Butylated hydroxytoluene market size from food applications to cross USD 90 million by 2025
Driven by escalating demands for synthetic antioxidants across global food and cosmetics sectors, the global butylated hydroxytoluene market is currently on the verge of witnessing an appreciable amount of growth in forthcoming years. Increasing investment in the food and personal care products manufacturing industry will impel the market trends.
U.S. Butylated Hydroxytoluene Market Size, By Application, 2018 & 2025, (Kilo Tons)
Butylated hydroxytoluene (BHT) is a compound that impedes autoxidation of any unsaturated organic compounds, furthering their shelf lives be a substantial margin. Owing to these properties BHT is commonly used as a preservative to prevent oxidation as well as free radical formation.
In U.S., Food and Drug Administration categorized BHT among Generally Recognized as Safe (GRAS) additives, which permits the compound its widescale adoption across the food processing industry. Attributing to the GRAS tag, today BHT is utilized as a preservative across a wide variety of foods, including preserved meat products, and chips. In this, regard, growing preference for BHT as additive and food preservative is slated to accelerate product demand across U.S.
Nowadays, owing to the hectic work schedules, people have been preferring packaged food. This trend, subsequently, is turning the working population towards processed food products as they are readily available across supermarkets and do not require cooking or any other preparations to be consumed. Such a growing trend is expected to become a major growth driving factor for the food-grade preservatives industry and by extension, butylated hydroxytoluene (BHT) market.
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According to the Food and Agriculture Organization of the United Nations, the antioxidant properties of BHT also give it an entry into the global animal feed industry. BHT, among others, is commonly used across the animal feed sector to prevent oxidation of feeds as well as feedstuffs.
BHT prevents the rancidity of fats contained in the feedstocks while also inhibiting the destruction of amino acids, vitamin E, D, and A; ensuring that animal feeds maintain their nutritional value. These capabilities have allowed BHT to draw in revenues from the commercial fish food sector over the last two decades.
Moreover, BHT is currently considered as the most efficacious antioxidant utilized across the animal feed industry, which would enable the BHT market to bring in further revenue growth from the animal feeds segment over the forecast timeframe.
In addition to food industry, rising BHT usage in the cosmetic industry has also strengthened butylated hydroxytoluene industry outlook. BHT boasts of a widescale adoption across the global cosmetics industry as an antioxidant and preservative that allows cosmetic products significantly longer shelf lives. Escalating demand for skincare products is projected to majorly drive adoption of BHT in the cosmetics industry.
According to the 2018 L’Oréal annual report, the skincare segment has consistently showcased distinguished growth as compared to other beauty products, frequently outperforming them by a sizable margin. For instance, the L’Oréal annual report highlighted that the skincare segment grew by approximately 9% in 2018 with North American (20%) and Asia Pacific (55%) accounting for a majority of the industry’s share.
Changing climate conditions brought on by global warming is factored in as a prominent growth provider for skin care products. The rapid expansion of upper middle classes across the world, specifically Asia, are some other factors fostering cosmetics industry expansion and the BHT industry share in turn.
All in all, attributing to the integral role it plays across the aforementioned high-revenue industries, BHT is expected to witness further demand as a preservative and an antioxidant. In fact, according to a Global Market Insights, Inc., research report, the butylated hydroxytoluene market size is slated to surpass an overall valuation of $380 million by 2025.
Author Name : Akshay Kedari
North America soy chemicals market to emerge as a pivotal regional contender over 2018-2024, escalating demand for soy-based food products and medicines to fuel the industry expansion
Pertaining to the surging importance of soybean pertaining to its many medicinal benefits, soy chemicals market has emerged as one of the most profitable spheres of the healthcare cosmos. Experts assert that the consumption of soy can lead to a reduction in cardiovascular diseases, breast cancer, as well as cosmetic and dermatological problems. In addition, soy injections help patients with diabetes mellitus to improve metabolism. Considering the nutritional benefits of soy, most of the nutritionists have been encouraging the consumption of soy and its food derivatives that has resulted in the demand upsurge for soy-based drugs and food products on a large scale. On these grounds, several medical companies have been developing soybean oil-based medicines, providing a push to soy chemicals market trends.
