Phosphoric Acid Market

Global Phosphoric Acid Market Overview

The Phosphoric Acid Market Size was estimated at 54.42 (USD Billion) in 2023.The Phosphoric Acid  Industry is expected to grow from 55.88(USD Billion) in 2024 to 89.45(USD Billion) by 2035. The Phosphoric Acid Market CAGR (growth rate) is expected to be around 4.37% during the forecast period (2025 - 2035).

Key Phosphoric Acid Market Trends Highlighted

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

Phosphoric Acid Market Drivers

Rising Demand from the Fertilizer Industry

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 Advancements in Phosphoric Acid Production

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.

Increased Industrial Applications

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.

Phosphoric Acid Market Segment Insights

Phosphoric Acid Market Source Insights

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

Phosphoric Acid Market Application Insights

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.

Phosphoric Acid Market Regional Insights

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

Phosphoric Acid Market Key Players and Competitive Insights

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.

Key Companies in the Phosphoric Acid Market Include

• PhosAgro

• Innophos

• Fosfatos del Brasil

• Nutrien

• The Mosaic Company

• BASF

• J.R. Simplot Company

• ICL Group

Phosphoric Acid Market Industry Developments

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.

Phosphoric Acid Market Segmentation Insights

Phosphoric Acid Market Source Outlook

• Wet Process

• Thermal Process

Phosphoric Acid Market Application Outlook

• Fertilizers

• Feed & Food Additives

• Detergents

• Water Treatment Chemicals

• Others

Phosphoric Acid Market Regional Outlook

• North America

• Europe

• South America

• Asia Pacific

• Middle East and Africa

Phosphoric Acid Market Segmentation

• Phosphoric Acid Market By Source (USD Billion, 2019-2035)

  • Wet Process

  • Thermal Process

• Phosphoric Acid Market By Application (USD Billion, 2019-2035)

  • Fertilizers

  • Feed & Food Additives

  • Detergents

  • Water Treatment Chemicals

  • Others

• Phosphoric Acid Market By Regional (USD Billion, 2019-2035)

  • North America

  • Europe

  • South America

  • Asia Pacific

  • Middle East and Africa

Phosphoric Acid Market Regional Outlook (USD Billion, 2019-2035)

• North America Outlook (USD Billion, 2019-2035)

  • North America Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • North America Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • North America Phosphoric Acid Market by Regional Type

    • US

    • Canada

  • US Outlook (USD Billion, 2019-2035)

  • US Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • US Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • CANADA Outlook (USD Billion, 2019-2035)

  • CANADA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • CANADA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

• Europe Outlook (USD Billion, 2019-2035)

  • Europe Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • Europe Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • Europe Phosphoric Acid Market by Regional Type

    • Germany

    • UK

    • France

    • Russia

    • Italy

    • Spain

    • Rest of Europe

  • GERMANY Outlook (USD Billion, 2019-2035)

  • GERMANY Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • GERMANY Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • UK Outlook (USD Billion, 2019-2035)

  • UK Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • UK Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • FRANCE Outlook (USD Billion, 2019-2035)

  • FRANCE Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • FRANCE Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • RUSSIA Outlook (USD Billion, 2019-2035)

  • RUSSIA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • RUSSIA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • ITALY Outlook (USD Billion, 2019-2035)

  • ITALY Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • ITALY Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • SPAIN Outlook (USD Billion, 2019-2035)

  • SPAIN Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • SPAIN Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • REST OF EUROPE Outlook (USD Billion, 2019-2035)

  • REST OF EUROPE Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • REST OF EUROPE Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

• APAC Outlook (USD Billion, 2019-2035)

  • APAC Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • APAC Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • APAC Phosphoric Acid Market by Regional Type

    • China

    • India

    • Japan

    • South Korea

    • Malaysia

    • Thailand

    • Indonesia

    • Rest of APAC

  • CHINA Outlook (USD Billion, 2019-2035)

  • CHINA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • CHINA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • INDIA Outlook (USD Billion, 2019-2035)

  • INDIA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • INDIA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • JAPAN Outlook (USD Billion, 2019-2035)

  • JAPAN Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • JAPAN Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • SOUTH KOREA Outlook (USD Billion, 2019-2035)

  • SOUTH KOREA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • SOUTH KOREA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • MALAYSIA Outlook (USD Billion, 2019-2035)

  • MALAYSIA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • MALAYSIA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • THAILAND Outlook (USD Billion, 2019-2035)

  • THAILAND Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • THAILAND Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • INDONESIA Outlook (USD Billion, 2019-2035)

  • INDONESIA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • INDONESIA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • REST OF APAC Outlook (USD Billion, 2019-2035)

  • REST OF APAC Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • REST OF APAC Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

• South America Outlook (USD Billion, 2019-2035)

  • South America Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • South America Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • South America Phosphoric Acid Market by Regional Type

    • Brazil

    • Mexico

    • Argentina

    • Rest of South America

  • BRAZIL Outlook (USD Billion, 2019-2035)

  • BRAZIL Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • BRAZIL Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • MEXICO Outlook (USD Billion, 2019-2035)

  • MEXICO Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • MEXICO Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • ARGENTINA Outlook (USD Billion, 2019-2035)

  • ARGENTINA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • ARGENTINA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • REST OF SOUTH AMERICA Outlook (USD Billion, 2019-2035)

  • REST OF SOUTH AMERICA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • REST OF SOUTH AMERICA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

• MEA Outlook (USD Billion, 2019-2035)

  • MEA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • MEA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • MEA Phosphoric Acid Market by Regional Type

    • GCC Countries

    • South Africa

    • Rest of MEA

  • GCC COUNTRIES Outlook (USD Billion, 2019-2035)

  • GCC COUNTRIES Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • GCC COUNTRIES Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • SOUTH AFRICA Outlook (USD Billion, 2019-2035)

  • SOUTH AFRICA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • SOUTH AFRICA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others

  • REST OF MEA Outlook (USD Billion, 2019-2035)

  • REST OF MEA Phosphoric Acid Market by Source Type

    • Wet Process

    • Thermal Process

  • REST OF MEA Phosphoric Acid Market by Application Type

    • Fertilizers

    • Feed & Food Additives

    • Detergents

    • Water Treatment Chemicals

    • Others