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Phosphoric Acid Market Size
- Report ID: GMI2290
- Published Date: Mar 2023
- Report Format: PDF
Phosphoric Acid Market Size
Phosphoric Acid Market size reached USD 58 billion in 2022 and is anticipated to witness around 5.5% CAGR between 2023 and 2032, on account of the high intake of cheese and dairy products.
Phosphoric acid is utilized as a key ingredient in many foods and beverages. The dairy sector gained significant consumer interest, especially during the coronavirus pandemic. The development of phosphoric acid for dairy products including cheese is therefore likely to rise, as the consumption of these products to control pH levels increases. Furthermore, the growing awareness about the role of food additives in preservation will escalate product usage in the manufacturing of packaged foods and cold drinks
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Phosphoric Acid Market Size in 2022: | USD 58.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.7% |
| 2032 Value Projection: | USD 87 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 342 |
| Segments covered: | Concentration, Grade, Application, End-User, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Phosphoric acid can prevent the growth of bacteria and mold in sugary foods, thereby increasing their shelf life and improving affordability. The mounting consumption of convenience snacks and beverages will thus create lucrative growth prospects for phosphoric acid producers. However, regulatory pressure and environmental concerns may limit product adoption to some extent. Lawmakers have been implementing regulations for plant and product certifications, fertilizers, and tailing management.
Frequently Asked Questions (FAQ) :
Phosphoric Acid Market Scope
