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. This market is driven by factors such as the increase in the consumption of bread and related bakery products along with advancements in technology for flour evaluation.
Asia Pacific is projected to be the fastest-growing market for bleaching agents during the forecast period. 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 factors for this is the increase in economic growth and rapid urbanization. The fastest-growing consumer markets such as China, India, and a few other Asia Pacific countries had a combined population exceeding 4.46 billion people as of 2016, according to the Population Reference Bureau. The growing population is one of the important drivers for the growth of the bread industry, due to which the bleaching agents market is projected to grow at a significant rate during the forecast period.
Leading companies are BASF (US), Aditya Birla Chemicals (Grasim) (India), Evonik Industries (Germany), AkzoNobel (Netherlands), and PeroxyChem (US).
Other players include Hawkins(US), Siemer Milling Company (US), Gujarat Alkalies and Chemicals (India), Solvay (Belgium), Supraveni Chemicals (India), Spectrum Chemicals Manufacturing Corporation (India), and Engrain (US).