Global Phosphate Rock Market Size is Anticipated to Reach USD 39.3 billion by 2025
26-aug-19 The global phosphate rock market denoting a CAGR of 7.1% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the increasing use of fertilizers in the agriculture industry to enhance plant growth. In the agriculture sector, phosphate rock is used in the form of phosphorus-based fertilizers. Fertilizers are sprayed on agricultural and arable land to provide soil nutrients essential for healthy plant growth. The growing global population has facilitated the use of fertilizers to increase the efficiency of crop production to supply sufficient food products. This is likely to increase the utilization of the product over the coming years. Changing consumer food preferences, such as increasing consumption of packaged & processed food and meat products, are likely to fuel the demand for phosphate rock. It is used as an additive in processed food and as a feed phosphate in animal feed industry. Feed phosphates...