According to a recent report by Transparency Market Research (TMR), the global food ingredient sterilization market is anticipated to be worth US$452,046.9 by the end of 2024 after being worth US$326,069 in 2016. The market is expected to expand at a 4.2% CAGR between 2016 and 2024.
Given below in the blog post, experts from TMR answer key questions relating to the global food ingredient sterilization market:
The key players within the global food ingredient sterilization market is led by key players such as Balchem, Inc., Safe Spice, Sterigenics International LLC, Croll Reynolds, and Wenda Ingredients, most of which are associated with the provision of specialty products for the food and beverages sector as well as the healthcare sector. Many leading players are associated with products and services that are commonly aimed at sterilization products and devices so as to stay ahead of competition. Experience in sterilization is working in the favor of market players even more than their presence in the food and beverage industry. Players are also anticipated to put their efforts in research and development for the development of better and improved methods of sterilization and newer ingredients, as a key strategy to strengthen their foothold in the global food ingredient sterilization industry.
An increasing number of food product manufacturers are facing issues such as contamination and incorrect processing. Moreover there have been instances of undercooking too, causing issues such as food poisoning. Cases such as these, not only affects the credibility of the brand of food products but also incur huge financial losses. Thus, there is an increasing demand for food ingredient sterilization and manufacturers of food products increasingly understand the advantages of these solutions. Not only bacteria is eliminated from food products if it is cooked improperly but also, the shelf life is increased due to sterilization. This is driving the demand for sterilization and the market is expected to prosper in the coming years as an increasing number of people are becoming more aware of the side effects of contaminated food products.
The global food ingredient sterilization market faces a challenge in the form of low awareness that consumers, especially from underdeveloped countries hold towards sterilization processes and ingredients. This is discouraging manufacturers of food products to adopt these processes as it has no impact whatsoever on the sales and revenue. The complicated process of using sterilization equipment is also a challenge for the growth of this market. In addition to this, increasing number of malfunctioning equipment may have a negative impact on demand.