Food Grade Phosphoric Acid Market - Growth, Trends and Forecasts (2018- 2023)
The food grade phosphoric acid market is expected to grow at an estimated a CAGR of 7.2% over the forecast period (2018-2023). The European and North American markets are expected to generate demand since recovering from the economy crisis.
Sodium tri-polyphosphate has applications in various end-user industries, such as food & beverages, pharmaceuticals, agriculture and cosmetics. The growing demand for preservative food products, especially in urban areas, is driving the food grade phosphoric acid market. The food grade phosphoric acid is used as a food additive in seafood, meat and poultry products for making them firm and smoother. It is also a preservative in fruits juice, vegetable protein drinks and milk products. Thus, the growing demand for food grade phosphoric acid is anticipated to drive the market demand in the end-user industries, such as pharmaceuticals, food & beverages and agriculture. Food-grade phosphoric acid is a common food additive that leads to decreased bone mineral density. The adverse effect of food grade phosphoric acid acts as a restraint to the market.
By type, the market is segmented into food-grade phosphoric acid-75% and food-grade phosphoric acid-85%. The food grade phosphoric acid is used to acidify food products like colas and has a tangy taste. It can also be used to make phosphates used in food products, such as cheese, bakery products, yeast, jams, jellies, vegetable oils and refined sugar. The food-grade phosphoric acid salts are combined with baking soda to produce baking powder, a leavening agent found in many baked goods. Breakfast or cereal bars, bottled coffee beverages, flavored waters, and processed meats are other processed foods that may contain food-grade phosphoric acid. Fresh meat and poultry products are enhanced with salt solutions to increase their moisture and flavor. These solutions also contain food-grade phosphoric acid or phosphate salts.
Asia-Pacific dominates the current demand for food-grade phosphoric acid, among all regions, with manufacturing hubs, such as India and China, consistently extending the requirements. The Asia-Pacific food grade phosphoric acid market is expected to grow owing to the growing application industry. China accounts for the largest share in the Asia-Pacific market, of more than 40%, owing to the rising demand from end-user industries like food & beverages.Major PLAYERS: THE MOSAIC COMPANY, GUANGXI QINZHOU CAPITAL SUCCESS CHEMICAL CO.LTD., GUIZHOU U-SHARE MATERIALS CO., LTD., OCP, AGREMA POLAND SP. Z O.O., MODERN LEEN FOR MARKETING & TRADING, THE POTASH CORPORATION, ICL FOOD SPECIALTIES, ISRAEL CHEMICALS LTD., WENGFU GROUP CO. LTD. and YTHIC, amongst others.
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