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SELBYVILLE, Del., Jan. 27, 2021 /PRNewswire/ -- The food phosphate market revenue is expected to cross USD 3.95 billion by 2027, according to a new research report by Global Market Insights, Inc. Growing awareness about the functional benefits of phosphate such as building cell membrane, DNA, bones, teeth and increasing health care cost is anticipated to propel the market demand.
Global Market Insights, Inc.
Food phosphate industry from potassium phosphate segment is anticipated to grow with CAGR of over 5% through 2027 owing to increasing usage in the food industry as it acts as thickening, stabilizing agent and regulates the acidity and moisture in foods. Additionally, it is often used in large amounts in baked goods, soft drinks, processed meats, canned fish, sausages and hams, dried vegetables and chewing gum. Moreover, potassium phosphate is mainly utilized in processed foods like condensed milk, puddings, chocolate products, chewing gums and breakfast cereals. Thus, the growing demand for processed food is creating lucrative growth opportunities for the market.