As per MRFR Analysis, the Global Phosphoric Acid Market was valued at 54.42 USD Billion in 2023 and is projected to grow to 89.45 USD Billion by 2035, driven by increasing demand for fertilizers and sustainable agricultural practices. The market is expected to witness a CAGR of 4.37% from 2025 to 2035, with significant contributions from both the Wet and Thermal Process methodologies.
The Phosphoric Acid Market is experiencing transformative trends driven by agricultural demands and technological advancements.
Key Companies include PhosAgro, Innophos, Fosfatos del Brasil, Nutrien, The Mosaic Company, BASF, J.R. Simplot Company, ICL Group.
The Phosphoric Acid Market is undergoing substantial changes as a result of the growing demand for agricultural fertilizers. The primary reason for this increase is the increasing demand for sustainable agricultural practices and high-yield crops. The agriculture sector is receiving increased support from governments worldwide, which has a positive impact on the consumption of phosphoric acid. Governments are prioritizing food security. The increase in the population is a significant market driver, as it requires the enhancement of agricultural productivity. Furthermore, there is a continuous transition to eco-friendly and organic fertilizers, which generates additional opportunities for the application of phosphoric acid in sustainable agriculture.
In recent years, there has been a significant increase in the diversification of phosphoric acid sources, as manufacturers have investigated novel raw materials and processes. This trend is further stimulated by the implementation of regulations that are designed to mitigate environmental impacts, which has resulted in the development of production techniques that optimize efficiency and reduce waste. Additionally, the circular economy is becoming more prevalent in regions, and the recycling of phosphorus from wastewater is gathering momentum. This has the potential to expand the phosphoric acid supply chain. In emerging economies, there is a significant market for phosphoric acid due to the increasing number of agricultural activities and industrial applications. This presents opportunities for development.
The demand for phosphoric acid is expected to increase in tandem with the expansion of industries such as pharmaceuticals and food processing. Additionally, the potential for value-added phosphoric acid derivatives and the transition to greener production methods offer new opportunities for market participants. In general, the landscape for phosphoric acid is transitioning toward sustainability and innovation as stakeholders strive to address the changing requirements of agriculture and industry.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The Phosphoric Acid Market is significantly driven by the increasing demand for fertilizers, particularly in the agricultural sector. According to the Food and Agriculture Organization, fertilizer consumption is projected to rise due to an expected increase in food production to meet the needs of a growing population. With an anticipated requirement of approximately 70% more food by 2050, phosphoric acid, a key ingredient in phosphate fertilizers, is essential for enhancing crop yields.
Major agricultural organizations, such as the International Fertilizer Association, indicate that the fertilizer sector is expected to continue growing, resulting in an increased need for phosphoric acid supply. This demand is further fueled by initiatives aimed at improving agricultural productivity, especially in regions such as Asia and Africa, where food security is a pressing concern. Such trends substantiate the forecasted growth of the Phosphoric Acid Market, with fertilizer applications accounting for over 80% of phosphoric acid consumption worldwide.
Technological innovations in the production process of phosphoric acid are a significant driver of the Phosphoric Acid Market Industry. Emerging technologies, such as the use of more efficient extraction methods and recycling techniques, are reducing production costs and enhancing yield efficiency. The Innovation Lab for Climate Finance has reported an increase in investments focused on sustainable production techniques, which are not only more efficient but also environmentally friendly.
Companies such as Nutrien and Mosaic are at the forefront of these advancements, implementing processes that lower energy consumption and emissions while maximizing output. The shift towards more sustainable production methods is also encouraged by various governmental organizations worldwide, as they emphasize the need for greener industrial practices, supporting growth in the phosphoric acid sector.
The growing utilization of phosphoric acid in various industrial applications, including food processing and pharmaceuticals, is propelling the Phosphoric Acid Market. The chemical's role as a food additive and flavoring agent, as well as its application in the production of pharmaceutical products, is seeing increased traction. The United Nations Food and Agriculture Organization has noted a growing trend in processed food consumption, with the processed food market expected to reach over USD 8 trillion.
This shift in consumer behavior has spurred demand for phosphoric acid as a key ingredient in many processed items. Additionally, companies like Pfizer and Nestlé are investing heavily in research to expand the functionalities of phosphoric acid in their products, thereby reinforcing its market demand.
