Wilmington, Delaware, May 02, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Mold Inhibitor Market By Type (Propionates, Sorbates, Benzoates, Parabens, and Others), and Application (Food And Beverage, Animal Feed, Pharmaceuticals, Cosmetics And Personal Care, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global mold inhibitor industry generated $1.3 billion in 2022 and is anticipated to generate $2.4 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.
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Prime determinants of growth
A key global trend in the mold inhibitor market is the increasing demand driven by the growth in the food industry and the rising awareness of food safety. As consumers become more conscious about the quality and longevity of food products, the mold inhibitor market is experiencing substantial expansion. Raw materials in the mold inhibitor market include cereal grains, fats & oils, added vitamins, minerals, and other nutritional sources. The volatile price of these raw materials is expected to hamper the growth of the global mold inhibitor market. The economic growth, changes in lifestyle, population growth, and other structural changes are driving the livestock revolution, and hence supplementing the overall growth of the mold inhibitor market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.3 billion |
| Market Size in 2032 | $2.4 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 249 |
| Segments Covered | Type, Application, and Region |
| Drivers | Growth in the food industry and the rise in awareness of food safety |
| Opportunities | Growth of meat consumption |
| Restraints | Government intervention in usage of feed additives |
The Benzoates segment to maintain its leadership status throughout the forecast period
By type, the benzoates segment held the highest market share in 2022, accounting for more than one-fifth of the global market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the propionates segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032.
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The pharmaceuticals segment to maintain its lead position throughout the forecast period
By application, the pharmaceuticals segment held the highest market share in 2022, accounting for about two-fifths of the global mold inhibitor market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the cosmetic and personal care segment is the fastest-growing segment and is projected to manifest the highest CAGR of 8.5% from 2023 to 2032.
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Asia-Pacific to maintain its dominance by 2032
The Europe region held the highest market share in 2022, accounting for more than one-third of the market revenue, and is estimated to maintain its leadership status throughout the forecast period. In addition, the Asia-Pacific region is projected to manifest the highest CAGR of 7.1% from 2023 to 2032.
Leading Market Players: -
- UPFIELD B.V.
- KITE HILL
- MIYOKO’S CREAMERY
- TOFUTTI BRANDS, INC.
- TREELINE TREENUT CHEESE COMPANY, LLC.
- VTOPIAN ARTISAN CHEESES, LLC
- SAPUTO INC.
- PARMELA CREAMERY
- GOOD PLANET FOODS INC.
- NUTS FOR CHEESE
- ABOVE FOOD INC.
- TYNE CHEASE LIMITED
- BEL SA
- DANONE S.A.
- MAPLE LEAF FOODS, INC.
The report provides a detailed analysis of these key players in the global mold inhibitor market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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