The food phosphate market in Europe is projected to record an appreciable CAGR of 5.5 per cent through 2027. The escalating demand for processed and phosphorus rich foods in Europe is on account of the changing lifestyles and the increasing working population.
Potassium phosphate is popular as a food phosphate additive in soft drinks, baked goods, hams, processed meats, sausages, canned fish, chewing gums, and dried vegetables. The product also finds use in various processed foods such as breakfast cereals, condensed milk, chocolate powders, and puddings for the maintenance of appropriate phosphorus levels.
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The global food phosphate market size is estimated to surpass USD 3.95 billion by 2027, according to the latest research by Global Market Insights, Inc.
The potassium phosphate segment in the food phosphate market is estimated to exhibit a commendable CAGR of more than 5 per cent through 2027. This is due to the escalating product usage in the food industry as it helps in the regulation of moisture and acidity in foods, and also acts as a thickening and stabilizing agent.
The global food phosphate market to witness rapid growth over the coming years due to the surging demand for canned foods in recent years due to their longer shelf-life and nutritional value.
Despite that, the food and beverage sector makes use of various food phosphate additives in a variety of items comprising poultry, cakes, delicatessen products, pastries, meat, processed cheeses, frozen seafood, dairy products, powdered foods, dietary supplements, fried potatoes, medicines, soups and sauces, as well as alcoholic beverages.
Nearly 90 per cent of the phosphates that are consumed in Europe are utilized in detergents, fertilizers, and food supplements for animals, cite studies associated with the scope of the food phosphate market. While phosphates used in the water treatment application account for 0.1 per cent, food phosphates register merely 1 per cent of the overall phosphate consumption.
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Prominent players in the food phosphate market are focusing on a number of collaborative strategies such as mergers and acquisitions as well as novel product developments for the enhancement of their product portfolio and increasing their geographical footprint. These market participants comprise Potash Corp, FBC Industries, Inc., ChemSol LLC, Sulux Phosphates, Ltd., Hawkins, Inc., Sichuan Zhituo Biochem Technology, Fosfa a.s., Haifa Chemicals Ltd., Brewcraft USA, Univar Inc., Budenheim, and others.
Potassium phosphate is also used as a preservative and an emulsifier, as it is soluble in water.
This growth is ascribed to the presence of retail channels coupled with the surging demand for nutritious foods in the region. The growing demand for meat products is anticipated to be fulfilled by the addition of food phosphates to the commercial feed of livestock. This helps in improving the overall health of livestock and also enhances metabolism.
On the whole, the rising incorporation of phosphates for maintaining phosphorus levels in fortified and functional foods is touted to augment food phosphate market growth, stimulating revenue expansion over the assessment period.
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