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- Global Food Grade Phosphoric Acid Market
Global Food Grade Phosphoric Acid Market to Reach US$ 3.0 Billion by 2028, Impelled by Rising Preference for Convenience Food Items
February 17, 2022
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 reached a value of US$ 2.3 Billion in 2022. Food grade phosphoric acid is widely used for pH adjustment and control in various food and beverages. It is generally characterized by an odorless inorganic acid with a colorless formulation that is prepared from mineral phosphorus, which is usually safe for human consumption. Additionally, it is extensively utilized in the preparation of bakery food items, carbonated drinks and condiments. As a result, it is used as a food preservative agent that helps in preventing the growth of bacteria and molds while extending the shelf life of food items. Due to the easy product availability through offline and online organized retail channels, it is gaining widespread prominence among individuals.
Global Food Grade Phosphoric Acid Market Trends:
The global market is primarily driven by significant growth in the food and beverages industry. Moreover, the changing dietary patterns of the masses and the inflating disposable income levels are creating a positive outlook for the market. In line with this, the rising preference for convenience food items due to the busy lifestyle and hectic schedules led by working professionals is providing an impetus to the market growth. Furthermore, the increasing consumption of carbonated drinks, bottled coffee and flavored water among individuals is further propelling the market growth. Additionally, numerous leading players are heavily investing in launching frozen food products, which is considered to be a major growth-inducing factor. Furthermore, the rising utilization of food grade phosphoric acid for removing surface rust from metals and milkstone deposits is positively influencing the market growth. Other factors, including the widespread integration of automation in the production process, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.0 Billion by 2028, exhibiting a CAGR of 3.86% during 2023-2028.
Market Summary:
- Based on the product type, the market has been segmented into food grades 75%, 80%, 85% and other types.
- On the basis of the application, the market has been segregated into food preservation, beverages production, metal treatment, sugar refining and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 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 and Vinipul Inorganics Private Limited.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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