The Global Demand for Bleaching Agents is Increasing Significantly

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. 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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Asia Pacific is projected to be the fastest-growing market for bleaching agents during the forecast period. The major countries with growth potential in this market include China, India, Japan, and Australia. India is estimated to account for a significant share of the Asia Pacific market through 2023. This is an emerging market and hence provides opportunities for the growth of the market.

One of the major restraining factors for the growth of the market is the ban on certain flour bleaching agents such as potassium bromate, potassium iodate, and chlorine in some countries. Recent studies have shown that these agents have an adverse impact on the human health. Thus, the usage of such bleaching agents has been banned by food authorities of countries such as Australia, Japan, Brazil, New Zealand, Canada, the UK, and China.

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Companies such as Evonik Industries (Germany), BASF (US), Solvay (Belgium), AkzoNobel (Netherlands), and PeroxyChem (US) collectively account for a share of more than half of the bleaching agents market. These companies have a strong presence in Europe, North America, and the Rest of the World (RoW). They also have manufacturing facilities across these regions and a strong distribution network.