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(Health-NewsWire.Net, August 04, 2021 ) The bleaching agents market was valued at USD 692.6 Million in 2017 and is projected to grow at a CAGR of 5.5% from 2018, to reach USD 953.8 Million by 2023.
The market size of bleaching agents includes both, the valuation of existing bleaching agents and incremental revenue year-on-year. The global demand for bleaching agents is increasing significantly due to the rising demand for bread and bread-related products, growing urban population, increasing disposable income, and the technological advancements in flour quality assessment.
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Based on type, the hydrogen peroxide segment is projected to hold the largest share, in terms of value, of the global market. In the food & beverage processing industry, it is commonly used as a peroxygen agent in products such as flour, bakery foods, natural sugars, natural oils, waxes, gums, and starches. The US Food and Drug Administration (FDA) confirmed the generally recognized as safe (GRAS) status of hydrogen peroxide as a direct ingredient used in food products.
The powder segment, by form, accounted for a larger share of the global market in 2017. The powdered form of bleaching agents, which include ascorbic acid, hydrogen peroxide, and potassium bromates, has a longer shelf-life and is usually stable for many years when stored at room temperature. Furthermore, technological advancements have led to increased usage of powdered bleaching agents as the dosing is easier than the liquid form. AkzoNobel N.V. (Netherlands) and Aditya Birla Chemicals (India) are among the major players offering powdered bleaching agents in the market.
The flour segment, by application, accounted for the largest share of the market in 2017. Bleaching agents are used for whitening flour, as freshly milled flour has a slightly yellowish color as it contains carotenoids. Additionally, bleaching oxidizes the surface of the flour and promotes its gluten-producing potential. Bleaching of flour helps in the weakening of the proteins and maturation of the flour in a reduced amount of time and has thereby become a necessity for flour producers. Some of the most common flour bleaching agents include hydrogen peroxide, benzoyl peroxide, and chlorine dioxide.
The market for bleaching agents in the Asia Pacific region is projected to be the largest, globally; one of the factors for this is the increase in economic growth and rapid urbanization. The fastest-growing consumer markets such as China, India, and a few other Asia Pacific countries had a combined population exceeding 4.46 billion people as of 2016, according to the Population Reference Bureau. The growing population is one of the important drivers for the growth of the bread industry, due to which the bleaching agents market is projected to grow at a significant rate during the forecast period.
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Key participants in the market include bleaching agent manufacturers, suppliers, and regulatory bodies. The key players that are profiled in the report include BASF (US), Aditya Birla Chemicals (Grasim) (India), Evonik Industries (Germany), Hawkins. Inc (US), Siemer Milling Company (US), Gujarat Alkalies and Chemicals (India), PeroxyChem (US), Solvay (Belgium), Supraveni Chemicals (India), Spectrum Chemicals Manufacturing Corporation (India), Engrain (US), and AkzoNobel (Netherlands).
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