derived from phosphate rock is set to remain strong as populations expand and food security challenges intensify. Beyond farming, its applications in animal feed, detergents, and industrial chemicals highlight its broad importance.
While concerns over finite reserves and environmental impact persist, innovation in mining and sustainable practices is shaping a more resilient supply chain. Looking ahead, phosphate rock will remain vital for supporting productivity, sustainability, and long-term global development.
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