U.S. Soy Polyols Market Size, By Application, 2017 & 2024, (Kilo Tons)
Nowadays, several restaurants and food companies have been making tall claims about having incorporated heart-healthy oils in their products such as dressings, bottled oils, baked goods, snacks, and dips to attract more consumers who have been trying to reduce the inclusion of saturated fat in their diet. The U.S. is one of the largest producers of soybean, accounting for more than 30 percent of worldwide production. In America, soybean is one of the most used ingredients owing to its health potential. In this regard, the U.S. Food and Drug Administration (FDA) has been providing suitable support to pharmacies and biomedical companies that have been involved in the development of soybean oil-based medicines for reducing the risks associated with coronary heart disease and cancer.
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Recently, the agribusiness and food ingredient company, Bunge North America received an approval from the U.S. FDA for its claim related to the consumption of soybean oil and its connection to coronary heart diseases. With its versatile portfolio, Bunge is continuously striving to disseminate the importance of soybean oil and its health benefits. Moreover, facilitated with in-depth scientific and clinical research, Bunge is looking forward to strengthening its business with strategic acquisitions and joint ventures. The growing North America soy chemicals industry is slated to generate such attractive business opportunities for players such as Bunge over the years ahead. Indeed, driven primarily by Canada, U.S., and Mexico, North America soy chemicals market, claim estimates, will register a CAGR of more than 5% over 2018-2024.
In order to target the leading consumers of soybean and its food products, globally renowned companies have been establishing suitable partnerships to commercialize their activities by reducing import costs. Validating the aforementioned fact, on February 2018, Cargill and Archer Daniels Midland company formed a JV to supply soybean meal and oil across Egypt. This JV has also acquired the crush plant of the Egypt based oil company located in Borg Al-Arab. In addition, Cargill also has been investing to expand its daily crush capacity from 3000 metric tons to 6000 metric tons with which it will decrease the soybean meal imports in Egypt. This strategy will help Cargill to expand its business across Egypt and North Africa to enhance its customer base by supplying affordable, safe, and healthy food. With the adoption of such business tactics, the players in the soy chemicals market are aiming to utilize their existing facilities and infrastructure in order to meet the growing regional product demand.
The increasing popularity of soybean oil and its byproducts among the manufacturers of consumer and industrial products over petroleum and other hazardous ingredients is slated to stimulate the industry trends over the years ahead. In addition to medicinal usage, the deployment of soybean products for manufacturing coatings, plastics, solvents, adhesives, rubber, and lubricants will also have a positive influence on business growth. Driven by the rising number of facility expansions, soy chemicals market size is anticipated to be pegged at USD 44.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Magnesium phosphate market to gain extensive proceeds from pharmaceutical sector, global share to hit USD 1.5 billion by 2024
Powered by a rather lucrative application prospect in agricultural and pharmaceutical domains, magnesium phosphate market has witnessed remarkable proceeds over the recent years. Testament of the fact is the billion-dollar valuation pegged by the market in 2017. A large credit of this goes to the technological advancements in medicinal sector that has significantly upscaled the product utilization as a DNA carrier in modern drugs. Moreover, extensive utilization of fused magnesium phosphate in fertilizers and water treatment applications has further boosted overall magnesium phosphate industry demand. For the records, the typical nutrient content in fused magnesium phosphate fertilizers is almost 20%, that gives it a competitive edge over other synthetic fertilizers. With the growing necessity of maintaining an optimum phosphorous content in soil, magnesium phosphate industry stands to gain immensely from fertilizer applications over the ensuing years.
