Mold inhibitors are agents used in preservation of feeds and grains to extend its shelf life. The formulations of these agents have been designed to lower mycotoxin production with low wear and tear on farming equipment. The global mold inhibitors market report by Market Research Future (MRFR) contains pertinent drivers and challenges to be faced coupled with upcoming trends for farmers, livestock producers, and feed manufacturers for the period of 2018 to 2023 (forecast period).
The global mold inhibitors market is predicted to expand at 3.3% CAGR over the forecast period. Changing habits of consumers due to sedentary lifestyles and awareness of such agents to extend the life of convenience foods are likely to drive market growth. Massive demand for meat meat products, bakery confectionery products, foods beverages, and convenience foods can spike its demand in the coming years.
The use of label-friendly mold inhibitors can attract end-users in food beverages, paints, pharmaceutical industries and many more. This can invoke trust among consumers due to manufacturers being transparent about their ingredients and drive product sales. High demand for food preservatives and development of new products will create new growth opportunities for the global mold inhibitors market.
Eastman Chemical Company, E. I. du Pont de Nemours and Company, BASF SE, Associated British Foods Plc, Hawkins Watts Limited, Niacet Corporation, Kemin Industries, Inc., Archer-Daniels-Midland Company, Koninklijke DSM N.V., and Handary SA are noteworthy players of the global mold inhibitors market. The competition is intense in nature and strategies of novel product launches and expansions are major strategies for sustaining their hold in the market.
The global mold inhibitors market is segmented by type, source, and application.
On the basis of the type, it is segmented into natural, and synthetic. Among the both, the synthetic type had dominated the market owing to its wide range of products and economical cost. However, the increased awareness on the side-effects of synthetic mold inhibitors is likely to trigger a demand for natural mold inhibitors. The natural segment can gain mold inhibitors market share in the coming years due to opportunities in the food beverage industry.
By source, it is segmented into micro-organism, plant, animal, and others. The animal segment is dominating the market. But the economical prices and ease in handling have propelled the demand for plant-derived mold inhibitors.
Applications in the global mold inhibitors market are cosmetics personal care, foods beverages, animal feed, pharmaceuticals, and others. Among all, the foods beverages segment can dominate till 2023 owing to the high use of mold inhibitors in bakery and confectionery products for extending its shelf-life. Moves by the food beverage industry for clean labeling solutions will fuel the segment growth.
The global mold inhibitors market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to dominate the global market due to consumption of packaged and on-the-go goods. The U.S. can contribute for a large share of the region owing to awareness of mold inhibitors among the masses. Inclination towards natural mold inhibitors is expected to bode well for the global market demand in the coming years. Manufacture of feeds for livestock will be pivotal for mold inhibitor manufacturers.
APAC is the second-biggest region of the global mold inhibitors market. This can be credited to its demand by bakery confectionery manufacturers in Japan, China, and India. Awareness of the effects of mycotoxins and consumption of processed food products are growth drivers of the market. Demand for food preservatives can likely influence the market.
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