New York, NY -- (SBWIRE) -- 12/24/2020 -- Sodium phosphate is a common granular sodium salt which is odorless. This compound is chemically bonded with many phosphate ions, manufactured by phosphoric acid's complete neutralization with sodium carbonate or hydroxide. Owing to a wide array of applications in industries, such as pharmaceuticals and food & beverage, the sodium phosphate market is gaining traction. The sodium phosphate market is projected to accumulate USD 503.0 million by 2027, growing at a CAGR of 4.7% in the forecast duration.
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Market Drivers
The sodium phosphate market is rising substantially due to the soaring need for sodium phosphate in distinct food processing applications, including leavening agent, thickening agent, PH balancing stabilizer, emulsifying agent, etc. Such broad applications are positively impacting the market growth. Additionally, the rapidly rising number of GI (gastrointestinal) diseases has elevated the demand for sodium phosphate, owing to its effectiveness in the treatment of such diseases. Fast growth in food & beverage has broadened the range of food grade applications, thus, fueling demand for sodium phosphate, due to its extensive utilization in laxative, dietary supplement, buffering, and electrolyte-replacement purposes. These usages are also augmenting the demand for the market. Moreover, rising personal medication expenditure worldwide is another crucial factor fostering the market growth.
Further key findings from the report suggest
Sodium Phosphate injection is used as a phosphate supplement which treats or prevents hypophosphatemia low phosphorus content in blood. Also, before the colonoscopy test, this chemical is utilized in order to empty or clean the colon that is large intestines or bowel, which helps produce a clear view of the colon walls. Medical & pharmaceutical sub-segment is forecasted to get a CAGR of 5.3% throughout the period 2019 to 2027.
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 sales channel. The online retailing is expected to gain a market share of 33.9% by 2027.
For the foods & beverages such as deli meat, canned tuna, processed meat, baked foods, fast foods, and other processed food items this chemical substance has vast use in the final processing and manufacturing. Sodium phosphate is used in stabilizing texture of the processed foods. It helps bacon moist or deli meats moist and inhibit spoilage. Processed food stabilizing sub-segment is growing at a CAGR of 5.8% during the forecast period.
Key participants include PhosAgro, The Mosaic Company, Ma'aden, Agrium Inc., Hawkins Inc., EuroChem, The Potash Corporation of Saskatchewan, AksharChem, Innophos Holdings, Inc., and Israel Chemicals Ltd., among others.
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For the purpose of this report, Reports and Data have segmented the global Sodium 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)
Application
Leavening & Emulsifying Agent
Processed Food Stabilizing
pH Balance & Saline Laxatives
Other Applications
End-Use Verticals Outlook (Revenue, USD Million; 2016-2027)
Food & Beverage Industry
Medical & Pharmaceutical
Personal Care & Water Treatment
Others
Regional Outlook (Revenue, USD Million; 2016-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Regional Analysis
Due to the considerable demand for sodium phosphate in a broad range of food & beverage applications, APAC (Asia Pacific) market is accounting the highest share. Besides, the enormous growth in healthcare in this region is also influencing the market growth. The APAC market is likely to grow at 7.0% of CAGR rate throughout the forecast years. Other regions like Europe & North America, are witnessing steadfast growth and are expected to grow significantly, registering CAGR of 3.2% and 5.6 % respectively during the projected period.
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