Selbyville, Delaware, Feb. 23, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Western Europe Food Phosphate Market was valued at USD 44 million in 2020 and is expected to reach a valuation of around USD 65.5 million by 2027, registering with a CAGR of 6% from 2021-2027. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Phosphates are commonly added to various processed food products. High demand for ready-to-cook and ready-to-eat meat products from households is likely to drive product demand. Surging use of fresh & cooked hams, chilled meat, sausages, and frozen fish products is foreseen to boost market demand in the coming years. Furthermore, growing consumer interest in shelf-stable frozen seafood products as an alternative to red meat is slated to propel market growth over the forecast period.
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Blended phosphates are mainly utilized in meatballs, meat sausages, chicken, cooked & raw shrimps, surimi, and fish fillets. They serve as a key additive in the production of high-quality processed foods in various markets, including meat, seafood, and poultry. They also offer a synergistic effect in meat and seafood applications and enhance end product quality. Soaring demand and production of poultry, processed meat, and seafood items in Western Europe are set to promote the uptake of blended phosphates in the coming years. Owing to these factors, the blended phosphate product segment is projected to observe steady growth at a CAGR of about 6.5% through the analysis timeline.
Meanwhile, the Western Europe food phosphate market share from the sodium phosphate product segment is slated to progress at around 5.5% CAGR over the review period. Mounting adoption of sodium phosphate to regulate pH of processed meat products like canned tuna and deli meat is foreseen to support segmental growth over the following years.
Key reasons for Western Europe food phosphate market growth:
- Prominent adoption in seafood items.
- Prevalent utilization in processed foods.
- High uptake in ready-to-eat food products.
- Growing usage in meat & poultry products.
2027 forecasts show ‘others’ segment retaining its dominance:
From the application perspective, the others segment is projected to exceed a valuation of USD 8.35 million by the end of 2027. Other applications of food phosphate include bacon, beef burger patties, roast beef, and canned fish. Burgeoning consumption of meat products, such as frozen turkey, beef, and pork as well as canned fish, in Western Europe is primed to bolster segmental development in the forthcoming years.
Italy to maintain top status in terms of revenue:
By country, the Italy food phosphate market is expected to register substantial growth at approximately 5% CAGR through the study timeframe. The booming domestic meat and poultry processing industry provides massive growth potential for food grade phosphate producers operating in Italy. Additionally, rising consumer expenditure on convenience and ready-to-eat meat and poultry items is likely to foster food phosphate industry outlook in Italy.
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Impact of COVID-19 pandemic on Western Europe food phosphate market:
The COVID-19 outbreak severely disrupted food supply chains, thereby triggering a major socio-economic crisis in the region. Thus, the COVID-induced supply shortage of food products adversely impacted the food phosphate market in Western Europe. However, increased government emphasis on expediting economic recovery, declining cases, and widespread vaccination drives have been favorable for market growth during the pandemic.
Leading market players:
Major producers functioning in the Western Europe food phosphate industry include Arkema Group, Fosfa A.S, ICL Specialty Products Inc., Merck KGaA, Prayon, and Univar, Inc., among others.
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