North America Magnesium Phosphate Market, By Product, 2017 & 2024, (Kilotons)
Nutritional deficiency, of late, has become a subject of discussion in the field of medical science, having been claimed as an important determinant triggering widespread epidemic of chronic diseases. Magnesium being a vital component of the nutrition chain has generated a substantial momentum in terms of its demand graph worldwide, particularly in the pharmaceutical space. The ongoing research programmes focusing on the harmful impact of magnesium deficiency and the subsequent requirement for magnesium repletion have created a considerable product demand worldwide.
As per reliable studies, magnesium deficiency has been cited as a root cause of many of the mental and physical ailments, driven by which magnesium phosphate market has strongly established its stance in the pharmaceutical sector. Magnesium is claimed to be fourth common mineral in human anatomy after calcium, sodium, and potassium and is involved as a cofactor in over 300 enzyme systems. The product is highly necessary for effective biomedical functioning of multiple metabolic pathways. Significant advancements in biomedical sector, particularly in the field of osteoporosis and arthrodesis, have also allowed magnesium phosphate industry to collect copious monetary benefits, given the product’s extensive deployment in bone graft substitutes.
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As per a recent review by American Osteopathic Association, optimum magnesium level has been cited as an important prerequisite for Vitamin D in the body to be metabolized. According to the study, Vitamin D supplement can increase a person’s phosphate and calcium level which may lead to vascular calcification, if the magnesium level in the body is not high enough. It has been also affirmed by the scientists that optimum magnesium level requires less vitamin D supplementation for achieving sufficient Vitamin D levels. Not to mention, these kinds of research projects have substantially boosted the penetration of magnesium phosphate market in clinical healthcare.
Regionally, the magnesium phosphate market drift has been quite commendable across the United States, with heavy applications in pharmaceutical sector. The increasing geriatric population base which has been heavily spending in orthopaedics and dental care has been one of the vital contributors to the regional magnesium phosphate market growth. As per the estimates by CDC, arthritis incidence in the United States is estimated to surpass 78.4 million by 2040. With U.S. at the growth front, overall North America magnesium phosphate industry procured 15% of the global share in 2017 and is estimated to register a CAGR of 3% over 2018-2024.
Despite encompassing such a lucrative end-use landscape, one of the major challenges being faced by the market players is the supply demand gap in the business model. Historically, magnesium phosphate is manufactured by melting serpentine rock and phosphate rock together. Now, uneven geographical distribution of these phosphate rock reserves is somewhat hampering the production rate across some of the regions, while the increasing product demand is prompting manufacturers to go for substitute development alternatives. However, in a bid to combat the production challenge, companies are heavily investing in R&D projects to bring forth innovative approach in the production process.
All in all, with the shifting governmental as well as consumer focus toward healthy lifestyles, magnesium phosphate industry demand is poised to uptick considerably. What remains to be seen is how the emerging economies such as India and China exhibit progressions pertaining to the magnesium phosphate demand graph. The favorable socio-economic conditions in these geographies is certainly going to push the magnesium phosphate market demand, particularly in the food and agriculture sectors. As per a market assessment report by Global Market Insights, Inc. APAC magnesium phosphate industry, led by China and India, is forecast to exceed USD 700 million by 2024.
Author Name : Satarupa De
Iron phosphate market to record hefty proceeds via applications in healthcare & electric vehicle sectors, global share to surpass USD 700 mn by 2024
With unprecedented technological and chemical advancements in the last few decades, the iron phosphate market has captivated a slew of industry verticals including agriculture, manufacturing and consumer goods. Iron Phosphate (FePO4) is an extremely useful inorganic compound that can be functional in organic farming as a pesticide ingredient, in children’s food as a nutrition fortifying component and as an additive in other food or beverage product. Extensive research and development activity instigated by pharmaceutical giants has shaped a critical customer base for the FePO4 compound, bolstering the global iron phosphate market. Earning an impressive USD 520 million in 2017, the remuneration contributed from applications in agricultural and health sectors can be ascribed to the rising population, which is certainly invigorating the iron phosphate industry.
