Global Packaging Additive Market Growth Over 2024 will be USD 1.01 Billion

When we pack food, medicine, beverages etc. and for its protection, we use or mix antimicrobial agents, antifog agents, and oxygen scavengers is called Packaging Additive. With the increasing use of processed foods since the 19th century, food additives are more widely used. Many countries regulate their use. For example, boric acid was widely used as a food preservative from the 1870s to the 1920s but was banned after World War I due to its toxicity, as demonstrated in animal and human studies. During World War II, the urgent need for cheap, available food preservatives led to it being used again, but it was finally banned in the 1950s. Such cases led to a general mistrust of food additives and an application of the precautionary principle led to the conclusion that only additives that are known to be safe should be used in foods. In the United States, this led to the adoption of the Delaney clause, an amendment to the Federal Food, Drug, and Cosmetic Act of 1938, stating that no carcinogenic substances may be used as food additives. However, after the banning of cyclamates in the United States and Britain in 1969, saccharin, the only remaining legal artificial sweetener at the time, was found to cause cancer in rats. Widespread public outcry in the United States, partly communicated to Congress by postage-paid postcards supplied in the packaging of sweetened soft drinks, led to the retention of saccharin, despite its violation of the Delaney clause. However, in 2000, saccharin was found to be carcinogenic in rats due only to their unique urine chemistry.

By Hexaresearch Report The global packaging additive market is anticipated to reach USD 1.01 billion by 2024. The increasing demand for the use of additives such as antimicrobial agents, antifog agents, and oxygen scavengers as a result of protecting the packed product such as food, beverages, and pharmaceutical from the external environment is expected to boost the market over the forecast period.

In 2016, Asia Pacific contributed to 28.1% of the overall market in terms of revenue. The market is expected to grow substantially on account of the increasing demand for packed foods and beverages. Moreover, the growth of the pharmaceutical manufacturing sector in the region is expected to augment the growth of the market.

The demand for packaging additives is expected to witness a significant growth on account of the technological development and lower-cost solutions. Moreover, major manufacturing companies are investing heavily in R&D to introduce innovative products and expanding their presence in the global market by increasing their production capacity to meet the required demand.

UV stabilizers were valued at USD 97.8 million in 2016 and are expected to grow on account of its utilization for protecting the packaged material from the external environment such as infrared radiation and ultraviolet radiation from sunlight. Increasing demand for barrier protection solutions is expected to drive growth.

Food packaging dominated the global market in 2016 and projected to grow at a CAGR of 4.4% over the projected period. Additives play a major role in protecting the packed item. In addition, they help in reducing the formation of moisture on the surface which allows a consumer to view the product clearly. Aesthetics play a major role in driving the growth of the market in the application sector.

The pharmaceutical & healthcare segment is anticipated to be the fastest growing application over the forecast period. These additives provide the necessary chemical and physical stability to the packaged product by protecting it from the external environment such as light, oxygen, microorganism and moisture. The increasing demand for these additives due to regulatory pressures and enhanced patient care anticipated to boost the market over the forecast period. The segment is estimated to be worth USD 212.6 million by 2024.

The key players in the global market are Clariant, Adeka Corporation, Amcor, Songwon Industrial Co. Ltd, ALTANA AG, Addivant, Cytec Solvay Group, BASF SE, E.I. Du Pont De Nemours & Company and AkzoNobel.

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