Food grade phosphoric acid is mainly used in several food and beverage products for its acidulant and preservative properties. It is used in cola drinks for providing a tangy flavor and tartness and prevents bacterial growth. Food grade phosphoric acid is also used in jams, jellies, canned foods, baked goods, and sauces to enhance flavor and increase shelf life. The rising demand for processed and packaged food & beverages due to changing lifestyle and busy schedules has boosted the consumption of phosphoric acid. Moreover, food grade phosphoric acid has degreasing and cleansing properties and finds application in cleaning of food processing equipment. It helps remove stains, rust, and mineral deposits while also sanitizing surfaces.
The Global Food Grade Phosphoric Acid Market is estimated to be valued at US$ 1.05 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the Food Grade Phosphoric Acid are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. These players are focusing on capacity expansion and new product launches to cater to the growing demand for food grade phosphoric acid.
Key opportunities in the market include rising demand from developing economies of Asia Pacific and Latin America. Developing countries are witnessing rapid urbanization and economic growth which is driving the packaged food and beverage industry. This offers lucrative opportunities for food grade phosphoric acid manufacturers.
Key players are also undertaking strategic initiatives such as collaborations and mergers & acquisitions for expanding their global footprint. For instance, in 2021, Westrock Company acquired multipack solutions provider Automated Packaging Systems to enhance its product portfolio and expand production capabilities across Europe and Asia Pacific.
Market drivers: The Food Grade Phosphoric Acid Market Growth for processed and packaged food & beverages is a key driver. Changing lifestyle and hectic schedules have increased demand for packaged foods and beverages which use phosphoric acid as a preservative and acidulant. Rapid urbanization accompanied by rising disposable incomes in developing regions is also driving market growth.
Market Restrains: Stringent food safety regulations regarding usage of food additives and preservatives can hamper market growth. Regulatory bodies have set limits on the level of phosphoric acid permitted in specific foods. Moreover, availability of substitute products such as citric acid and lactic acid can pose a challenge.
Segment Analysis
The Food Grade Phosphoric Acid Market Size and Trends can be segmented by form into liquid and solid. The liquid segment is expected to dominate the market during the forecast period due to its wide application in food & beverages such as carbonated drinks, fruit juices, bakery products, etc. Liquid phosphoric acid can easily dissolve in water and other liquids making it suitable for applications where ready to use phosphoric acid solution is required.
Global Analysis
The North America region is expected to dominate the Food Grade Phosphoric Acid market during the forecast period. This is mainly due to the large market for carbonated drinks and fruit juices in countries like US and Canada. According to Food Industry Association, per capita soft drink consumption in the US is over 50 gallons per year. Presence of key manufacturers and suppliers in the region will further support the market growth.
The Asia Pacific region is expected to witness highest growth rate during the forecast period due to rapid growth of the food processing industry and rising consumption of processed foods in countries like India and China. Increasing health awareness among people is also propelling the demand for carbonated drinks and fruit juices in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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