Phosphoric acid is a colorless, odourless substance that is safe for human consumption. It can be manufactured through thermal, wet, and dry kiln processes. Food grade phosphoric acid is widely used in beverages, canned foods, and wines. It is also used to control the acidity of wine and beer. It inhibits the growth of harmful bacteria in the fermenting process. The amount of phosphorus in the average diet is between ten to fifty milligrams per day. Most people get adequate amounts of phosphorus from food, but too much can put them at risk for health problems, including osteoporosis and heart disease. The right balance between calcium and phosphorus is essential for maintaining healthy bones and teeth.
Market Statistics:
The global food grade phosphoric acid market is estimated to account for US$ 3,146.20 Mn in terms of value by the end of 2021.
Global Food Grade Phosphoric Acid Market: Drivers
Growing sale of ready-to-eat food products is driving growth of the food grade phosphoric acid market. Food grade phosphoric acid is used in a variety of products including mayonnaise, sauces, and seafood. Changing dietary habits and the growing demands for convenience foods are also driving growth of this market.
Global Food Grade Phosphoric Acid Market: Opportunities
Increasing focus of key manufacturer to increase production capacity of food grade phosphoric acid in order to meet the growing demand worldwide is projected to offer profitable market opportunities. For instance, in November 2020, The Board of Gujarat Alkalies and Chemicals Limited (GACL) has approved the upward revision in project cost to Rs. 520 crore for phosphoric acid plant at Dahej, Gujarat, India. The company had earlier planned to invest Rs. 390 crores for this project.
Global Food Grade Phosphoric Acid Market: Restraints
The food grade phosphoric acid market faced challenges such as inflation, and supply chain disruptions during Covid-19 pandemic. This had negatively impacted to market growth to some extent. Inflation has also negatively affected food prices across the world. In addition, a halt in exports from China and Russia slowed the global supply.
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Global Food Grade Phosphoric Acid Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on food grade phosphoric acid market.
Key Takeaways:
The global food grade phosphoric acid market was valued at US$ 3,146.20 Mn in 2021 and is forecast to reach a value of US$ 4030 Mn by 2030 at a CAGR of 3.98% between 2022 and 2030.
Food segment held dominant position in the global food grade phosphoric acid market in 2021, accounting for 70.92% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Food Grade Phosphoric Acid Market Trends:
With the growing demand for preserved food, consumption of food grade phosphoric acid is projected to rise in the near future. This is acting as a major trend in the market. Key manufacturers of food grade phosphoric acid are highly involved in the distribution agreement of phosphoric acid with the end-users that allows them to reach their customers with good products.
Expanding food retail channel is another major trend observed in the market. Growing population and increasing middle class income are major factor uplifting the demand for packaged food across developed countries. The latest projections by the United Nations suggest that the global population could grow to around 8.5 billion in 2030, 9.7 billion in 2050 and 10.4 billion in 2100.
Global Food Grade Phosphoric Acid Market: Competitive Landscape
Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA, Yunphos, Spectrum Chemical, Manufacturing Corp., Prayon SA, Emco Dyestuff Pvt. Ltd, Nutrien Ltd, Anmol Chemicals, and Vinipul Inorganics Private Limited
