April 02, 2020
As per the report titled ‘Food & Beverage Sterilizing Agent Market Size By Product, By Application, Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global food & beverage sterilizing agent market is projected to surpass USD 500 million by the year 2025.
Changing consumer lifestyle on account of rapid urbanization, increasing migrants across the globe, and rising middle class population are driving the growth of food & beverages sterilizing agent market. These products play a key role in ensuring food safety and efficient food processing.
North America, Europe, and Asia Pacific are the major growth contributors of the food & beverage sterilizing agent market. Discounted packaged food in tandem with increasing working population across emerging nations such India, China, and Indonesia will propel the market growth during the forecast period.
Based on the product, the market is classified into hydrogen peroxide and peracetic acid. Hydrogen peroxide segment is expected to grow considerably during the study period, owing to its extensive use in food & beverage sector due to its favorable aspects including zero toxic residue, immediate effectiveness, and ease of use.
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Speaking of the application scope, the market is categorized into dried fruits & vegetables, beverages, meat & poultry, cereals & pulses, and dairy ingredients. Dairy ingredients segment currently accounts for 25% share of food & beverage sterilizing agent market. High consumption of milk-based products in North American countries in augmenting the segment growth.
Meat & Polutry segment presently holds 19.8% share of food & beverage sterilizing agent market. The necessity to preserve various characteristics of meat such as texture, taste, and appearance is fueling the demand for sterilizing agents across the meat & poultry industry.
Considering the geographical landscape, food & beverages sterilizing agent market in North America amassed USD 114.2 million in 2018 and is slated to show a sizeable growth over the analysis period. The regional growth can be attributed to the regulatory norms by Food and Drug administration (FDA) to ensure food safety and high product quality, coupled with increased focused towards new processing techniques by American food manufacturers to provide healthier food products with an extended lifespan. Innovations in food processing and increasing popularity of ready-to-eat meals will further enhance the regional market outlook.
Prominent players of food & beverage sterilizing agent market are Steris, Evonik industries AG, Solvay S.A., Sterigenics, Mitsubishi Gas Chemical Company, Balchem Corporation, OCI Company Ltd., Arkema, Hansol Chemical, Peroxy Chem LLC, Taekwang Industry Co., Ltd., and AkzoNobel N.V. among others.
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