The use of Thiochemicals in
Food & Beverages has increased significantly. Thiochemicals are a chemical in which the oxygen molecule is replaced by sulfur, resulting in a thio-compound.
Thiochemical compounds are also used in animal nutrition, oil & gas and agrochemicals. The
key factors propelling the growth of the Thiochemicals market in the food &
beverages sector include the rising demand for animal feed to support the
production of various agricultural and animal-based products like eggs, milk,
veal and chicken as well as to improve poultry health. According to Department
for Environment, Food and Rural Affairs, In the UK, in 2020, the value of
poultry meat increased by 5.3% to £2.8 billion, up from £2.8 billion in 2019. The
Thiochemicals Market size is estimated to reach US$1.4 billion by 2027,
after growing at a CAGR of 5.9% during the forecast period 2022-2027.
Thiochemicals Market: Leading Segment in Food & Beverages Market
On the basis of the end-use industry, the Thiochemicals market can be segmented into the transportation, personal care & cosmetics, electrical & electronics, animal nutrition industry, oil & gas, food & beverages, chemical & pharmaceutical, agrochemicals and Others. During the forecast period 2022-2027, the food & beverages segment is expected to grow with a CAGR of 6.4%. Rising global consumption of livestock meat as a result of increased health consciousness and knowledge of its various nutritional properties is thereby driving the thiochemicals market in the food & beverages industry. According to Department for Environment Food and Rural Affairs, In the UK, the food industry grew by 49.4% between 2009 and 2019.
Thiochemicals Market: Leading Region in Asia-Pacific
On the basis of geography, the Thiochemicals market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most prosperous region in the market. In 2022, the Asia-Pacific region held a 42.2% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consuming food products. Food and beverages are thriving due to increased industrialization, a growing population and government support policies. According to the China Chain Store & Franchise Association, the food and beverage (F&B) sector in China reached $595 billion in 2019, up 7.8% from 2018. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030. The Thiochemicals market will also gain demand from the North American region. The U.S and Canada are emerging as competitive countries in the Thiochemicals market.
Thiochemicals Market: Competitive Landscape
Key companies holding major shares in the Thiochemicals market are Arkema Group, Bruno Bock Chemische Fabrik GmbH & Co. KG, Chevron Phillips Chemical Company, Daicel Corporation, Dr. Spiess Chemische Fabrik GmbH, HEBEI YANUO Bioscience Co. Ltd, Hohhot Guangxin Chemical Trade Co. Ltd, Merck KGaA, Taizhou Sunny Chemical Co. Ltd
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