Global Iron Phosphate Market, By Product, 2017 & 2024, (Kilotons)
It is estimated that world population has surpassed 7.6 billion in 2018 and is straining the agro-based industries, which toil to meet the extraordinary demand for food and other consumables. The increasing need for boosting the agricultural produce has coerced efforts for the improvement of arable land and protecting fields against harmful organisms, imposing the necessity of the iron phosphate market in fertilizer and pesticide sectors. Further in the food segment, higher disposable income has led to a surge in expenditure on powdered drinks, dietary supplements and cereals which are enriched with the addition of FePO4. Fortification using FePO4 is quite beneficial for supplying nourishment to people suffering from iron loss or iron deficiency occurring from continuing external blood loss or when daily food intake does not satisfy the body requirements. Subsequently, progression of the iron phosphate industry can be observed due to augmented utilization of FePO4 in iron supplements given to anemia patients for preventing any further losses of red blood cells.
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As the healthcare industry is attempting to cope with increasing prevalence of diseases caused by nutritional deficiency as well as other chronic disorders, the iron phosphate market can be expected to undergo a tremendous transformation. Stating the evolution of the iron phosphate industry, a large number of pharmaceutical companies are coming up with ways to infuse FePO4 in treatments for lowering fibroblast growth factor 23 (FGF23), which is an important biomarker of chronic kidney disease. An oral iron-based phosphate binder, Ferric citrate was recently found to reduce FGF23 levels in non-dialysis dependent chronic kidney disease (NDD-CKD) patients and also in people suffering from iron deficiency anemia. A potent oral solution for iron deficiency anemia in patients suffering from NDD-CKD, which is also capable of lowering FGF23, will be vital in managing the disease and is indicative of the massive potential of the iron phosphate market.
In terms of manufacturing processes, pretreatment for coating and painting forms an integral part of iron phosphate industry’s application gamut. FePO4 coating has been in practice for more than 50 years, as it provides a better paint adhesion and reduces the rusting of a metal. Generally, iron phosphate coating solutions have a low initial investment cost and are preferred in conversion coating of most indoor equipment that are not exposed to high risk of corrosion. They are also vastly utilized for base coating of a surface before painting in residences to improve the longevity of the paint. The use of FePO4 in crucial stages of iron and steel production and the rapid expansion of residential construction taking place across the world will further propel the iron phosphate market.
The future prospects of the iron phosphate industry cannot be completely described without the mention of its relevance in the electric automobile industry. An exceedingly trending area of product development is the lithium-ion battery, which are critical in the operations of an electric car and majority of consumer devices. Lately, lithium-iron phosphate (LiFePO4) batteries are being produced which show better characteristics than the those made with metal oxides. Soon they will be adopted commonly is electric vehicles and many companies in the iron phosphate market are scuttling to develop low-cost, long-lasting and highly efficient LiFePO4 batteries.
A report was released by UBS predicting that by 2025, the worldwide sales of electric vehicles will reach 16.5 million and approximately every sixth car sold will be an electric one, demonstrating a prolific revenue stream for the iron phosphate market. The lithium-iron phosphate batteries also have a wide range of benefits in grid stabilization, lasers, power tools also in aviation.
All in all, the iron phosphate market is collectively enhanced by a multitude of segments and is projected to witness a growth rate of more than 5% from 2018 to 2024. Exhibiting a fragmented and competitive nature, the industry is comprised of local and international suppliers like Merck, Jost Chemical Co., Imperial Chem Corporation, Crest Industrial Chemicals and Hefei Asialon Chemical Co. Ltd.
