Request a Free Sample to learn more about this report
MARKET REPORT OVERVIEW
The global Food Grade Phosphoric Acid Market size was USD 2.51 billion in 2023 and the market is projected to touch USD 4.32 billion by 2032, exhibiting a CAGR of 5.56% during the forecast period.
Approved for safe use in food and beverage processing, food grade phosphoric acid is a highly purified, colorless, odorless, and somewhat viscous liquid. It has the chemical formula H3PO4, is a weak acid, and is usually concentrated to 85% in water. Acidifying foods and drinks, including different colas and jams, is done with food-grade phosphoric acid. It offers a tart or vinegary flavor. In addition, fruit juices are clarified, edible oils are refined, liquid cleansers are made, and cottage and processed cheeses are produced.
As a food additive in a range of processed food products, its market is becoming more and more driven by this developing role. This is driving the market as a result of the rising need for food items with preservatives, particularly in the beverage sector. Additionally, food-grade phosphoric acid's multifaceted function as an anti-caking agent and its vital role in the leavening process of baking, moisture, color, texture, and flavor retention are supporting the market's growth. To leaven baked items, companies like Bell Chem have been selling food-grade phosphoric acid, which serves as a food supply for yeast. This factor has augmented the Food Grade Phosphoric Acid market growth.
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The World-wide COVID-19 outbreak has been unparalelled and astonishing, with the market getting an exposure higher-than-predicted demand across all regions contrast to pre-pandemic levels. The drastic market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Numerous factors were impacted by the COVID-19 epidemic. The government's restrictions on the market produced a loss for the food grade phosphorus acid industry, which in turn caused a major slowdown in the supply chain and market growth. The COVID epidemic showed a decline in business due to closure of transports and manufacturing units, Labours couldn't join the manufacturing units due to lockdown restrictions.
LATEST TRENDS
"Increased Demand to Drive Market Growth"
Its expanding use as a food ingredient in a range of processed food products is driving the market under study. Consequently, the market is driven by the increasing need for food items with preservatives, particularly in the beverage sector. Cola-style beverages are acidulated with the help of the inorganic chemical. Fruit juices, mayonnaise, and food sauces all benefit from the addition of pure food-grade phosphoric acid. Salts of potassium and sodium phosphate are used as food preservatives. By obtaining the ideal level of leavening, phosphates in processed meals can preserve and even enhance the food's structure, color, flavor, and other sensory characteristics. They can also enhance baked goods' performance.
Request a Free Sample to learn more about this report
MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into 0.75 and 0.85 amongst which the leading segment is the 0.75.
- 75: The mineral acid phosphoric acid, which has the chemical formula H3PO4, is essential to several food preparation procedures. It is guaranteed safe for eating at a concentration of 75% and possesses a Food Grade rating, meaning it complies with requirements appropriate for use in food applications.
- 85: Foods and drinks like different colas and jams are acidified with 85% FCC phosphoric acid. The Food Chemical Codex indicates that the FCC grade satisfies their requirements, making it appropriate for use in all applications involving food, beverages, and nutritional supplements.
By Application
Based on application the global market can be categorized into Food Additive, Fragrances, Beverage Industry and Bakery amongst which the leading segment is the Food Additive.
- Food Additive: Phosphoric Acid Food Grade is a chemical reagent that is also utilized as a food and beverage component.
- Fragrances: The production of scent items requires phosphoric acid. These materials' pH level is likewise controlled by phosphoric acid.
- Beverage Industry: Especially in carbonated soft beverages like colas and sodas, phosphoric acid is a widely used component in the beverage business.
- Bakery: The Food Grade Phosphoric Acid are used in the bakery products.
DRIVING FACTORS
"Consumer Demand to Boost the Market"
The rise in demand for animal feed, fertilizer products, and food additives can be attributed to the phosphoric acid market. Moreover, the growth of this industry is being propelled by rising living standards and growing demography. There are three grades: food, farm, and industrial. A prevalent ingredient in a lot of foods and drinks is phosphoric acid. During the coronavirus outbreak, consumers showed a special interest in the dairy sector.
"Sustainable Products to Expand the Market"
More sustainable substitutes, like micronutrients and organic compounds, have been developed as a response of the overuse of phosphate and nitrogen-based chemicals. The significance of these products' competitive benefits over traditional fertilizers now on the market has grown due to their increasing popularity, which is derived from bio-based ingredients. Consequently, during the course of the projected year, all of this will negatively affect the growth of the phosphoric acid market.
RESTRAINING FACTOR
"Lack of Resources to Impede Market Growth"
In order to make phosphatic acid and other phosphate products, such as food, beverages, and fertilizers, phosphates are first used as raw materials. All the same, excessive phosphate fertilizer use has led to eutrophication and general corrosion. It indicates that there are significant resource shortages worldwide. Without phosphates, then, there is a major growth restriction. Thus, the world's principal reserves are beginning to run out. The global supply of phosphate is declining both in quantity and quality, which is having an impact on the phosphoric acid market's growth.
Request a Free Sample to learn more about this report
REGIONAL INSIGHTS
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"North America Dominating the Market due to Numerous Market Share"
For the duration of the prediction, North America is anticipated to develop at the fastest rate. The growing demand for phosphoric acid from the food, beverage, and pharmaceutical industries is primarily responsible for the market's rise. The demand in the area would increase if this acid were used more frequently as an addition in food and animal feed. In North America, the business is also being stimulated by strict government controls regarding phosphoric acid.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Guizhou U-Share Materials (China)
- ICL Food Specialties (U.S.)
- Agrema Poland (Poland)
- Yuntianhua International Chemical (China)
- Nutrien (Canada)
INDUSTRIAL DEVELOPMENT
April 2023: A distribution agreement has been reached to supply LiqTech's cutting-edge phosphoric acid purification systems in China by Silicon Filter, a China-based company specializing in chemical application technologies, and LiqTech International, Inc., a clean technology company that produces and markets highly specialized filtration products and systems. Silicon Filter is an expert in bringing industrial technologies to market for the purpose of optimizing operations and process design in a variety of chemical industry manufacturing processes.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2516.76 Million in 2023 |
Market Size Value By |
US$ 4322.7 Million by 2032 |
Growth Rate |
CAGR of 5.56% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
-
What value is the Food Grade Phosphoric Acid Market is expected to touch by 2032?
The global Food Grade Phosphoric Acid Market is expected to reach USD 4.32 billion by 2032.
-
What CAGR is the Food Grade Phosphoric Acid expected to exhibit by 2032?
The Food Grade Phosphoric Acid Market is expected to exhibit a CAGR of 5.56% by 2032.
-
Which are the driving factors of the Food Grade Phosphoric Acid Market ?
Consumer Demand & Sustainable Products to Expand the Market are some of the driving factors of the market.
-
What are the key semiconductor Food Grade Phosphoric Acid Market segments?
The key market segmentation that you should be aware of, which include, based on Type the Food Grade Phosphoric Acid market is classified as 0.75 and 0.85. By Application the Food Grade Phosphoric Acid Market is classified as Food Additive, Fragrances, Beverage Industry and Bakery.
