Feed phosphates are supplements that are used for the diets of livestock, such as poultry, swine, cattle, and various aquatic animals. Feed phosphate is added to the animal feed to deliver adequate nutrient requirement to the domestic animals and livestock to improve their health. There are several advantages related to the phosphate feed usage which includes meat product quality enhancement, nutritional quality improvement and ease in feed digestibility. They benefit animals by stimulating growth during their various life cycle stages and acts as the best calcium source for bone development, while also helping with developing fertility in animals.
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The market is driven by the rise in consumption of meat and dairy products and a high threat of diseases in livestock. Growing meat demand is estimated to favour feed phosphate market growth over the next few years while the rising demand for dairy products is another key factor that is presumed to contribute towards the market growth. Industrialization of the meat processing and demand for better quality dairy and meat products is presumed to boost the demand due to rising awareness towards benefits associated with such feed additives.
The raw material shortage to make the feed phosphate is presumed to be an essential growth restraint for the market over the forecast period. Phosphate rocks being non-renewable in nature are likely to be exposed to scrutiny over their usage and demand and once smooth phosphate rock ceases to exist, the market can be expected to receive a blow. High product cost and availability of unadulterated product is another major factor that is expected to affect the industry growth and development negatively. Growing substitute demand for products such as phytase, which is a lower cost alternative, is presumed to hamper the industry growth in the future.
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The global feed phosphates market is estimated to be valued at USD 2.25 Billion in 2018 and is projected to reach USD 2.80 Billion by 2024, growing at a CAGR of 3.7%. Geographically the market is segmented into regional markets like North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. Emerging economies including China and India are projected to witness positive growth over the next few years and lead the regional market.
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Some of the key players include Eurochem, Phosagro, The Mosaic Company, Ecophos S.A., J.R. Simplot Company, Sichuan Lomon Corporation, Timab Industries, Wengfu Group, OCP Group, Potash Corporation of Saskatchewan Inc., etc.
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