Bleaching Agents Market Projected to Reach $953.8 Million by 2023 | Key Players are BASF, Evonik Industries, AkzoNobel, PeroxyChem, Hawkins, Siemer Milling Company

The report "Bleaching Agents Market by Type (Azodicarbonamide, Hydrogen Peroxide, Ascorbic Acid, Acetone Peroxide, and Chlorine Dioxide), Form (Powder and Liquid), Application (Bakery Products, Flour, and Cheese), and Region - Global Forecast to 2023", The bleaching agents market is estimated at USD 728.6 Million in 2018 and is projected to reach USD 953.8 Million by 2023, growing at a CAGR of 5.5% during the forecast period. This market is driven by factors such as the increase in the consumption of bread and related bakery products along with advancements in technology for flour evaluation.

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In terms of type, hydrogen peroxide is estimated to hold the largest share in 2018.

Based on type, the bleaching agents market has been segmented into azodicarbonamide, hydrogen peroxide, chlorine dioxide, ascorbic acid, acetone peroxide, and others (chlorine, sulfur dioxide, calcium peroxide, and benzoyl peroxide). The hydrogen peroxide segment accounted for the largest share in 2018. 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. Hydrogen peroxide primarily bleaches and purifies food products, which, in turn, helps in improving the color of the food products. It also enhances the shelf-life of the products by sterilizing aseptic packaging containers in the food industry. Hydrogen peroxide is used as a bleaching agent in instant tea, starch, lecithin, colored cheese, whey, beef feet, herring, and in emulsifiers that contain fatty acid esters.

The flour segment, by application, is estimated to account for the largest share of the bleaching agents market in 2018.

Bleaching of flour helps in the weakening of the proteins and maturation of flour in a reduced amount of time and has thereby become a necessity for flour producers. Bleaching compounds help with the contraction of protein molecules in the flour, which enables it to carry more than its weight in sugar and fat, which improves the baking performance during bread making.

On the basis of form, the powder segment dominated the bleaching agents market.

In terms of form, the powder segment accounted for a larger share of the global bleaching agents market in 2018. Bleaching agents, in the powdered form, are the most commonly used by manufacturers, as these are easier to use, especially as raw materials in baking processes as compared to the liquid form.

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The Asia Pacific region dominated the bleaching agents market in 2018.

In 2018, the Asia Pacific led the global market for bleaching agents. 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.

This report includes a study of the marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as BASF (US), Aditya Birla Chemicals (Grasim) (India), Evonik Industries (Germany), AkzoNobel (Netherlands), and PeroxyChem (US).

Other players include Hawkins(US), Siemer Milling Company (US), Gujarat Alkalies and Chemicals (India), Solvay (Belgium), Supraveni Chemicals (India), Spectrum Chemicals Manufacturing Corporation (India), and Engrain (US).

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