The Food Phosphate Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Phosphate Global Market Report 2024, The food phosphate market size has grown strongly in recent years. It will grow from $2.85 billion in 2023 to $3.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increased demand for processed and convenience foods, growth in the food and beverage industry, adoption of phosphates as food additives, rise of ready-to-eat and ready-to-cook products, enhancement of food texture and appearance.
The food phosphate market size is expected to see strong growth in the next few years. It will grow to $4.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to preservation of flavor and nutrient content, increased shelf life of packaged foods, growth in the global population, urbanization, rise in the vegan and plant-based food movement. Major trends in the forecast period include technological advances in food processing, emphasis on sustainable sourcing of phosphates, exploration of microencapsulation for phosphate delivery, introduction of phosphates in clean meat production, adoption of phosphates in functional and fortified foods.
Rising meat product consumption is expected to propel the growth of the food phosphate market going forward. 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 product’’ texture, appearance, shelf life, pH regulation, and moisture retention. For instance, in May 2023, according to a report published by the World Animal Foundation (WAF), A US-based organization dedicated to promoting animal welfare through education, beef consumption in the US was 58.9 pounds per person in 2022. Further, in the US, chicken consumption increased from 115 pounds in 2022 to 117.40 pounds in 2023, and pork consumption increased from 51.1 to 51.6 pounds per person in 2022. Therefore, rising meat product consumption is driving the growth of the food phosphate market.
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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
Product innovations are a key trend gaining popularity in the food phosphate market. 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 such as 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.
The food phosphate market report table of contents includes:
1. Executive Summary
2.Food Phosphate Market Characteristics
3.Food Phosphate Market Trends And Strategies
4.Food Phosphate Market analysis
5.Food Phosphate Market Size And Growth
6.Food Phosphate Segmentation
7.Food Phosphate Regional And Country Analysis
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27.Food Phosphate Competitive Landscape And Company Profiles
28.Food Phosphate Key Mergers And Acquisitions
29. Food Phosphate Future Outlook and Potential Analysis
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