The rapidly growing population have increased the burden on the agricultural sector to produce a high crop yield. Thus, it is expected to raise the demand for phosphate fertilizers in the coming years. The growing demand for phosphoric acid in food processing and personal care products is likely to boost the market growth. Furthermore, the market is witnessing a rise in the demand for animal feed due to the rapid growth of the poultry and dairy industries to promote the growth of the market.
The global phosphoric acid market is expected to grow at a CAGR of 3% during the forecast period.
The global phosphoric acid market is segmented by the manufacturing process, application, and geography.
On the basis of the manufacturing process, the market is segmented into the wet process and thermal process. The wet process is projected to witness rapid growth in the phosphoric acid market owing to its lower production cost, which enables manufacturers of several end-use industries to meet the target of high production volumes.
On the basis of the application, the market is segmented into fertilizer, animal feed, food additives, cosmetics, and others. The fertilizer segment is expected to dominate the phosphoric acid market during the forecast period, 2018–2025. This is attributed to the increasing agricultural activities to meet the increasing food requirements of the growing world population and the increasing government support to farmers in the form of initiatives and development programmes. Apart from this, developing countries lack advanced facilities to gain crop yield and rely majorly on fertilizers, which is expected to raise the demand for phosphate fertilizers in developing nations across the world.
The growing consumption of dairy and poultry products is also projected to provide promising applications to the use of phosphoric acid in the animal feedstock. The growth of food, cosmetics, and detergent industries are likely to boost the market further.
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Asia Pacific is expected to dominate the global phosphoric acid market owing to the rapidly growing agricultural sector coupled with the increasing government support through seminars, initiatives, and conferences. North America and Europe are expected to witness satisfactory growth in the market owing to the booming food and poultry industry and growing awareness about personal hygiene in both the regions. Latin America and the Middle East & Africa (LAMEA) are expected to witness a gradual growth in the phosphoric acid market owing to the steadily increasing agricultural operations in developing countries of Latin America.
Some of the key players in the market: The Mosaic Company (U.S.), Nutrien Ltd. (Canada), ICL (Israel), S.A. OCP (Morocco), Yara International (Norway), Eurochem Group AG (Switzerland), Maaden (Saudi Arabia), WengFu Group (China), and J.R. Simplot Company (U.S.)