FOOD GRADE PHOSPHORIC ACID MARKET ANALYSIS

Food Grade Phosphoric Acid MarketSize and Trends

The global food grade phosphoric acid market size was valued at USD 3,146.20 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.98% from 2022 to 2030. The market for food grade phosphoric acid is driven by increasing demand for packaged and frozen foods. The chemical can be used to enhance shelf-life in sauces, seafood, and mayonnaise. The growing demand for convenience foods is largely due to modern lifestyles and changing dietary habits. As a result, the market for food grade phosphoric acid is projected to grow exponentially in the near future. Food grade phosphoric acid is distributed globally in the form of chemical solutions and is marketed by several companies.

Figure 1. Global Food Grade Phosphoric Acid Market Share (%) in terms of Value, By Region, 2021

Global Food Grade Phosphoric Acid Market Trends:

Growing popularity of craft beer due to rising trend of westernization is expected to uplift the market growth in the near future. It is used to wash yeast in order to prevent the growth of spoilage causing bacteria in the wort. Also, increasing millennial population worldwide is again creating demand for craft beer which in turn augmenting food grade phosphoric acid market growth.

Increasing number of foodservice channel due to growing tourism is also acting as a major trend in the market. Moreover, growing market for bakery products and continuous innovation in food products is again accelerating market growth. Furthermore, food manufacturer are using active ingredient and preservatives which is further projected to foster the market growth.