Demand for Phosphate
The world demand for phosphate is mostly for fertiliser use with other uses including animal feed supplements and industrial products such as detergent. The global fertiliser market currently consumes annually around 200 million tonnes of rock phosphate.
Demand for fertilisers is determined by the outlook for agricultural production, which is closely related to food consumption, as well as the need for animal feed, natural fibres and biofuels. Rock phosphate demand is closely linked to this increased demand.
Total fertilizer demand is forecast to increase from 197 million nutrient tonnes (N + P2O5 + K2O) in 2020 to 275 million nutrient tonnes in 2045. The long-term annual growth rate from 2020-2045 is forecast at 1.3% per annum.