Increasing adoption of water treatment plants along with growing awareness of maintaining hygiene in food and beverage industry are majorly driving the growth of the global hypochlorous acid market.
The Global Hypochlorous Acid Market was estimated at USD 1.13 billion in the year 2020, and is expected to reach USD 1.36 billion by 2027. The market is growing with a CAGR of 2.7%, in the forecast period (2017-2027).
The major factor attributing to the growth in hypochlorous acid market is the rising demand for disinfecting and oxidizing agents in order to provide quality water. The rising cases of waterborne diseases is rapidly increasing the need for water treatment across the globe. According to the WHO, waterborne diseases is the primary cause of death and accounts for more than 3.4 million deaths every year across the globe. Hypochlorous acids (HOCI), especially sodium hypochlorite is widely accepted as an oxidizing agent in wastewater treatment. Hypochlorous acid helps in eliminating algae, bacteria and viruses from the untreated water and thus help in reducing water borne diseases. In addition, they are also added to industrial waste water to reduce odours. Owing to this, hypochlorous act serve as an indispensable material used in water treatment processes. Thereby, the rising awareness to recycle waste water along increasing waste water treatment plants in several economies is prominently driving the hypochlorous acid market.
Moreover, the rapid increasing application of hypochlorous acid in food & beverage industry is also blooming the hypochlorous acid market. The Centers for Disease Control and Prevention (CDC) estimates 48 million people in U.S. people get sick among which 128,000 get hospitalized, and 3,000 die from foodborne diseases every year. Therefore, the rising cases of foodborne diseases has raised safety concerns among consumers and food producers. Hypochlorous acid helps in eliminating all known fungi, bacteria, yeasts, spores and viruses and thereby is commonly used in sanitising several food products such as fruits, vegetables and meat. In addition, it is also used for disinfecting food processing equipment and offer improved Cleaning-In-Place (CIP) of the food-processing environment. Thus, HOCI act as profitability and productivity enhancing quality assurance tool that helps in achieving optimization in food processing plants. Owing to this, there has been rising demand of HOCI acid from food & beverage industry which is thereby driving the hypochlorous acid industry.
Impact of COVID-19 on Hypochlorous Acid Market
The Covid-19 outbreak has majorly impacted several economies across the globe. According to WHO, as of 6 August 2021, there have been 200,840,180 confirmed cases of COVID-19, which includes 4,265,903 deaths across the globe. This high infection rate has created the need for disinfectants and sanitising products that will effectively suppress the virus and help in keeping people safe. Hypochlorous non-toxic acid which is safe for environmental and human use. It’s cost-effective and flexible applicability makes it suitable choice of disinfectant in indoor settings on a regular basis. Additionally, HCQI has been approved by several regulatory bodies as a disinfecting agent in many economies. For instance, in August 2020, Australian Therapeutic Goods Administration (TGA) has approved the use of HOCl as a disinfectant against COVID-19. Further, in June 2020, the Ministry of Health, Labour and Welfare (MHLW), along with, the Ministry of Economy, Trade and Industry (METI) and the Consumer Affairs Agency (CAA) has released a study "Disinfection and Sanitization against COVID-19" which has recommended the use hypochlorous acid solutions as a disinfecting agent in fighting COVID-19. All the aforementioned factors are immensely driving the growth of hypochlorous acid market.
Global Hypochlorous Acid Market by Region Outlook (Revenue, USD Billion, 2017-2027)
Based on region, the Asia Pacific is expected to be the fastest growing region in the hypochlorous acid market during the forecast period. This region is mainly driven by the rising rate of water pollution in this region. Major economies in the region such as China and India are among the largest manufacturing hubs and therefore, are major water polluters in the world. Owing to this, there are stringent regulations implemented by government in many economies for the adoption of wastewater treatment, which is thereby impacting the demand for hypochlorous acids. In addition, rapidly growing food and beverage industry along with growing awareness of hygiene is also propelling the demand for hypochlorous acid in the region. Further, increasing prevalence of adult acne among the Indian population is also a major factor contributing in driving hypochlorous acid industry in the region. Therefore, all these factors are positively attributing in driving the hypochlorous acid industry in this region.
The Global Hypochlorous acid Industry Segmentation:
Global Hypochlorous Acid Market Form Outlook (Revenue, USD Billion, 2017-2027)
Global Hypochlorous Acid Market Product Type Outlook (Revenue, USD Billion, 2017-2027)
Global Hypochlorous Acid Market Application Outlook (Revenue, USD Billion, 2017-2027)
Global Hypochlorous Acid Market End-Use Industry Outlook (Revenue, USD Billion, 2017-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the hypochlorous acid market are:
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