Food Grade Phosphoric Acid Market Expanding at CAGR of 3.86% during 2023-2028 is Predicted to Reach US$ 3.0 Billion in 2028

IMARC Group has recently released a new research study titled "Food Grade Phosphoric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

What are the growth prospects of the Food Grade Phosphoric Acid industry?

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.

What is a Food Grade Phosphoric Acid?

Food grade phosphoric acid is an inorganic chemical reagent used as an ingredient in food and beverage items. It is processed to remove large quantities of arsenic, fluoride, and chloride to make it non-toxic and safe for human consumption. It finds applications in the food and beverage (F&B) industry as a taste and quality enhancer. It is also incorporated into jams, jellies, candies, and juices to maintain the acid content in the products. It is added to various edible products, such as cereal bars, processed meats, cottage cheese, buttermilk, packaged coffee, and flavored water, to increase their shelf life and retain their flavor for an extended period. Food grade phosphoric acid is used to prevent the growth of bacteria and molds in various sugary food products. It is utilized in dairy products to modify the protein and balance the pH while improving the taste. Food grade phosphoric acid is also used in various baked items, such as cakes, muffins, and bread, to retain their soft texture. As it is employed in manufacturing medications to treat nausea and digestive complications, the demand for food grade phosphoric acid is rising worldwide.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in Food Grade Phosphoric Acid Market?

At present, the rising demand for food grade phosphoric acid to manufacture various condiments, such as ketchup, sauces, and mayonnaise, represents one of the primary factors influencing the market positively. Besides this, there is an increase in the consumption of processed and canned food items due to changing dietary habits of the masses around the world. This, along with the growing consumption of readymade bottled coffee among working individuals to stay focused and increase brain function, is offering a favorable market outlook. In addition, the rising demand for juices and carbonated beverages in restaurants, bars, and cafes to prepare mocktails, cocktails, and fusion drinks is propelling the growth of the market. Apart from this, the increasing consumption of milk and other dairy products among fitness enthusiasts is supporting the growth of the market. Additionally, the rising trend of serving alcohol at parties, get together, and official meetings are strengthening the growth of the market. Moreover, the rising awareness among individuals about the benefits of consuming fatty fish, such as salmon, mackerel, and herring, is contributing to the growth of the market. Furthermore, the increasing popularity of cereal and nutrition bars as a convenient and fiber-rich snack among the masses is projected to bolster the growth of the market.

Food Grade Phosphoric Acid Market 2023-2028 Competitive Analysis and Segmentation:

The report has segmented the market based on product type, application and end use industry.

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 End Use Industry:
Food and Beverages
Metallurgy
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

List of Major Key Players:

The major players in the market are
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
Vinipul Inorganics Private Limited.

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