Phosphoric Acid Market size was USD 112.03 billion in 2024 and is projected to reach USD 142.14 billion in 2030, at a CAGR of 4.06%, between 2025 and 2030. The research report provides a comprehensive analysis of key drivers, phosphoric acid market growth trends, competitive dynamics, opportunities, and challenges shaping the future of the market. Phosphoric acid is in high demand because of its strategic value in the fertilizer sector, where it is a vital feedstock for phosphate-based fertilizers that underpin global food yields and farm efficiency. Its multi-industrial applications also make it an important input into higher-value industries like food and drink processing, pharmaceuticals, water treatment, and industrial production. With increasing population demands, the requirement for increased crop yields and industrial applications, demand still exceeds supply, putting phosphoric acid on the high-value commodity list in agricultural and industrial supply chains.
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The wet process type is projected to be the fastest-growing segment of the global phosphoric acid market in terms of value during the forecast period.
The wet process segment is expected to achieve the highest CAGR in the global phosphoric acid market, in terms of value, during the forecast period due to its cost-effectiveness, scalability, and superiority in producing fertilizer-grade acid. This process, which involves reacting phosphate rock with dilute sulfuric acid, accounts for most of the world's phosphoric acid production, mainly for making diammonium phosphate (DAP) and monoammonium phosphate (MAP) fertilizers. The wet process is increasingly used over the more expensive thermal process in emerging economies, which have growing demand for agricultural products and require efficient, large-scale production. Its ability to supply high-volume, price-sensitive markets makes it a key driver in the industry's growth.
Feed & food additives were the second-largest application segment of the global phosphoric acid market, in terms of value, in 2024.
Feed & food additives accounted for the second-largest application of the global phosphoric acid market in terms of value in 2024, and this can be attributed to the increasing demand for processed food, beverages, and animal feed that contain nutrients. Phosphoric acid is relevant as an acidulant, flavorant, and preservative in the food industry, in animal nutrition, and as a source of calcium phosphates to help support animal health and productivity. The growth in this segment is supported by the increasing global meat consumption market, dietary variations linked to the urbanization phenomenon, and the increased standards of food safety. The growth of the consumer market and the inevitable utilitarian presence of phosphoric acid in the marketplace guarantee the continued effectiveness of this application in terms of continued sustainability as a substantial source of revenues to producers.
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North America was the third-largest region in the global phosphoric acid market in terms of value in 2024.
North America was the third-largest regional market of phosphoric acid by value in 2024 due to the established fertilizer industry in the region, strong demand for acidulants in the beverage and food sector, as well as lowly fluctuating consumption in industrial uses like water treatment and metal finishing. The region has high production infrastructure, robust distribution systems, and vertically integrated producers of phosphate products, especially in the US and Canada. Nevertheless, the market expansion is cushioned against maturity, strict environmental laws, and the threat of cheaper producers in the emerging markets that put North America in a relatively stable, but somewhat stable, growth trend in the global phosphoric acid market.
The key players profiled in the report include OCP Group (Morocco), The Mosaic Company (US), PJSC PhosAgro (Russia), ICL Group Ltd (Israel), Nutrien Ltd. (Canada), EuroChem Group AG (Switzerland), Innophos (US), Solvay SA (Belgium), Ma’aden (Saudi Arabia), and IFFCO (India).
OCP Group is one of the world's leading exporters of phosphate-based and other chemical products. The company is involved throughout the entire value chain, from mining and manufacturing to community development and education. It possesses over 70% of the world's phosphate reserves. The company operates three business segments: northern axis, central axis & phosboucraa, and head office and other activities. It supplies phosphoric acid through the northern axis and central axis & phosboucraa segment. OCP Group maintains a strong market presence across Europe, the Middle East & Africa, Asia Pacific, South America, and North America. In August 2022, OCP Group announced the expansion of its operations by launching a new plant to produce purified phosphoric acid. This plant will be managed by Euro Maroc Phosphore (EMAPHOS), a subsidiary of OCP Group, with an annual capacity of 280,000 tons starting from the fourth quarter of 2022.
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PJSC PhosAgro is the leading producer of phosphate-based fertilizers. The company has a vertically integrated value chain from phosphate rock extraction to fertilizer manufacturing, with major production sites in Cherepovets, Balakovo, and Volkhoy. It operates through two segments: the phosphate segment and the nitrogen segment. Its production of phosphate fertilizers and phosphoric acid is managed under the phosphate business segment. The company mainly produces phosphoric acid for domestic use in manufacturing high-grade mineral fertilizers. In 2024, its phosphoric acid production reached 3.5 million tons, a 5.1% increase from the previous year due to upgrades at production units and better equipment utilization. PJSC PhosAgro focuses on the Russian market, leveraging its strong domestic distribution network and strengthening its position as Russia's leading low-cost producer of phosphate-based fertilizers.
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