The Phosphoric Acid Market is experiencing notable growth across its Source segment, encompassing various methods of production. In 2024, the overall market is projected to be valued at 55.88 USD billion, with significant contributions from both the Wet Process and Thermal Process methodologies. The Wet Process holds a majority share, valued at 31.08 USD Billion in 2024, and is anticipated to grow substantially to 50.59 USD Billion by 2035. This method is favored due to its efficiency and relatively lower energy requirements, making it pivotal in the production landscape.
Conversely, the Thermal Process, valued at 24.80 USD Billion in 2024, is expected to reach 38.74 USD Billion in 2035, showcasing a significant growth trajectory. Although it currently holds a smaller market share compared to the Wet Process, the Thermal Process is regarded as essential for producing higher purity phosphoric acid, which is crucial for certain applications in the phosphate fertilizer industry and other chemical sectors. The segmentation of the Phosphoric Acid Market highlights the distinct advantages of each method, with Wet Process dominating due to its cost-effectiveness and established industrial practices.
Market trends indicate an increasing demand for phosphoric acid as a key ingredient in fertilizers, food additives, and pharmaceuticals, driven by the growing agricultural sector and a surge in population. However, the industry faces challenges such as environmental concerns tied to the production processes and fluctuations in raw material prices, which could impact profitability and sustainability. Nonetheless, opportunities abound as technological advancements in production methods and the rising emphasis on sustainable practices present avenues for market participants to innovate and enhance yield efficiency.
Overall, the Source segment's performance is integral to the overall dynamics of the Phosphoric Acid Market and its future growth trajectory.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The Phosphoric Acid Market is projected to reach a value of 55.88 USD billion by 2024, driven by diverse applications across various sectors. Within the application segment, Fertilizers play a critical role, as phosphoric acid is essential for enhancing crop productivity and addressing food security challenges ly. This makes it a significant contributor to the agricultural sector, particularly in developing regions striving for self-sufficiency. Additionally, Feed and Food Additives utilize phosphoric acid to improve animal nutrition and preserve food quality, which reflects its growing importance in the agro-food industry.
Detergents also rely on phosphoric acid for their cleaning properties, making it a vital component in household and industrial cleaning products. Water Treatment Chemicals leverage this compound to enhance water quality, highlighting its relevance in environmental management and public health. Other applications contribute to various industrial processes, ensuring the versatile nature of phosphoric acid in the market. As the industry evolves, trends such as increasing agricultural demands, environmental regulations, and a focus on sustainability will shape the future landscape of the Phosphoric Acid Market.
The Regional aspect of the Phosphoric Acid Market showcases significant valuation across multiple areas, with North America leading with a value of 15.5 USD Billion in 2024, projected to grow to 24.0 USD billion by 2035, highlighting its majority holding in the industry. Europe follows closely, valued at 13.0 USD billion in 2024, expected to reach 20.0 USD billion by 2035, driven by strong agricultural performance and increasing fertilizer demand. In South America, the market is valued at 5.5 USD Billion in 2024, with growth to 9.0 USD billion anticipated by 2035, indicating a developing market with potential opportunities.
Asia Pacific is a significant player in the Phosphoric Acid Market, with a valuation of 17.0 USD billion in 2024, projected to increase to 28.0 USD billion by 2035, owing to the region's booming agriculture and industrial sectors. The Middle East and Africa contribute a smaller share, valued at 5.88 USD billion in 2024, expected to grow to 8.33 USD billion by 2035, showing potential for market expansion due to rising population and demand for fertilizers. Overall, these regional insights into the Phosphoric Acid Market revenue reflect a dynamic industry landscape influenced by agricultural trends and industrial demands.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
The Phosphoric Acid Market has been experiencing significant shifts due to a variety of factors, including increasing demand from various end-use industries, technological advancements, and changes in trading patterns. In recent years, phosphoric acid has gained prominence as a key ingredient in fertilizers, food additives, and other chemical processes, thereby intensifying competition among market players. Companies are focusing on enhancing their product offerings, improving production processes, and expanding their geographical footprint to secure a competitive edge. The growing trend towards sustainable practices and environmentally friendly products has further prompted stakeholders to innovate and adapt their strategies in order to meet changing consumer preferences and regulatory requirements. Overall, the competitive landscape of the Phosphoric Acid Market is characterized by strategic partnerships, collaborations, mergers, and acquisitions, all aimed at consolidating market share and reinforcing brand identity in this dynamic industry.
