The peracetic acid market is set to record robust growth by 2027 on account of increasing focus on safety and hygiene standards in the global food & beverage industry.
Peracetic acid (PAA) is an organic acid, which is commonly used as a disinfectant across several industries, including pharmaceutical, food & beverage, medical, and water treatment, among others. It is extensively used to sterilize products, devices, and containers that are used in production facilities. Growing emphasis on hygiene in the production process due to the ongoing COVID-19 pandemic, along with surging demand for effective disinfectants and sanitizers, has accelerated product adoption in recent years.
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Furthermore, industry players are engaging in lucrative strategies to strengthen their foothold in the emerging market, which has enhanced the overall business outlook. For instance, in August 2020, Ecolab Inc., a prominent food safety solutions provider, launched its novel no-rinse sanitizer, dubbed Ecolab SynergexTM, which was the first ever product of its kind to receive approval from the U.S. Environment Protection Agency (EPA) attributable to its efficacy against biofilms, a complex population of bacteria, on hard and non-porous food contact surfaces.
In another instance, in February 2020, Evonik Industries, a leading specialty chemicals manufacturer, completed the acquisition of PeroxyChem LLC, a major chemical manufacturing company. The deal was intended to expand Evonik's product portfolio with the integration of PeroxyChem's well-positioned business for peracetic acid and hydrogen peroxide.
The peracetic acid market has been bifurcated on the basis of end-user, product, and region. With respect to end-user, the market has further been segregated into water treatment, agriculture, food & beverage, medical, and pulp & paper bleaching.
The food & beverage sub-segment is projected to amass notable gains by 2027, registering a CAGR of approximately 9.5% over the estimated timeline. Prevalent usage of peracetic acid in the food industry as a disinfectant as well as to prevent the growth of microbes in the production facility is likely to augment segmental growth in the coming years.
The medical sub-segment is set to witness steady growth through 2027. Extensive industrial applications of peracetic acid for removing surface contaminants (mainly proteins) from endoscopic tubes are anticipated to support segmental development over the following years.
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On the regional spectrum, the Middle East & Africa peracetic acid market is slated to progress at a CAGR of around 8.0% through the study timeline to reach a notable valuation by the end of 2027. The booming food & beverage industry in the MEA region is likely to fuel the demand for peracetic acid in the forthcoming years. In 2020, the food & beverage industry in the MEA region generated a sizable revenue of about USD 405 million and is anticipated to expand at over 11.7% CAGR through the forecast period.