Author Name : Pankaj Singh
Rapid expansion of manufacturing sector to increase sodium bicarbonate market share over 2019-2024
Sodium bicarbonate market has recorded increasing returns over the recent years due to expansive use of the compound in manufacturing, food & beverages, agrochemical and various other industries. In the manufacturing sector a massive demand for sodium bicarbonate has been created due to its use as a soft abrasive blasting medium. Expanding demand for convenience foods has created a steady growth scope for sodium bicarbonate industry as well, reshaping the market outlook rapidly.
U.S. Sodium Bicarbonate Market Size, By End-User, 2013 – 2024 (USD Million)
The expanding manufacturing sector has significantly supplemented sodium bicarbonate market trends. According to most recent data, manufacturers have been noted to contribute $2.38 trillion to the U.S. economy in the fourth quarter of 2018. Manufacturers in the U.S. perform 64 percent of all private-sector research and development in the country, bringing forth more innovation than any other sector. R&D in the manufacturing sector has risen from $132.5 billion in 2000 to $252.0 billion in 2017. Such actions not only have profound economic implications but are also slated to help the expansion of sodium bicarbonate market as increased manufacturing activities necessitate the use of the compound for abrasive blasting as well as for cleaning and maintenance of machinery.
Iron and steel manufacturing is one such sector that will contribute considerably in augmenting sodium bicarbonate market size. Granulated soda ash is a high-quality product which is used in the steel sector to eliminate Sulphur from iron ore, smoothen blast furnace operations, and give fluidity to slag during the manufacturing of iron and steel.
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According to the European Steel Association, steel consumption was up 1.3% in 2017 to 159 million tons. Indexed steel use in automotive was up by 3.7%, in construction by 4.8%, in mechanical engineering by 6% and by nearly 7% in tubes. The figures represent a steady growth in consumption of steel. Similar growth patterns are expected to be witnessed by steel manufacturing sector which will also proliferate Europe sodium bicarbonate market share in the coming years. According to a research report compiled by Global Market Insights, Inc., Europe sodium bicarbonate market revenue is expected to exceed $400 million by 2024.
The food industry is yet another major consumer that has added impetus to sodium bicarbonate market growth. Sodium bicarbonate is used as a leavening agent in most baked goods that include quick breads, cookies, cakes, rolls etc. Evolving lifestyles across the globe have left less time for cooking which in turn has added a significant stimulus to the demand for ready mix cakes.
In 2015, $27.46 billion was collected from the retail sale of bread and baked goods in the U.S. Considering the fact that the U.S. is one of the largest consumers of baked products, this trend is expected to hold true in the coming years and lead to significant growth in the sodium bicarbonate market. In fact, food and beverage sector is expected to contribute more than $450 million to sodium bicarbonate industry over the forecast timeline.
Notable participants of the sodium bicarbonate industry are undertaking efforts that will expand their footprint in the market. For instance, Tata Chemicals Europe (TCE) is building the first industrial-scale Carbon Capture and Utilization (CCU) Demonstration Plant in the UK, which will decrease its carbon emissions while ensuring a secure and maintainable supply of carbon dioxide. It is the first one of its kind large-scale CCU project in the UK and also marks itself as world’s first in trapping and refining carbon dioxide from power generation facility emission gases to be utilized as a key raw material to produce high purity sodium bicarbonate. TCE already exports 60% of its sodium bicarbonate to more than 60 countries throughout the globe. Many other companies are also toiling to penetrate sodium bicarbonate market by expanding their business globally.
Another effort to reinforce foundation in sodium bicarbonate industry has been depicted by CIECH Group. CIECH has started a number of initiatives aimed at increasing the efficiency of production in the soda business. The company has invested approximately PLN 40 million in the plant in Inowrocław which will increase its production capacity by 50,000 tons of soda ash per year and reduce the cost of production of baking soda or sodium bicarbonate. Businesses are also implementing collaborations, acquisitions, market flotations etc. as a part of their growth strategies to increase their revenue share in sodium bicarbonate industry.
