Global Peracetic Acid Market for Food and Beverages: Overview
It has been noticed in the last couple of years, the global peracetic acid market has experienced a tremendous jump due to its strong oxidizing properties. It has been extensively used in paper and pulp bleaching industry because of its strong oxidizing properties. Another property which has made the peracetic acid market in such a high demand is the fact that it can acts as microbial agent, which makes it an important asset in medical, water treatment industries, and household care. Peracetic acid can be used as sanitizing disinfectant agent in various industry. Other application of the peracetic acid market is that it can be used as valuable biocide in horticultural and agricultural industries. Rise in food and beverage industry all across the world due to incessant rise in population is likely to become the fastest growing segment of the market in the years to come.
Rapid growth of population due to irregular family planning in most part of the world is triggering the demand for food and beverages as frozen meat, non- aerated and aerated drinks, and poultry, is likely to boost the demand for peracetic acidic market across the worldwide. Apart from these, the rise in awareness among consumers regarding the availability of clean drinking water, and hygiene, as the regions are more vulnerable towards microbial infection, particularly in frozen food, thus raising the demand for peracetic acid in the market. Amongst all the other region, North America dominates the market by holding the major share of the market. The global market for peracetic acid likely to expand at CAGR of 7.3% by 2020. The market is anticipated to be valued at US$652.9 mn by the assessed period 2014-2020.
Food and Beverages Industry to Promote the Growth of Global Peracetic Acid Market
The global peracetic acid market is classified on the basis of end-user analysis which consists of water treatment, pulp and paper bleaching, and food and beverages, households, agriculture, medical and others. It has been anticipated that the surge in demand for peracetic acid worldwide in the end-user segment such as food and beverages, and water treatment is likely to provide boost in the growth of the market in the years to come. It has been noticed that the frequent fluctuations in the cost of raw materials accompanied with the harmful side effects of peracetic acid when exposed is likely to deter the growth of the market during the forecast period. However, it has been noticed that the mass production of peracetic acid as it going to reduce the price thus creating a lucrative opportunity for the market to grow in future.
Developing Countries to Make Asia Pacific the Fastest Growing Region
Geographically, the global peracetic acid market is split into North America, Europe, Rest of the World, and Asia Pacific. High demand of peracetic acid in industries such as water treatment and food and beverages industry is prognosticated to push the growth of the market, particularly in the North America during the assessed period. Asia Pacific region is expected to become the fastest growing market during the predicted period. Emerging economic countries in the region such as China, and India is likely to experience a sudden surge in demand for peracetic acid, from various industries, thus promoting the growth of the market. In North America and Europe, the demand is anticipated to witness a steady rise due to the constant economic recovery in various parts of Europe and the U.S. The peracetic acid market is predicted to witness a demand in Latin America, and Middle East during the forecast period, thus pushing burgeoning the growth of the market in the rest of the world.
Major players in global peracetic acid market are Evonik Industries, PeroxyChem LLC, Ecolab Inc., and Thai Peroxide Limited.