Food Grade Phosphoric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Food Grade Phosphoric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global food grade phosphoric acid market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.86% during 2023-2028.

Food grade phosphoric acid is a colorless and odorless inorganic acid that is suitable for consumption. It is manufactured through wet, thermal and dry kiln processes and is widely used as an acidity regulator and nutrition agent for yeast that can be used in light beverages, canned foods and wines. Food grade phosphoric acid is primarily used to preserve and acidify foods and beverages, such as colas and jams, and provide a sour and tangy taste to the products. It is also utilized for beverage production, metal treatment, sugar refining and food preservation. It is commonly stored and packaged in an intermediate bulk container (IBC) and high-density polyethylene (HDPE) drums and is widely used in the production of carbonated beverages, packaged food items and bakery products.

Food Grade Phosphoric Acid Market Trends:
The increasing demand for frozen and packaged food products across the globe is one of the key factors driving the growth of the market. Food grade phosphoric acid is widely used as a preservative and food additive in sauces, seafood, mayonnaise, meat and poultry products. This can also be attributed to the increasing demand for convenience food products due to the changing dietary habits and hectic lifestyles of the consumers. Additionally, the widespread product utilization in the processing of bakery products is positively impacting the market growth. Food grade phosphoric acid is added to cheeses, jams and jellies for improved taste and texture. It is also combined with baking soda to produce baking powder that is an essential ingredient to improve the quality of baked food items. Other factors, including the widespread product adoption for the manufacturing of bottled coffee beverages and flavored waters, along with significant growth in the food and beverage industry, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global food grade phosphoric acid market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and application.

Breakup by Product Type:

Food Grade 75%
Food Grade 80%
Food Grade 85%
Others

Breakup by Application:

Food Preservation
Beverages Production
Metal Treatment
Sugar Refining
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report
1. What was the size of the global food grade phosphoric acid market in 2022?
2. The global food grade phosphoric acid market during 2023-2028?
3. What are the key factors driving the global food grade phosphoric acid market?
4. What has been the impact of COVID-19 on the global food grade phosphoric acid market?
5. What is the breakup of the global food grade phosphoric acid market based on the application?
6. What are the key regions in the global food grade phosphoric acid market?
7. Who are the key players/companies in the global food grade phosphoric acid market?