According to the latest report by IMARC Group, titled, “Food Grade Phosphoric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global food grade phosphoric acid market reached a value of US$ 2.24 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.91 Billion by 2027 exhibiting a CAGR of 4.10% during 2022-2027.
Food grade phosphoric acid refers to a colorless and odorless inorganic mineral acid that is naturally present in food, drinking water, soft drinks, etc. It is produced through wet, thermal, and dry kiln processes. Food grade phosphoric acid is commonly stored and packaged in an intermediate bulk container (IBC) and high-density polyethylene (HDPE) drums. It is widely utilized as an acidity regulator and nutrition agent for yeast to improve its flavor and prolong its lifespan. Moreover, food grade phosphoric acid preserves various foods and beverages, including colas and jams, and adds a sour and tangy taste to the items. As a result, it is utilized across numerous sectors, such as sugar refining, packaging, metal treatment, etc.
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The escalating demand for frozen and packaged food products is one of the key factors driving the food grade phosphoric acid market. Moreover, the rising product usage as a preservative and additive in sauces, seafood, mayonnaise, meat, etc., is further stimulating the market growth. In line with this, the increasing need for convenience food products, on account of the changing dietary habits and the sedentary lifestyles of consumers, is acting as another significant growth-inducing factor. Furthermore, the expanding utilization of mineral acid in the processing of bakery products is augmenting the global market. In addition to this, the growing product adoption in the manufacturing of bottled coffee beverages and flavored waters is projected to propel the food grade phosphoric acid market over the forecasted period.
Note: 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.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on product type, application and end use industry.
Breakup by End Use Industry:
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