Potassium Phosphate Market Size – USD 271.3 Million in 2018, Potassium Phosphate Market Growth – CAGR of 4.9%
NEW YORK CITY, NEW YORK, UNITED STATES, March 24, 2020 /EINPresswire.com/ — The Global Potassium Phosphate Market is forecast to reach USD 399.6 Million by 2027, according to a new report by Reports and Data. Potassium Phosphate is an odorless hygroscopic crystalline common granular potassium salt chemically bonded with phosphate ions, which is manufactured by complete neutralization of phosphoric acid with a high purity potassium hydroxide and potassium carbonate and subsequent crystallization. Potassium phosphate is approved by the European Union (EU) and European Free Trade Association (EFTA) as a safe food additive with a distinctive E-Number of E340. The global market is growing at a substantial pace due to the growing demand for potassium phosphate in food processing applications and kidney ailments. An escalation in the number of uric acid & calcium kidney stone diseases and disorders in urination has actively uplifted the demand for potassium phosphate.
The Asia Pacific region is expected to retain its dominance in the global market. The market is North America is growing at a significant pace due to the extensive use of potassium phosphate in various industry verticals. China and India are some of the fastest-growing markets in the world, while the Netherlands and the United States hold some of the most prominent players in the market.
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Further key findings from the report suggest
• Potassium phosphate injection is used as a phosphate supplement which treats or prevents hypophosphatemia low phosphorus content in blood. Also, this inorganic chemical compound is used as an additive in fluid formula injections which helps control the amount of calcium in urine and body. Consuming potassium phosphate can make urine more acidic and prevents calcium kidney stones.
• Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to the non-involvement of distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 33.9% by 2027.
• Potassium phosphate acidulants are used in food & beverage applications as additives that provide a sharp taste in food items with assisting in the setting of gels to act as acidulant in beverages also. Also, Potassium phosphate sequestering agents are used in meats so that they can stabilize the inner molecule and prevent deterioration in food color & aroma.
• APAC, owing to its impressive advancement in the foods & beverages and consumer goods coupled with a remarkable rise in the healthcare & pharmaceutical industries in China and India, is expected to grow with the fastest CAGR of 7.0% throughout the forecast period and expected to retain its superiority in the market by the end of 2027.
• North America, with its high demand for potassium phosphate diuretic & sequestering agent, is accounted to retain a significant position in the global market by 2027, and the CAGR is calculated to be 5.9% during the forecast period.
• Key participants include BASF SE, Evonik Industries AG, Baker Hughes Incorporated, Huangshi Xinghua Biochemical Co., Ltd., Cargill, Incorporated, Dr. Paul Lohmann GmbH KG, Tate & Lyle PLC, Jungbunzlauer Suisse AG, American Tartaric Products, and FBC Industries, among others.
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For the purpose of this report, Reports and Data have segmented the global Potassium Phosphate market on the basis of distribution channel, application, end-use verticals, and region:
Distribution Channel Outlook (Revenue, USD Million; 2016-2027)
• Online Retailing
• Offline Retailing
Application Outlook (Revenue, USD Million; 2016-2027)
• Buffering & Sequestering Agent
• Other Applications
End-Use Verticals Outlook (Revenue, USD Million; 2016-2027)
• Food & Beverage Industry
• Medical & Pharmaceutical
• Personal Care Products
Regional Outlook (Revenue, USD Million; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire