The new report by Expert Market Research titled, ‘Global Food Grade Phosphoric Acid Market Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Food Grade Phosphoric Acid Market, assessing the market based on its segments like application, and region.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.0%
Demand for food grade phosphoric acid in the manufacturing of processed foods is predicted to increase significantly throughout the forecast period. Phosphates used in food goods such as yeast, bakery products, cheese, jams, jellies, vegetable oils, and refined sugar are produced using food grade phosphoric acid. Baking powder, a leavening agent found in many baked goods, is made by combining food grade phosphoric acid salts with baking soda. Meanwhile, food grade phosphoric acid is frequently employed as a flavouring agent in the carbonated beverage sector since it complements the cola flavour. Advances in manufacturing technologies have enabled producers to give consumers with high purity food grade phosphoric acid, hence helping market growth.
Industry Definition and Major Segments
Food grade phosphoric acid is a clear, odorless substance with a tangy, sour flavour. It is often used to manage and modify the pH of foods and beverages such as jams and colas. It can be used as an emulsifier in fat and oil to help manage fatty peroxides. It is employed as a degumming agent in the refining of vegetable oil and sugar. It can also be used in the making of processed cheese as an acidulant for baking powder and emulsifying salt.
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On the basis of application, the market is segmented into:
• Food
• Beverage
• Pharmaceutical
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia
• Latin America
• Middle East and Africa
Market Trends
The increasing need for food preservatives, particularly in the beverage industry, is expected to drive the growth of the food grade phosphoric acid market during the forecast period. Phosphoric acid is a necessary food additive in mayonnaise, culinary sauces, and fruit juices. It is used as a food additive to firm up and smooth out meat and poultry products. It is utilised for yeast and as an acidity regulator. Manufacturers are continually developing manufacturing capacity to meet the growing demand for food grade phosphoric acid. Furthermore, rising demand for frozen and packaged food products, particularly in metropolitan areas, as well as an increasing middle-class population, are likely to drive demand for food grade phosphoric acid throughout the projection period.
Key Market Players
The major players in the market are Brenntag SE, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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