Mold inhibitors market 2020 can progress at a rate of 3.3% from 2017 to 2023 (analysis period), suggests MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Drivers and Challenges
Soaring need for preventing mold contamination on industrial products has been a major growth booster in the global market. Mold inhibitors help bring down the risks that are related to health issues caused by mycotoxin. These have quite a few functions in the food industry, one of which includes extending the product’ shelf life, while the second remains the ability to curb the mold cellular membranes as well as processes. Manufacturers are increasingly adopting mold inhibitors while producing wheat, artisan bread and multigrain, in a bid to expand the storage life in massive quantities, which has been favorable for the global market.
A few other prominent end-users in the global market include pharmaceuticals, cosmetics and paint. The escalating demand from these industries is touted to add significantly to the market value during the projection period. Mold inhibitors have gradually turned to be a core requirement in the development of bakery and confectionary products and are observing rising demand across households and in commercial establishments. The demand is also being bolstered by the growth in consumer awareness with regard to their health and the rising uptake of healthier eating habits. FDA regulations consider mold inhibitors as part of the natural food ingredient category and these can therefore be added as much as the manufacturers’ desire.
Many of the market vendors prefer adopting strategies such as product development and launch, expansions and acquisitions, to capture a higher business position. To cite a reference, in October 2020, Core Industrial Partners acquired JK Ingredients, a renowned producer of organic, natural and clean label ingredients for baked goods. The deal will enable Core to boost its mold inhibitor product offerings as well as its customer base.
The top market vendors highlighted in the MRFR report include BASF SE (Germany), Kemin Industries, Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), Eastman Chemical Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (the Netherlands), Handary SA (Belgium), Hawkins Watts Limited (New Zealand), Associated British Foods Plc (U.K), Niacet Corporation (U.S.), to mention a few.
The mold inhibitors market has been segmented in terms of type, source, and application.
The types of mold inhibiters in the market are synthetic and natural. The highest demand is registered by the synthetic type as it has a broad applicability range and costs lower than its counterpart. But, considering the rising awareness about the negative effects of synthetic mold inhibitors, the preference for natural types has been growing significantly across the globe.
The key sources discussed in the report are micro-organism, animal, plant, and others. The animal segment is in the lead, due to the cost effectiveness and ease of handling properties.
Some of the top application areas of mold inhibitors include animal feed, foods beverages, cosmetics personal care, pharmaceuticals, and others. Out of these, the foods beverages category is at the top spot, given the rising uptake of mold inhibitors in confectionery and bakery products for longer shelf-life.
The regions wherein the mold inhibitors market is projected to observe growth are Asia Pacific/APAC, North America, Europe, as well as rest of the world (RoW).
North America is presently the market leader, with the United States emerging as the biggest consumer of mold inhibitors. The market growth in the US is the outcome of the high awareness level among people regarding the benefits associated with mold inhibitors, including the ability to boost the products’ shelf-life. The heightened demand for convenience food products and the key manufacturers continuously spending considerably on extensive research and development of advanced technologies to produce innovative mold inhibitors also benefits the North America market.
The APAC market can achieve the fastest expansion rate in the near future, fuelled significantly by the accelerated demand from the developing nations of China and India. Escalating awareness with regard to mycotoxins’ toxic health effects present in mold and the surging uptake of processed food products also foster the market expansion in the region.
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