DUBLIN--(BUSINESS WIRE)--Nov 14, 2022--
The "Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global phosphoric acid market will grow to USD 56.8 Billion by 2027, at a CAGR of 4.1% from USD 46.4 Billion in 2022.
Phosphoric acid is one of the key acids in the food & beverage industry. Phosphoric acid is a weak acid and is available naturally in many vegetables and fruits. The main intention of adding the phosphoric acid to food and beverage is to improve food texture, increase shelf life, regulate the pH of the environment, and improve quality.
Due to its preservative properties and reasonable price phosphoric acid is a popular raw material among food suppliers globally. In addition to bakery and beverage products, phosphorous acid can be found in cheese and other dairy products as well as meat products.
Wet Process was largest process type in terms of value, in 2021.
Most of the phosphoric acid produced in the wet process is used to produce fertilizers. Hence the growth in fertilizers consumption across the globe is driving the market in wet process.
The phosphoric acid produced using wet process is less expensive than that of produced using thermal process. Moreover, the low operating cost, and easy start-up & shut down is making it a preferred production process among the phosphoric acid manufacturers.
Feed & Food Additives is projected to be the fastest-growing application, in terms of value, during the forecast period
Phosphoric acid is used as an acidity regulator and a flavoring agent in the food & beverage industry. Phosphoric acid is also used as an additive in both animal and human feed. Phosphoric acid used in the food industry is often referred as additive E338.
The demand for phosphoric acid in the food industry would depend on the growth of the dairy and processed food segment. The processed food is currently experiencing an upward growth trend driven by emerging economies such as India, China, and Brazil.
North America was the second-largest phosphoric acid market, in terms of value, in 2021
North America is the second-largest market for phosphoric acid. The demand for phosphoric acid in this region is primarily driven by increasing consumption of fertilizers. The demand from several applications such as food & beverage, metal finishing, water treatment, and others plays an important role in increasing the need for phosphoric acid in the region.
Phosphoric acid has high demand in developed countries such as the U.S. and Canada owing to increasing packaged food consumption. With the increased production of feed, the market for feed additives is also expected to grow in the region.
Competitive landscape
The key players profiled in the report include ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro Group of Companies (Russia), and IFFCO (India) among others.
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KEYWORD: SWITZERLAND UNITED STATES NORTH AMERICA MOROCCO CHINA ASIA PACIFIC ISRAEL MIDDLE EAST EUROPE AFRICA INDIA RUSSIA CANADA
INDUSTRY KEYWORD: AGRICULTURE NATURAL RESOURCES OTHER MANUFACTURING CHEMICALS/PLASTICS SUPPLY CHAIN MANAGEMENT FOOD/BEVERAGE MANUFACTURING RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/14/2022 11:19 AM/DISC: 11/14/2022 11:19 AM
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