Canada Phosphate Rock Market

Synopsis
The above chart is Canada Phosphate Rock Market Outlook (2018 to 2032)

Market Dynamics

according to a report published by grandview research, inc. in 2018, the canadian phosphate rock market was valued at over usd 1.4 billion in 2017 and is expected to register a cagr of 2.2% from 2018 to 2032. while being the largest producer of phosphate rock in the world, canada holds about 19% of the total global production. in terms of end-user application, the fertilizer industry constituted the largest market segment in 2017. this was attributed to the fact that phosphate rocks are used as a raw material for fertilizers such as mono-ammonium phosphate, mono- potassium phosphate, and diammonium phosphate. furthermore, increasing demand for quality fertilizer across various nations, especially in india and china, is expected to positively influence the market growth. over the years, phosphate-based fertilizers have increased in popularity due to their small particle size and higher fertilizer efficiency. this has fuelled the demand for phosphate rocks in canada, and subsequently, increased the overall production in the region. consequently, canada is expected to remain a major contributor to the global phosphate rock market in the future. looking further ahead, the increasing need for food security in several countries resulting from the growing population could contribute to the growth of the canadian phosphate rock market going forward. moreover, with the large potential of phosphate reserves in the country, it is highly likely that the market will continue to grow, provided that proper regulations are in place to help manufacturers sustain their production level. despite strong market growth witnessed in the past, the canadian phosphate rocks market is expected to witness some decline in the near future as phosphate mines become older and slowly deplete over time. to counteract such challenges, canadian governments are expected to implement new mines, encouraging research, funding and financial assistance in order to revitalize the industry. this is likely to help maintain the production in the future and further support the market growth. in conclusion, despite a few challenges facing the canadian phosphate rocks market, the region is expected to remain a major player in the upcoming years. with strong government initiatives and increasing demand, the market is anticipated to register a promising cagr from 2018 to 2032.