July 14, 2024

Growing Demand From Food & Beverage Industry To Propel Growth Of Peracetic Acid Market

The Global Peracetic Acid Market is estimated to be valued at US$ 1014.03 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Peracetic acid is an organic compound widely used as a sterilizing and bleaching agent. It is produced through an equimolar reaction between acetic acid and hydrogen peroxide. Peracetic acid finds multiple applications across industries such as food & beverages, healthcare, water treatment and others. In the food processing industry, peracetic acid is predominantly used for cleaning, sanitizing and disinfecting food contact surfaces. It is an effective bactericide and fungicide used to control contamination in various food products including meat, poultry, seafood and fruits & vegetables. It eliminates harmful microbes without leaving any toxic residues. Compared to other sterilizing agents, peracetic acid provides better shelf-life to packaged and processed foods. This drives its increasing demand from the fast expanding ready-to-eat food industry.

Market Key Trends:
One of the key trends boosting the Peracetic acid market growth is growing consumption in the meat and poultry processing industry. Peracetic acid usage ensures food safety and enhances shelf-life of meat and poultry products. It is very effective against bacteria such as E.coli, Salmonella and Listeria monocytogenes. Furthermore, rising awareness about food-borne illnesses is prompting meat processing companies to strengthen safety and hygiene measures, driving adoption of peracetic acid-based disinfectants and sanitizers. Peracetic acid’s efficacy, ease of use and environmental friendliness over chlorine-based cleaners have fuelled its uptake in the meat industry. Recent outbreaks of coronavirus have further highlighted the need for robust safety and hygiene protocols in meat processing facilities, providing opportunities for peracetic acid manufacturers.

Porter’s Analysis
Threat of new entrants:
The threat of new entrants in the peracetic acid market is moderate. The presence of stringent regulations for the manufacturing of peracetic acid along with the need for high capital investment pose significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the peracetic acid market is moderate. The rising demand for peracetic acid from industries such as food & beverages and healthcare offers buyers adequate influence over suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Well-established suppliers such as Kemira and Solvay control a major share of global production. However, availability of raw materials from multiple sources limits their influence over buyers.
Threat of new substitutes: The threat of new substitutes is low. While some alternatives exist, peracetic acid provides unique benefits such as enhanced efficacy, lower environmental impact, and cost advantages that restrict large-scale substitution.
Competitive rivalry: Intense competition exists among the top players to gain higher market shares.

Key Takeaways
The Global Peracetic Acid Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand from food & beverages industry for disinfection and sanitation.

Regional analysis: North America dominates the global market, with the US accounting for the major share. Asia Pacific is projected to witness the fastest growth over the forecast period owing to growing meat production in China and India along with rapid industrialization.

Key players operating in the peracetic acid market are Kemira Oyj, Solvay S.A., Promox S.p.A., Evonik Industries, Ecolab Inc., Thai Peroxide Limited, Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC and Diversey Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it