Global Food Phosphate Market Is Projected To Grow At A 7.0% Rate Through The Forecast Period

The Business Research Company’s Food Phosphate Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 17, 2024 /EINPresswire.com/ — The use of food phosphates, inorganic phosphorus additives, has significantly impacted the food industry by enhancing quality, prolonging shelf life, and improving texture. Widely utilized for their functional properties, food phosphates play a crucial role in maintaining the consistency, stability, and quality of many food products.

Market Size and Growth
The food phosphate market has witnessed robust growth in recent years, with a projected increase from $2.85 billion in 2023 to $3.08 billion in 2024, representing a compound annual growth rate (CAGR) of 8.0%. This growth can be attributed to the rising demand for processed and convenience foods, expansion in the food and beverage industry, adoption of phosphates as food additives, and the popularity of ready-to-eat and ready-to-cook products. In the forecast period, the market is expected to continue its upward trajectory, reaching $4.03 billion by 2028, with a CAGR of 7.0%. Factors driving this growth include the preservation of flavor and nutrient content, increased shelf life of packaged foods, global population growth, urbanization, and the rise of the vegan and plant-based food movement.

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Market Drivers
The increasing demand for processed foods is a key driver propelling the growth of the food phosphate market. Processed foods, which undergo deliberate changes in form, composition, or taste through various methods, use food phosphates to enhance flavor, improve texture, preserve freshness, and act as stabilizers or emulsifiers. For example, the total value of US processed food products exported in 2022 was $38 billion, signifying a 10.96% increase from the previous year. Similar trends were observed in Canada and Mexico, with exports valued at $11.43 billion and $5.65 billion, respectively, in 2022.

Major Players and Market Trends
Companies such as Nutrien Ltd., Solvay S.A., The Mosaic Company, and others are leading the food phosphate market. These companies are focusing on product innovations to maintain their market position. For instance, Innophos Holdings Inc. launched LEVAIR Select, a calcium-based alternative to traditional sodium aluminum phosphate (SALP), which is used as a joint leavening agent in bakery products. This innovative product offers enhanced stability and longer-lasting effects compared to SALP, making it more appealing to bakers and consumers alike.

Geographical Insights
North America emerged as the largest region in the food phosphate market in 2023. The market is also segmented across Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa, showcasing the global reach and impact of food phosphates.

Market Segmentation
The food phosphate market covered in this report 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

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Food Phosphate Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Food Phosphate Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on food phosphate market size, food phosphate market drivers and trends, food phosphate market major players, competitors’ revenues, market positioning, and market growth across geographies. The food phosphate market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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