PhosAgro is a dominant force in the phosphoric acid market, consistently setting production milestones. For the first time in 2023, it exceeded 3 million tonnes of phosphoric acid and intends to increase its capacity by modernizing its facilities. These accomplishments are indicative of PhosAgro's strategic investments, efficient operations, and dedication to the integration of phosphate rock processing. PhosAgro's leadership in the supply of high-quality phosphoric acid to the fertilizer and industrial markets is assured by its scale and innovation.
Innophos is a prominent manufacturer of specialty phosphoric acid, known for its emphasis on high-purity varieties that are specifically designed for demanding applications. Innophos provides phosphoric acid that is food, technical, and battery-grade, and it meets the rigorous quality standards of the industry. The company has manufacturing facilities in North America, Mexico, Canada, and China. The organization prioritizes the resilience of its supply chain by employing integrated production processes to guarantee traceable and dependable deliveries. Innophos customizes formulations to meet the unique requirements of a variety of industries, including pharmaceuticals, water treatment, food and beverage, and lithium-ion battery materials. In markets that necessitate refined, high-performance phosphoric acid solutions, Innophos is a preferred partner due to its dedication to innovation and extensive knowledge of phosphate chemistry.
PhosAgro
Fosfatos del Brasil
Nutrien
The Mosaic Company
BASF
J.R. Simplot Company
ICL Group
The Phosphoric Acid Market has witnessed various significant developments and current trends recently. Companies like Nutrien and The Mosaic Company have reported increases in their production capacities to meet the rising demand driven by the agricultural sector.
PhosAgro reported a 3.8% year-over-year increase in wet-process phosphoric acid production in April 2025, resulting in a record-breaking 929,000 tonnes in the first quarter. This achievement is indicative of the company's expanded agrochemical output and the improved processing of phosphate rock at its facilities.
• PhosAgro's Board approved record investments to modernize and expand phosphoric acid production by November 2024, which occurred in late 2024. The installation of filters, acid units, and conveyance systems at Cherepovets, Volkhov, and Balakovo resulted in the processing of an additional 400,000 tonnes of phosphate rock annually.
• OCP Group commenced operations at a cutting-edge phosphoric acid facility in Morocco from 2023 to 2024, which was specifically designed to generate high-purity output. The facility's objective is to enhance the supply to Asia and Africa by incorporating production methods that are greener and emit fewer emissions.
Wet Process
Thermal Process
Fertilizers
Feed & Food Additives
Detergents
Water Treatment Chemicals
Others
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2023 | 54.42(USD Billion) |
| Market Size 2024 | 55.88(USD Billion) |
| Market Size 2035 | 89.45 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.37% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Canpotex, AdvanSix, PhosAgro, Innophos, Fosfatos del Brasil, OCI Nitrogen, K+S Aktiengesellschaft, Yara International, OCP Group, Nutrien, The Mosaic Company, BASF, Coromandel International, J.R. Simplot Company, ICL Group |
| Segments Covered | Source, Application, Regional |
| Key Market Opportunities | Growing demand in fertilizers, Innovations in organic phosphorus, Expansion in food processing, increasing environmental regulations, and Rising applications in pharmaceuticals |
| Key Market Dynamics | Increasing agricultural demand, Industrial applications growth, Regulatory impacts, Raw material price fluctuations, Technological advancements in production |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Phosphoric Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Phosphoric Acid Market is expected to be valued at 55.88 USD billion in 2024.
By 2035, the Phosphoric Acid Market is anticipated to reach a value of 89.45 USD billion.
The expected CAGR for the Phosphoric Acid Market from 2025 to 2035 is 4.37%.
North America is projected to have the largest market share, valued at 15.5 USD Billion in 2024.
The Asia Pacific region is expected to reach a market size of 28.0 USD billion by 2035.
Major players in the market include Canpotex, AdvanSix, PhosAgro, and OCI Nitrogen, among others.
The Wet Process of Phosphoric Acid is valued at 31.08 USD billion in 2024.
The Thermal Process segment is anticipated to reach 38.74 USD billion by 2035.
The South American Phosphoric Acid Market is valued at 5.5 USD Billion in 2024.
The primary applications driving demand for Phosphoric Acid include fertilizers, food additives, and industrial applications.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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