COVID-19 pandemic has made us realize the importance of food & beverage disinfectants more than ever. These sterilizing agents help to remove harmful microorganisms from the consumables. One of the most preferred food sterilizers is hydrogen peroxide. It is used widely in the food & beverage sector fueling the market demand.
The developing food & beverage sector along with a change in the lifestyle of the people is foreseen to uplift the global food & beverage sterilizing agent market during the forecast period. There has been significant growth in supermarkets and retail stores, which are also anticipated to contribute to the market growth. Besides, better living standards, change in food habits, inclination towards a healthy lifestyle, and consumption of healthy food & beverages are some additional factors that are accelerating the demand in the global food & beverage sterilizing agent market. However, the imposition of strict norms and guidelines by the governments and food associations of different countries that restricts the usage of hydrogen peroxide to a certain level resulting in side-effects like gastric distention, vomiting, skin irritation, etc. are estimated to restrict the overall market growth. Nevertheless, companies across the world are working relentlessly on research and development activities to come up with customer-friendly products to eliminate the harmful effects of the ingredients in the sterilizing agents. This is expected to push forward the market growth.
The global food & beverage sterilizing agent market is majorly classified into application, product type, and region. In terms of product type, the market is bifurcated as hydrogen peroxide and peracetic acid. As per the application, the overall market is classified into dairy ingredients, meat & poultry, vegetables and dried fruits, cereals & pulses, and beverages.
In terms of geography, North America is estimated to lead the global food & beverage sterilizing agent market in the future. The dominance of the market is credited to the growing food industry and change in food preference among the people of the region. Additionally, due to hectic lifestyles, people prefer ready-to-eat foods propelling regional growth. The region is trailed by Europe with the second-highest market share with increased disposable income and willingness to try new products for their own food hygiene and safety.
The leading players in the global food & beverage sterilizing agent market are Arkema, Mitsubishi, Hansol Chemical, Steris, Solvay, Evonik Industries, OCI Company Ltd., Peroxy Chem, and Taekwang Industry Company Ltd. The key players are indulging in tie-ups and mergers & acquisitions to sustain their market position. In addition, new players are also investing in this industry especially after the pandemic, tapping on the lucrative opportunity at present. ITC, a packaged goods company launched a new food sterilizing product for household use that disinfects the fresh produce. People are getting attracted more towards such products with a reshaped and reset behavior after hit by the pandemic, resulting in great market sales.