Home > Pressrelease > Phosphate Salts Market size is expected to surpass $90 billion by 2032
Phosphate Salts Market size is expected to surpass $90 billion by 2032
- Published Date: March 16, 2023
Phosphate Salts Market value is anticipated to be valued at over USD 90 billion by the year 2032, as per a recent research report announced by Global Market Insights Inc.
Increasing consumption of meat & poultry products will augment the demand for phosphate salts in the processed meat sector. Phosphate salts are used in meat products to enhance their texture and increase moisture. Consumer consciousness regarding the benefits of switching to a high protein and low fat & calorie content diet has increased the demand for meat products. The increased demand for meat items such as meat-based burgers, fillets, hotdogs, sausages, and stews
across restaurants and food businesses will reinforce the use of phosphate salts.
Strong demand for food-grade phosphate salts
The phosphate salts industry from the food grade segment is anticipated to record over 6.5% CAGR between 2023 to 2032. Food-grade phosphate salts improve the flavor and moisture of frozen seafood products. Growing fish and aquaculture production, combined with rising public awareness about the health benefits of fish-based diets, has boosted seafood consumption in recent years. People are consuming more seafood as a result of reduced waste generation, better utilization, and the availability of improved distribution channels. Budding demand for convenience foods and improving consumer spending will drive the growth of the processed meat sector, facilitating food-grade phosphate salts market growth.
Browse key industry insights spread across 200 pages with 348 market data tables & 26 figures & charts from the report, Phosphate Salts Market - By Grade (Food, Technical, Pharma), By Products (Potassium Phosphates, Sodium Polyphosphates, Sodium Phosphates, Calcium Phosphates), By End-use (Dairy, Bakery, Beverages, Water treatment, Textiles, Paints & Coatings, Detergents) - Forecast to 2032”, in detail along with the table of contents:
Emerging use of monoammonium phosphate (MAP) in the agricultural sector
Phosphate salts market revenue from the monoammonium phosphate (MAP) segment is anticipated to exceed USD 15 Billion by 2032. The growing demand for food, as well as improved crop yields, will bolster the usage of MAP in agricultural applications. MAP is a typical source of nitrogen and phosphorus, two necessary minerals for plant development when used as a fertilizer. it is also used in the manufacturing of fire retardants. MAP helps to prevent or delay the spread of fire when used as a flame retardant in fabrics and plastics. As a result, it is a vital component in a variety of applications such as construction materials, electrical equipment, and consumer items.
Escalating demand for chicken feed in the poultry sector
The phosphate salts market share from the poultry segment is estimated to account for over USD 2.5 billion by 2032. Phosphate salts are important in chicken feeds because they supply needed phosphorus for their bones and overall development. Increased demand for poultry feed would result in a rise in the need for phosphate salts. They are a low-cost phosphorus source when compared to other options, making them a common additive in chicken feed. As consumer demand for animal protein rises, the demand for poultry production and feed would increase over the estimated timeframe.
High demand for fertilizers across Europe
Europe phosphate salts market is expected to be valued at over USD 20 billion through 2032. Phosphate salts are anticipated to be in high demand across Europe due to factors like their expanding usage in fertilizer and water treatment, rising significance in industrial applications, and mounting need for biofuels. Efforts to improve food security are driving the demand for fertilizers made from phosphate salts. The pressing need for clean water across the region has reinforced the usage of these salts in water treatment. Phosphate salts are also utilized in industrial applications such detergents, food additives, and metal treatment, which may drive up product demand until 2032.
Business expansion activities to augment phosphate salts market valuation
Global phosphate salts market key players include Chengdu Talent Chemical Co. Ltd, Innophos, Aditya Birla Chemicals, Hubei Xingfa Chemicals Group Co., Ltd, PhosAgro, Sulux Phosphates, Univar Solutions, Prayon, Haifa Group, TKI Hrastnik d.d. These companies are concentrating on expanding their business presence in different end-user sectors.