High consumer awareness regarding the benefits of protein consumption along with rising preference for canned food will result in food phosphate market expansion. The demand for bakery items has been escalating in recent times subject to the rise in the number of retail stores and changing consumer preferences, which will fuel the market demand. A major factor complementing business growth is that food phosphates are also utilized as emulsifiers, pH stabilizers, yeast stimulators, flavor enhancers, and sequestering agents in the food & beverage and meat & seafood processing sectors. Global dairy sector, which was estimated at USD 330 billion in 2014, is forecast to hit USD 440 billion by 2024. This remarkable growth will continue to positively influence food phosphate industry trends, subject to the product’s intensive usage as an emulsifier in the dairy industry. According to Global Market Insights, Inc., “Food Phosphate Market size is anticipated to surpass USD 2.4 billion by 2024, growing at a rate of 6% over 2016-2024.”
Shifting consumer trends toward healthy diet intake and extensive use of the food phosphates as a nutritive supplement in sports drinks is predicted to influence the business landscape of global food phosphates market. Rising global requirement for sodium rich diet is also expected to contribute substantially towards the industry share. Increase in production capacity coupled with high focus on product innovation is expected to help the business climb greater heights. Countries such as India, U.S., Germany, China, and France will create an impressive global demand for the product, driven by the escalated consumption of protein rich diet across these regions.
Europe Food Phosphate Market Size, By Application, 2015 & 2024 ($ Mn)
Taking into consideration the topographical landscape, Europe food phosphate market is forecast to experience a moderate growth over the coming seven years, powered by the elevated consumer demand for healthy, fortified, and nutritious diet plans. Germany, UK, and France are likely to be the major revenue contributors. The meat processing sector, driven by huge dairy and seafood sales, is expected to contribute over USD 55 million towards Germany food phosphate industry by 2024.
Latin America food phosphate industry is projected to record a CAGR of 3.5% over the period of 2016-2024. The growing trend of livestock farming, plus an increment in the meat output will spur the regional revenue. Brazil and Mexico are projected to be key regional revenue pockets.
Food phosphate market in Asia Pacific is projected to witness significant gains of 4.5% over the coming seven years, subject to the changing consumer trends toward a healthy diet coupled with high living standards. The remarkable growth of the dairy sector will contribute to India food phosphate industry, which is expected to grow at a rate of more than 4% over 2016-2024. Sodium based food phosphate market revenue in China is anticipated to hit USD 100 million by 2024, owing to its extensive use as a leavening and thickening agent in baked items and its utilization to regulate the pH of processed diets.
Food phosphate market size in the bakery sector is slated to grow at a rate of 4.5% during the period of 2016 to 2024, driven by the product usage as a dough conditioner and leavening agent. Its revenue is expected to cross the margin of USD 450 million by 2024. Dairy application is expected to record an annual growth of 3.5% over 2016-2024. Surging product requirement in cheese processing to improve its quality will boost the industry share.
Meat & seafood processing sector size in food phosphate industry is expected to grow at the rate of 4% over the coming timeframe, owing to the wide product usage in food items such as meat balls, canned meats, fish, and roasts.
Calcium phosphate, sodium phosphate, ammonium phosphate, potassium phosphate, and phosphoric acid are the key products of food phosphate market. Potassium phosphate industry is expected to register substantial gains of 3.5% over the next few years, subject to its widespread utilization in soft drinks and processed meats. Calcium phosphate industry revenue is set to reach over USD 400 million by 2024, owing to the extensive product usage as an additive for improving bread quality and its use as a thickening agent during meat processing.
Food phosphate industry from phosphoric acid is projected to record a CAGR of 3.5% over the period of 2016-2024, owing to its enhanced use as an additive during artificial fruit juice & beverage preparation for improving flavor. Favorable legislations promoting the usage of phosphoric acid in the beverages sector will push food phosphate market revenue.
Market players are trying to increase their geographical presence by implementing major business growth strategies such as strategic partnerships and product differentiations. Hawkins Incorporation, Saminchem Incorporation, ChemSol LLC, Haifa Chemicals Limited, Sulux Phosphates Limited, TKI Hrastnik d.d., NutriScience Innovations LLC, PotashCorp Corporation Aditya Birla Chemicals, FBC Industries Incorporation, BrewCrafts Microbrewing Private Limited, Prayon S.A., The ATP Group, Natural Enrichment Industries LLC, and Fosfa A.S. are the key participants of food phosphate industry.