[Research Report] The phosphate salts market size is expected to grow from US$ 8,940.56 million in 2022 to US$ 14,849.78 million by 2030; it is estimated to record a CAGR of 6.5% from 2022 to 2030.
Market Insights and Analyst View:
Phosphate salts are chemical compounds that contain phosphate ions (PO4^3-) combined with various positively charged ions, such as sodium, potassium, calcium, or ammonium. These salts are derived from phosphoric acid (H3PO4) and are widely used in various industries and applications due to their versatile chemical properties. The largest application of phosphate salts is in the production of fertilizers, as they are essential nutrients for plant growth. In addition, they are used in the food and beverage industry as a food additive, in water treatment to prevent corrosion and scale formation, and in the pharmaceutical industry as a buffering agent and for other medicinal purposes. Phosphate salts, including monosodium phosphate, disodium phosphate, and trisodium phosphate, were utilized as food additives for purposes such as pH control, texture modification, and moisture retention in processed foods. Moreover, in the agricultural sector, phosphate salts play a pivotal role as essential components of fertilizers, providing plants with the crucial nutrient phosphorus. This factor is significantly driving the global phosphate salts market growth.
Growth Drivers and Challenges:
Phosphate salts are a critical component of fertilizers, providing essential nutrients for plant growth. With the global population steadily increasing, the demand for food production is on the rise. To meet this demand and improve crop yields, the agricultural sector's reliance on phosphate salts as a fertilizer remains a prominent driving factor in the market. Phosphate salts are widely employed in water treatment processes to prevent the formation of scale and corrosion in pipes and boilers. Concerns about water quality and the need for efficient water treatment systems continue to grow as urbanization and industrial activities increase, bolstering the demand for phosphate salts in this sector. However, the development of alternative technologies and products that can replace or reduce the reliance on phosphate salts is a significant restraining factor. For example, precision agriculture techniques, such as controlled-release fertilizers and soil testing, can optimize nutrient use, reducing the need for traditional phosphate-based fertilizers. Controlled-release fertilizers are designed to release nutrients slowly and steadily to crops over an extended period. By doing so, they align nutrient delivery more closely with plant needs, reducing wastage and minimizing the risk of nutrient leaching into the environment.
Report Segmentation and Scope:
The global phosphate salts market is segmented on the basis of grade, type and application. Based on grade, the market is segmented into food, technical, and pharmaceutical. Based on type, the market is segmented into monosodium phosphate, disodium phosphate, monopotassium phosphate, trisodium phosphate, and others. Based on application, the market is segmented into agriculture, water treatment, pharmaceutical, food and beverage, and others. Geographically, the market is categorized into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Based on grade, the phosphate salts market is segmented into food, technical, and pharmaceutical. The food segment held the largest market share in 2022. Phosphate salts are commonly used in the food industry as a food additive. They are used as a flavor enhancer, emulsifier, and stabilizer in various food products such as processed meats, cheeses, baked goods, and beverages. In processed meats, phosphate salts are used to improve water retention, increase tenderness, and enhance the flavor. In cheese production, they are added to prevent the cheese from becoming too hard or crumbly. In baked goods, they are used to improve texture and increase shelf life. Based on type, the market is segmented into monosodium phosphate, disodium phosphate, monopotassium phosphate, trisodium phosphate, and others. The phosphate salts market share of the monosodium phosphate segment was notable in 2022. Monosodium phosphate, also known as sodium dihydrogen phosphate, is a type of phosphate salt that is commonly used in the food industry as an acidity regulator, emulsifier, and nutrient supplement. It is a white crystalline powder that is highly soluble in water and has a slightly acidic taste. Monosodium phosphate is often added to processed foods such as baked goods, dairy products, and beverages to adjust the pH level, improve texture and stability, and enhance the nutritional value. Based on application, the market is segmented into agriculture, water treatment, pharmaceutical, food and beverage, and others. The phosphate salts market share of the agriculture segment was notable in 2022. Phosphate salts are widely used in agriculture as a fertilizer to promote plant growth and improve crop yield. Phosphorus is an essential nutrient for plants, and it plays a critical role in various cellular processes, including photosynthesis, respiration, and energy transfer.
The phosphate salts market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. North America dominated the global phosphate salts market, which accounted for ∼US$ 3,000 million in 2022. Europe is also a major contributor, holding a significant market share. The Europe phosphate salts market is expected to reach over US$ 4,000 million by 2030. Asia Pacific is anticipated to record a considerable CAGR of over 7% from 2022 to 2030. The Asia Pacific phosphate salts market, by country, is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market is driven by the growing demand for phosphate salts in agriculture. China dominates the regional market, followed by countries such as India, South Korea, Japan, and Australia. Agriculture plays a pivotal role in the Asia Pacific, where a significant portion of the world's population resides. The need to ensure food security and increase agricultural productivity has driven substantial demand for phosphate-based fertilizers, making the agriculture sector a major consumer of phosphate salts.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the phosphate salts market are listed below:
- In 2023, Moroccan phosphate fertilizer producer OCP supplied 1.7 million tons of phosphate fertilizer to India. In addition to 1 million tons of di-ammonium phosphate (DAP), Moroccan OCP will supply India with 700,000 tons of a nitrogen-free fertilizer called triple super phosphate(TSP).
COVID-19 Pandemic Impact:
The COVID-19 pandemic adversely affected almost all industries in various countries. Lockdowns, business shutdowns, and travel restrictions in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemical & materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies reported delays in product deliveries and a slump in their product sales in 2020. Due to the pandemic-induced economic recession, consumers became cautious and selective in purchasing decisions. Consumers significantly reduced nonessential purchases due to lower incomes and uncertain earning prospects, especially in developing regions. Many phosphate salt manufacturers reported declining profits due to reduced consumer demand during the initial phase of the pandemic. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxation in certain regulations, including lockdowns and travel bans. There has been a rise in disposable income of the population, due to which the focus on purchasing new furniture and renovation has increased, which has boosted the demand for phosphate salts. All these factors boost the growth of the phosphate salts market across different regions.
Competitive Landscape and Key Companies:
The Mosaic Company; OCP Group; EuroChem Group AG; Israel Chemicals Ltd.; Nutrien Ltd.; Innophos Holdings Inc.; ICL Fertilizers; Yara International ASA; Prayon SA; and Solvay S.A. are among the prominent players operating in the global phosphate salts market. These players offer high-quality phosphate salts and cater to many consumers across the world.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
1. The Mosaic Company
2. OCP Group
3. EuroChem Group AG
4. Israel Chemicals Ltd.
5. Nutrien Ltd.
6. Innophos Holdings Inc.
7. ICL Fertilizers
8. Yara International ASA
9. Prayon SA
10. Solvay S.A.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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