Phosphate rock is a naturally occurring ore of marine sedimentary with high phosphorus content consisting of a large amount of calcium phosphate, usually with other minerals such as calcium carbonate. According to BlueQuark Research & Consulting, the global Phosphate rock market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing use of Phosphate rock in the Fertilizer Industry, as it is used to make organic Phosphate fertilizer known for keeping plants healthy and encouraging new growth, are expected to drive the global market. Further, Phosphate rocks in Animal feed such as Monocalcium Phosphate and Dicalcium Phosphate, phosphorus aids in various cell functions to build strong bones and teeth, are projected to drive the global market. Furthermore, the increasing usage of Phosphate rock in Fungicide is used to control damping-off and rot of plant roots, stem, and fruit as phosphorus can prevent diseases caused by pathogens is expected to drive market growth. However, high phosphorus concentration may result from poor agricultural practices or run-off from urban areas and lawns, leading to algae blooms that produce algal toxins that can harm human and animal health and are expected to hinder the global market growth.

Phosphate rock is used to manufacture organic phosphate fertilizers and animal feeds such as monocalcium phosphate and dicalcium phosphate. It is also used as a fungicide to prevent diseases caused by pathogens. Phosphorus is used as a buffering agent in cosmetic products, and it is added to food products as a preservative and flavor enhancer.

The Fertilizer Industry is the most vital consumer of Phosphate rock and is projected to drive the Global Market. Phosphate rock is an essential source of phosphorus, an essential nutrient  P from the three vital nutrients NPK(nitrogen-phosphorus-potassium) fertilizer, made the Global Market for Phosphate rock is bound to rise. Phosphate Rock fertilizers are also known as rock dust due to the rock mineral's presence. According to the board of directors of PhosAgro, one of the world’s leading vertically integrated Phosphate based fertilizer producers, total production is expected to reach 10.5 million tonnes in 2021. Phosphorous plays a crucial role in photosynthesis. This nutrient is required from seedling growth to the maturation of grains and supports its vigor and overall health, the demand for the industry shoots, thus driving the Global Phosphate rock Industry. Therefore the use of Phosphate rock in the Fertilizer Industry is expected to grow and drive the overall market in the future.

The Asia-Pacific region is expected to be the leader in the production and consumption of Phosphate rock, with most of the consumption in countries like China and India. The demand for fertilizers, animal feeds, fungicides, cosmetics & food preservatives is enormous in the region since more than half of the world’s population lives there. Due to the rising population, there is an increase in agricultural production, and Phosphate Rock is used to process organic fertilizers, which helps farmers to avoid the use of synthetic chemical fertilizers, thus driving the market demand. The increasing demand for protein has resulted in increasing commercial animal production. Phosphate supplements play an essential role in the animal feed industry are driving the need for Phosphate rock in the Global Market. Phosphorus acid used in fungicides to control diseases belongs to oomycetes, which are fungal-like organisms on agronomical and horticultural crops is expected to drive the demand for Phosphate rock in the market. Due to the ongoing need for cosmetic and personal care products among the urban population owing to modern lifestyle, it is used as an antioxidant and not only protect the skin but also protect from any oxidative spoilage of the product, is expected to drive the demand for Phosphate rock in the Global Market. Increasing food consumption, Phosphate is used in unprocessed and packed food as preservatives and flavoring agents. The mentioned factors have made the Asia-Pacific an essential region for growth in the Phosphate rock Market.

Some of the market's key players are The Mosaic Company, PJSC PhosAgro AG, Solvay AG, Jordan Phosphate Mines Co. Plc, The OCP Group, among others.

In September 2021, the Government of Ethiopia announced a Joint Development Agreement with Morocco’s OCP Group to implement a fertilizer project in Dire Dawa.

In July 2021, Minister of Chemicals & Fertilizers, Mansukh Mandaviya, informed a step towards becoming Aatma Nirbhar in fertilizer production, India, to explore indigenous phosphate rock deposits.

Global Phosphate Rock Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Phosphate rock market by segmenting based on the Type (Sedimentary Phosphate Rocks, Igneous Phosphate Rocks), Others), By Application (Fertilizer, Animal Feed, Fungicides, Cosmetics, Food Preservatives, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.