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Sodium Phosphate market, valued at USD 1.53 billion in 2022, is projected to witness robust growth

VANCOUVER, BRITISH COLUMBIA, CANADA, June 7, 2024 /EINPresswire.com/ -- The global sodium phosphate market, valued at USD 1.53 billion in 2022, is projected to witness robust growth, with an expected (CAGR) of 8.3% during the forecast period. The increasing utilization of phosphates in the Food & Beverage (F&B) industry, along with rising demand in gastrointestinal treatments and personal care products, are primary drivers of this market growth.

The demand for sodium phosphate is on the rise as it has a wide range of applications, primarily in food & beverages and water treatment. Sodium phosphate has been increasingly used as thickening agents, emulsifiers, and leaving agents for baked goods, thereby surging sales, resulting in the expansion of market during the forecast period.

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Key Market Drivers:

The expanding use of sodium phosphate as emulsifiers and stabilizers in the F&B industry is a major factor propelling market revenue. The demand for food additives is projected to increase significantly, from approximately USD 36.45 billion to USD 56.32 billion by 2030, driven by the growing popularity of processed foods. Sodium phosphate, known for its excellent additive and medicinal properties, is essential in food production.

For example, on July 3, 2023, EuroChem Group AG announced plans to discontinue its Lifosa business in Lithuania due to sanctions, highlighting the significant role of phosphate fertilizers in Europe.

What is the Competition Landscape in the Sodium Phosphate Market?

The sodium phosphate market is consolidated in nature, where major vendors are adopting creative strategies and are constantly developing innovative products to ensure product differentiation.

Few of the strategies adopted by the players in the market are partnership and collaboration with other operators, expansion into the untapped market, and joint ventures with organizations in emerging countries to gain the strong foothold.

Most of the major sodium phosphate manufacturers concentrate on capitalizing their funds to maintain applications and technical marketing groups are appointed to serve the ever-changing needs of clients.

Sodium Phosphate Top Companies and Competitive Landscape

The global sodium phosphate market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective sodium phosphate products in the market.

Some of the major companies included in the global sodium phosphate market report are:

EuroChem Group

The Mosaic Company

Israel Chemicals Ltd.

Tata Chemicals

Innophos Holdings, Inc.

PhosAgro

Maaden

The Potash Corporation of Saskatchewan

Agrium Inc.

Grasim

Aarti Phosphates

Sumitomo

Saudi Arabian Mining Company

Xuzhou Zexin Phosphates Co., Ltd.

Hawkins Inc

Sodium Phosphate Latest Industry News

On 4 November 2022, Meat and poultry Highlights Innophos solution that ensures succulence animal proteins are essentially large and highly structured molecules. This prevents them from interacting with water or other compounds included in the formula. There are various ingredients that can help to encourage these large proteins to retain moisture. When animal proteins are at their isoelectric point (about pH 5. 1), they do not bind well with water. However, when meat proteins are consumed, they absorb water and bind with it. Proteins are charged by decreasing or increasing their pH, which is one of the functions of phosphate.

On 23 February 2022, EuroChem Group, one of the world’s known fertilizer producers, announced the acquisition of the project Serra do Saliter phosphate in Brazil. EuroChem officially took over the Minas Gerais advanced stage mine and plant on 22 February. The complex includes an open-pit phosphate mine with reserves of over 350 million tonnes (MMT) and a plant has a production capacity of 1 million tons of fertilizer per year. The transaction is worth USD 452 million and EuroChem will invest the same amount to fully implement the project. Fertilizer production is expected to begin in 2024 and reach full capacity in 2025. The mine and processing plant are currently operating and producing approximately 500 KMT of phosphate rock.

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Market Challenges:

Despite its benefits, the sodium phosphate market faces challenges such as volatile raw material costs and potential health risks. Excessive consumption of sodium phosphate can lead to digestive and kidney issues. Additionally, the complex manufacturing process, which requires advanced technology and skilled labor, contributes to higher operational expenses and pricing difficulties, potentially reducing market competitiveness.

Market Segmentation:

The global sodium phosphate market is on a path of significant growth, driven by its extensive use in various industries, particularly F&B, medical and pharmaceutical, and personal care. Despite facing challenges such as raw material costs and health concerns, the market is poised for a promising future, supported by ongoing advancements and increased demand for high-quality additives and stabilizers.

Sodium Phosphate Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global sodium phosphate market on the basis of product, source, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2032)

Trisodium Phosphate

Monobasic Sodium Phosphate

Disodium Phosphate

Source Outlook (Revenue, USD Billion; 2019-2032)

Igneous and Weathered Rock

Sedimentary Marine Deposits

Biogenic

Application Outlook (Revenue, USD Billion; 2019-2032)

Leavening and Emulsifying Agent

Processed Food Stabilizing

pH Balance and Saline Laxatives

Others

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Food & Beverage (F&B)

Medical and Pharmaceutical

Personal Care

Water Treatment

Others

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