Food Phosphate Market Analysis, Latest Trends, Growth Rate, Overview And Outlook By 2032
The Business Research Company's Food Phosphate Global Market Report 2023 identifies rising meat product consumption as the major driver for the food phosphate market's growth in the forecast period. Meat product consumption refers to consuming foods made from animal meat. It includes products derived from various animals, such as beef, pork, poultry, lamb, etc. Food phosphates are chemical compounds commonly used in the meat industry for different purposes, including improving meat products' texture, appearance, shelf life, pH regulation, and moisture retention.
The global food phosphate market is expected to grow from $2.63 billion in 2022 to $2.85 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The food phosphate market is expected to reach $3.75 billion in 2027 at a CAGR of 7.1%.
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Major competitors in the food phosphate market are Nutrien Ltd., Solvay S.A., The Mosaic Company, Arkema SA, OCP Group, SQM SA, Univar Inc., EuroChem Group AG, Israel Chemicals Limited Group.
A key trend in the food phosphate market includes product innovations. Major companies operating in the food phosphate market are developing innovative products to sustain their position in the market. For instance, in April 2023, Innophos Holdings Inc., a US-based chemicals company, launched LEVAIR Select, a non-aluminum phosphate for industrial bakers. This innovative product is a calcium-based alternative to traditional sodium aluminum phosphate (SALP), a joint leavening agent used in bakery products including breads, cakes, and pastries. It can also be used in other food products like snacks and cereals. Additionally, it is a more stable and longer-lasting alternative to SALP, which makes it a more appealing option for bakers and consumers.
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The food phosphate market is segmented -
1) By Product: Sodium Phosphate, Potassium Phosphate, Calcium Phosphate, Phosphoric Acid, Aluminum Phosphate
2) By Function: Buffers, Sequestrants, Acidulants, Bases, Flavors, Cryoprotectants, Gel Accelerants, Dispersants, Nutrients, Other Functions
3) By Application: Dairy, Bakery Products, Meat And Sea Food Processing, Beverages
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the food phosphate market.
The Business Research Company's "Global Food Phosphate Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Food Phosphate Market Include:
1. Executive Summary
2. Food Phosphate Market Characteristics
3. Food Phosphate Market Trends And Strategies
4. Food Phosphate Market - Macro Economic Scenario
5. Global Food Phosphate Market Size and Growth
32. Global Food Phosphate Market Competitive Benchmarking
33. Global Food Phosphate Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Food Phosphate Market
35. Food Phosphate Market Future Outlook and Potential Analysis
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