by Food grade phosphoric acid is commonly used as a pH-regulating agent and preservative in food and beverages. It helps enhance color, flavor and texture of various food products. The rising demand for processed and packaged food among consumers is fueling the need for food grade phosphoric acid.
The global Food Grade Phosphoric Acid Market is estimated to be valued at US$ 3401.62 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the food industry is one of the major trends driving the growth of the food grade phosphoric acid market. Food grade phosphoric acid is widely used in various food applications such as baked goods, cereal, dairy, beverages, meat products etc. to regulate acidity levels and enhance flavor. The rising consumption of packaged and processed food worldwide has augmented the demand for acidulants like food grade phosphoric acid from food manufacturers. Rapid urbanization and changing lifestyles have boosted the packaged food sector in developing nations, which in turn is propelling the food grade phosphoric acid market growth over the forecast period.
Segment Analysis
The global food grade phosphoric acid market is segmented based on grade, application and region. Based on grade, the market is segmented into filter acid (75%), ultra-filter acid (80%), anhydrous phosphoric acid (85%). The ultra-filter acid (80%) segment currently dominates the market as it is widely used in the production of carbonated beverages. This segment accounts for over 35% of the total market share due to its high demand from the beverage industry.
Key Takeaways
The Global Food Grade Phosphoric Acid Market Share is expected to witness high growth over the forecast period 2023 to 2030. The global Food Grade Phosphoric Acid Market is estimated to be valued at US$ 3401.62 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030.
North America currently dominates the global food grade phosphoric acid market owing to strong presence of key players and growing demand from the food and beverage industry in countries like US and Canada. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising consumption of carbonated beverages and processed foods in developing economies like China and India.
Key players analysis
Key players operating in the food grade phosphoric acid market are Israel Chemicals, OCP, Mosaic, Nutrien, PhosAgro, Yara IFFCO, Maaden, EuroChem, ICL Fertilizers, Innophos, Italmatch Chemicals, Kazphosphate LLC, Phosboucraa, Spectrum Chemical, YPH.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
