Awareness regarding high-quality food that contributes to good health, convenience, and nutritional value has inclined consumers toward a healthy eating regime. Consumers today demand additives that have health benefits and that are also clean label. Food grade phosphate maintains and repairs tissues and cells, supports growth, is involved with the storage and use of energy while reducing muscle pain after exercise, and helps maintain normal acid-base balance in the body. Along with these health benefits, it also provides texture and enhances the flavor of food products. All these factors are driving the growth of the food grade phosphate market, which has witnessed substantial growth over the years. This trend is anticipated to continue over the forecast period of 2020–2030, at a CAGR of 3%.
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Key Takeaways from Food Grade Phosphate Market Study
- The agriculture segment, by application, is projected to be the most attractive in the global food grade phosphate market, holding around 83.5% value share, as phosphates contribute as an essential nutrient in plant growth while helping in plant maturation and root development.
- Ammonium phosphate, as food grade phosphate, hold a 62.6% global value share, as it is an effective fertilizer, with good water solubility and rapid dissolving abilities for agricultural purposes, along with increased application in the bakery industry as a leavening agent.
- With advantages such as increasing water holding capacity, retaining nutrients, and improving tenderness and texture, as well as increasing the shelf life of meat and seafood products, food grade phosphate is witnessing increased demand from this segment.
- Manufacturing and supply chain disruptions in application industries due to the COVID-19 pandemic will stunt market growth in the near term.
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Global Food Grade Phosphate Market: Competitive Landscape
Global leaders in the food grade phosphate market have adopted efficient strategies to increase their presence and market share in this space. Key players are investing in the strategic expansion of their manufacturing facilities.
- In 2019, Sulux Phosphates Limited developed a separate division for the manufacturing ultra-pure grades of food phosphates, with all modern equipment for quality control, to serve the increasing demand from customers.
- In 2018, ICL launched a new food grade phosphoric acid plant in China. The plant focused on developing solutions for products related to plant-based meat alternatives with phosphoric acid.
In addition, key players in the global food grade phosphate landscape are focusing on mergers and acquisitions, along with partnerships, to establish a strong regional presence in different countries.
- In September 2019, Nutrein Ltd. completed the acquisition of Ruralco Holdings Limited, for penetrating the food grade phosphate in the local markets of Australia and increasing its presence in the Asia Pacific market,
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