NEWARK, Del, April 23, 2024 (GLOBE NEWSWIRE) -- The global food grade phosphate market was worth around US$ 2,125.3 million in 2019 and has reached up to US$ 3,104.8 million in 2024. The entire market is witnessing opportunities to develop at a promising CAGR of 8% over the next ten years. By 2034, the total industry valuation is set to reach up to US$ 6,685.7 million.
The need for food-grade phosphate production has been fueled by its higher use in bakery foods for texture enhancement, moisture retention, and shelf-life extension. Phosphorus is also used in many carbonated beverages as an acidity control. The increase in consumption of carbonated soft drinks and energy drinks as a result of contemporary consumer trends and taste preferences is aiding the phosphate market's rapid expansion. The market dynamics of food phosphates are also fast changing due to their wide range of applications in the animal feed sector.
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Key Takeaways from the Food Grade Phosphate Market Study Report
- The United Kingdom food grade phosphate market is poised to advance at a CAGR of 5% through 2034.
- Germany is going to increase its supply of food grade phosphates in Europe at a rate of 5.8% per year till 2034.
- China and Japan are competing for market domination in Asia with estimated CAGRs of 4.1% and 4.7% respectively for the forecast years.
- India presents a very lucrative opportunity for its region with an estimated CAGR of 7% from 2024 to 2034.
- In terms of application, food-based phosphate is predicted to have a promising development rate, with a share of 41.8% in 2024, across the bakery sector.
“Rising health awareness and convenience of product acquisition as a result of the expansion of supermarkets and hypermarkets have altered customer purchasing behaviors. With a hectic and dynamic lifestyle, people prefer easy food items, therefore firms are attempting to innovate and employ phosphate in the process to improve the food's quality, flavor, and texture,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape for the Food Grade Phosphate Market Players
The overall market is highly distributed and moderately competitive with enough growth opportunities for the establishment and expansion of business. A drastic rise in the demand for food additives has encouraged the emergence of many new suppliers of phosphate-based food ingredients market supplier.
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Key Players Profiled in the Food Grade Phosphate Market Report
- Sulux Phosphates Ltd.
- Hawkins Inc.
- Aditya Birla Chemicals
- ATP Group
- Sichuan Zhituo Biochem Technology
- Fosfa a.s.
- Budenheim
Recent Developments by the Food Grade Phosphate Industry Participants
In July 2023, the South Korean company CJ FNT, also having manufacturing units in Europe, introduced an alternative to standard phosphates, TasteNrich Hybind. The firm also claims to have struck a delicate balance between natural sourcing and better performance as many traditional phosphate substitutes can be ineffective or tasteless. With a high cooking yield and less purge loss during shelf life, TasteNrich Hybind is now a versatile solution that can be applied to various meat types and processing methods.
In October 2023, Ardelyx, Inc. disclosed that the United States Food and Drug Administration (FDA) approved its XPHOZAH® product. It is the first and only phosphate absorption inhibitor, indicated to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis. The organization claims it to be an add-on therapy that has a first-in-class mode of action that inhibits phosphate absorption via its major channel. Ardelyx is a biopharmaceutical company involved in discovering, developing, and commercializing innovative, first-in-class medicines that meet significant unmet medical needs.
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Key Segments Covered by Food Grade Phosphate Industry Survey Report
By Source Type:
- Sodium Phosphate
- Ammonium Phosphate
- Calcium Phosphate
- Potassium Phosphate
- Other Sources
By Application:
- Bakery Products
- Dairy
- Beverages
- Meat & Seafood Processing
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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