The increasing usage of organic Phosphates to improve crop yield and diminishing arable land are the key factors propelling the Phosphate market growth.
Further, rising consumer health awareness regarding nutritious food coupled with changing dietary patterns has led to an increase in food-grade phosphate consumption and finally pushing the market growth rate.
The usage of phosphate in batteries for electric vehicles to offer key opportunities for the key players of the phosphate market during the forecast period.
Rising demand for calcium phosphate from various end-use industries such as food and beverages, pharmaceutical, healthcare, and others enables the market demand.
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Sedimentary marine deposits occupy a major share in the phosphate market as a large amount of phosphate rock is extracted from these marine deposits.
Widespread usage of phosphates in the food and beverage industry for the preparation of various food items and drinks to enhance the shelf life of products.
Food and beverage segments to observer significant growth during the forecast period owing to the high consumption of packaged foods by the consumers in emerged and emerging economics.
Stringent environmental regulations regarding usage of phosphate, which cause side effects such as heart problems and nausea to hamper the phosphate market growth.
Fluctuations in the supply of raw material would affect the supply chain of phosphate to challenge market size over the forecast period.
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Asia pacific to hold the largest market share for phosphate owing to increased agricultural activities and growing population in the region.
Further, rising health awareness and changing lifestyle of consumers in developing areas of the region to drive the phosphate marketover the forecast period 2020-2026.
China to be a major contributor in the agriculture sector and to maintain its rank as a first farm outputworldwideprimarily producing wheat, tomato, cotton and barley.
In addition, the product’s extensive usage as an essential component in fertilizers is bolstering its demand in agriculture industry.
Whereas, Flourishing pharmaceutical industries in North America to surge the phosphate market over the forecast period followed by Europe, and others.
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Strategic approaches, productions, and product approvals by key players to trigger the market growth. For instance, in 2020, Project developer Namibian Marine Phosphate (NMP) to move ahead with its Sandpiper marine phosphate project as it addresses all environmental recommendations following renewed environmental consultations.
Further, in 2020, China’s phosphate production in Hubei province for supply drop to further tighten the market.
Also, in 2020, Canadian, Australian miners worked to de-risk Bifox phosphate project, located near the town of Copiapo in northern Chile.
Moreover, in 2020, New Zealand put an end to the illegal trade of blood phosphate from the occupied Western Sahara.
In addition, in 2019, CMP Pharma got it's Potassium Phosphates Injection approved by FDA.
Prominent players participating in the phosphate market include Agrium Inc., EuroChem, Innophos Holdings Inc., Israel Chemicals Ltd, Jordan Phosphate Mines Company, PJSC PhosAgro AG, Potash Corporation of Saskatchewan Inc., Saudi Arabian Mining Company, S.A OCP, and The Mosaic Company among others.