Various companies are toiling to gain substantial revenues in sodium bicarbonate market as the compound is a high margin product targeted that can target various industrial segments. The growth of contributing sectors like iron and steel, food and beverage, glass etc. will also push the revenue graph of sodium bicarbonate industry. Sodium bicarbonate market size is expected to reach $2 billion by 2024.
Author Name : Anchal Solanki
Nutraceutical industry to primarily drive carotenoids market size over 2016-2024: Global revenue to surpass USD 300 million by 2024
Rampant application of carotenoids across food & beverages, cosmetics, pharmaceuticals, and animal feed industries has fueled carotenoids market size. According to Global Market Insights, Inc., “Global carotenoids market share is projected to surpass USD 300 million by 2024.” Heavy use of carotenoids in the nutraceutical industry, owing to its positive effect on immune & cardiovascular system are expected to boost the carotenoids industry trends over the coming years. Higher spending on medical & healthcare insurance services along with the growing life expectancy of aging population is further expected to stimulate the global industry size over the next few years. Carotenoids act as a main precursor for amino acids in animal feeds and possess anti-oxidative characteristics, further enhancing its demand across animal feed additives market.
U.S. Carotenoids Market size, by product, 2015 & 2024 (USD Million)
Major carotenoids products comprise lycopene, beta-carotene, astaxanthin, lutein, and canthaxanthin. Beta-carotene industry size worth USD 40 million in 2015, is forecast to register an annual growth rate of 4% over the coming seven years. Heavy product demand can be attributed to its increasing usage as an essential ingredient in diets, to avoid ailments pertaining to the eyes, heart, and skin. Canthaxanthin, which contributed towards nearly 10% of the global carotenoids market share in 2015, is projected to witness a high surge over the next few years due to rising consumer preference for bakery items, snacks, breakfast cereals, fruits, and baby ingredients. Moreover, its extensive usage across cosmetics industry due to its anti-tanning properties will further stimulate the product demand over the coming years.
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Lutein is another major carotenoid product, forecast to witness a substantial growth in the near future. The growth will primarily be driven by its high demand across pharmaceuticals, food, dietary supplements, nutraceuticals, and animal feed applications. Lycopene industry worth USD 15 million in 2015, is expected to grow considerably over the next few years due to its high application in cosmetics and pharmaceuticals sectors.
Shifting focus of consumers towards natural products has pushed growth of natural carotenoids market. Natural carotenoids industry size is expected to register a CAGR of 4% over the period of 2016-2024. The other prominent extraction of carotenoids is from the synthetic sources. Synthetic carotenoids market dominated the source landscape with a market value of USD 190 million in 2015. Low production cost and easy availability of synthetic resources will boost its industry share over the forecast timeframe.
Carotenoids market size in food & beverage sector is anticipated to grow substantially over the forecast period, owing to its large-scale application as food additives globally. Animal feed sector, which accounted for nearly 30% of the overall carotenoids market share in terms of volume, is projected to grow considerably over the coming years. The growth can be credited to its high nutrient content and improved taste. Growing consumer preference towards healthy meat appearance is expected to boost the carotenoids industry growth.
LATAM carotenoids market is expected to witness a considerable growth over 2016-2024, owing to changing lifestyles, rise in per capita income, and high consumer awareness about the benefits of product use. Argentina, Peru, Brazil, and Chile are expected to be the key growth drivers of the region.
Europe carotenoids industry will witness a substantial surge over the coming years due to the rapidly expanding food sector along with heavy product use as food coloring agent. Russia, Germany, Italy, and France are likely to be the key revenue pockets of the region.
Middle East & Africa carotenoids market is projected to witness a significant growth over the next few years, owing to rise in the aging population as well as high demand for the product across health supplements sector.
Market players will try to enhance their share by adopting business strategies such as product differentiation and high R& D investments. Key carotenoids industry players include Cyanotech Corporation, Allied Biotech Corporation, Chr. Hansen, Divis Laboratories Limited, D.D. Williamson, and Naturex Company.
Author Name : Dhananjay Punekar