According to the latest report by IMARC Group, titled, “Food Grade Phosphoric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global food grade phosphoric acid market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.86% during 2023-2028.
Food grade phosphoric acid is an inorganic chemical reagent used as an ingredient in food and beverage items. It is processed to remove large quantities of arsenic, fluoride, and chloride to make it non-toxic and safe for human consumption. It finds applications in the food and beverage (F&B) industry as a taste and quality enhancer. It is also incorporated into jams, jellies, candies, and juices to maintain the acid content in the products. It is added to various edible products, such as cereal bars, processed meats, cottage cheese, buttermilk, packaged coffee, and flavored water, to increase their shelf life and retain their flavor for an extended period. Food grade phosphoric acid is used to prevent the growth of bacteria and molds in various sugary food products. It is utilized in dairy products to modify the protein and balance the pH while improving the taste. Food grade phosphoric acid is also used in various baked items, such as cakes, muffins, and bread, to retain their soft texture. As it is employed in manufacturing medications to treat nausea and digestive complications, the demand for food grade phosphoric acid is rising worldwide.
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Food Grade Phosphoric Acid Market Trends and Drivers:
At present, the rising demand for food grade phosphoric acid to manufacture various condiments, such as ketchup, sauces, and mayonnaise, represents one of the primary factors influencing the market positively. Besides this, there is an increase in the consumption of processed and canned food items due to changing dietary habits of the masses around the world. This, along with the growing consumption of readymade bottled coffee among working individuals to stay focused and increase brain function, is offering a favorable market outlook. In addition, the rising demand for juices and carbonated beverages in restaurants, bars, and cafes to prepare mocktails, cocktails, and fusion drinks is propelling the growth of the market. Apart from this, the increasing consumption of milk and other dairy products among fitness enthusiasts is supporting the growth of the market. Additionally, the rising trend of serving alcohol at parties, get together, and official meetings are strengthening the growth of the market. Moreover, the rising awareness among individuals about the benefits of consuming fatty fish, such as salmon, mackerel, and herring, is contributing to the growth of the market. Furthermore, the increasing popularity of cereal and nutrition bars as a convenient and fiber-rich snack among the masses is projected to bolster the growth of the market.
Food Grade Phosphoric Acid Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Arkema S.A.
- Brenntag SE
- Emco Dyestuff Pvt Ltd
- Grasim Industries Limited (Aditya Birla Management Corporation Ltd.)
- ICL Group Ltd.
- Innophos Inc.
- Nutrien Ltd.
- OCP Group
- Spectrum Laboratory Products Inc.
- The Mosaic Company
- Vinipul Inorganics Private Limited.
The report has segmented the market based on product type, application and end use industry.
Breakup by Product Type:
- Food Grade 75%
- Food Grade 80%
- Food Grade 85%
Breakup by Application:
- Food Preservation
- Beverages Production
- Metal Treatment
- Sugar Refining
Breakup by End Use Industry:
- Food and Beverages
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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