U.S. food phosphate market to accrue lucrative revenue via meat and seafood processing applications over 2016-2024
U.S. poultry meat sector was more than 15 million tons in 2015, and is expected to reach nearly 20 million tons by 2024, driven by the growing consumer awareness regarding protein rich diet and the rising popularity of canned food, which in turn will contribute to the growth of food phosphate industry over the span of few years.
Considering the regional landscape, Asia Pacific food phosphate industry is slated to record substantial gains of 4.5% during the period from 2016 to 2024. Mounting preference for bakery and dairy items as a result of high standards of living along with elevated demand for healthy food will propel the regional growth. China, Japan, and India are projected to be the key regional revenue contributors.
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India food phosphate market revenue in the dairy sector is predicted to grow at a rate of 4% over the coming timeframe with cheese processing applications contributing substantially towards the industry share. Sodium based food phosphate industry in China is anticipated to hit USD 100 million by 2024, driven by its wide usage in processed as well as baked foods.
LATAM food phosphate industry is slated to record a CAGR of 3.5% over the coming seven years subject to the thriving meat processing sector along with an increase in the number of livestock farming activities. Brazil and Mexico are the key regional revenue pockets.
Europe food phosphate market is projected to experience moderate growth over the years to come, owing to rising customer demand for nutritious food coupled with the huge presence of retail channels. Germany, Italy, France, and the UK are likely to drive the regional share.
Germany food phosphate industry across the meat processing sector is foreseen to accrue a revenue of more than USD 55 million by 2024. Flourishing dairy and seafood processing sectors across the country are likely to drive the regional growth.
Food phosphate industry size from the dairy sector will grow at a rate of 3.5% over the coming timeframe, driven by its use as an emulsifier in various dairy items such as puddings, cheese cakes, ice creams, and milk based drinks. Bakery applications are expected to hit the revenue margin of USD 450 million by 2024, driven by rise in the per capita income of the consumers along with large-scale consumption of bakery items such as pizza, doughnuts, pastries, and cakes.
Food phosphate market share in meat & seafood processing sector is predicted to record a CAGR of 4% over 2016-2024, owing to burgeoning protein demand from the consumers coupled with an increase in the preference for the canned food as a result of hectic lifestyles. It is also expected to accrue revenue of more than USD 1 billion by 2024, owing to the usage of the product for improving the texture & flavor of stored seafood.
Sodium phosphate, ammonium phosphate, potassium phosphate, phosphoric acid, and calcium phosphate are some of the key food phosphate products. Potassium based food phosphate industry is predicted to grow at an annual rate of 3.5% over the coming seven years. Extensive product usage in canned fish, soft drinks, and processed meat will boost the revenue.
Calcium based food phosphate industry value is projected to reach USD 400 million by 2024, due to the high product usage in bakery and dairy items along with the rising preference for nutritious food. Phosphoric acid, which is widely utilized in the preparation of artificial fruit juices, is expected to make lucrative contributions towards food phosphate market revenue.
Sodium based food phosphate industry value will cross the revenue mark of USD 850 million by 2024, driven by high product application in commercial bakery items, meat, and canned soups along with rising demand for nutritive supplements.
Market participants will try to increase their consumer base by engaging in strategic collaborations, joint ventures, partnerships, and new product launches. Aditya Birla Group, Saminchem Incorporation, Haifa Chemicals Limited, Fosfa A.S., Nutriscience Innovations, Brewcraft, Sulux Phosphates Limited, FBC Industries Incorporation, Sichuan Zhituo Biochem Technology Industry Company Limited, The Potash Corporation, and ChemSol LLC are the key players of food phosphate industry.
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