The global phosphate market is expected to grow during the forecast period 2019 to 2026 as the market witness rise in demand for agricultural products such as fertilizers and crop boosters. In the global agricultural economy, phosphate has a record-breaking demand for farm yields in the last few years. For instance, the global production for grain and oilseed has surged in the past few years. This is solely responsible for a high demand for phosphate irrespective of the production share of seasonal crop and vegetables.
Plant nutrients continue to enjoy the mainstream demand owing to their affordability although expensive. The global market growth maintained a steady CAGR in 2017-18 and did not witness any huge decline in the crop prices. Although the demand for plant nutrients stepped down with a marginal decrease, the demand for phosphate maintained an equilibrium position. On the other hand, rise in exports and shipments have contributed to an inflated demand for phosphate. For instance, export drivers in 2019 for phosphate are growing uncertainty about crop prices, higher prices for phosphate and irregularities in the trade policies.
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The political-economic scenario in China, U.S and Western Sahara are majorly responsible for demand factors and associated risks as these regions account for more than 50% share in the global phosphate production. Major trends such as rising adoption of vertical integration in EU regions enables the mining companies to increasingly produce fertilizers, and derivatives of phosphate rock and phosphoric acid. The resultant is phosphate fertilizer is then derived from increase in phosphate imports in the European countries.
