Deodorization Systems Market Worth $4.3 Billion by 2023 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, November 15, 2018 /PRNewswire/ --
According to the new market research report "Deodorization Systems Market [https://www.marketsandmarkets.com/Market-Reports/deodorization-system-market-261682843.html ] by Edible Oil (Palm, Soybean, Sunflower, Groundnut), Component, Refining Method (Physical and Chemical), Operation (Batch, Semi, and Continuous), Technology, and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the Deodorization Systems Market is estimated at USD 3.4 billion in 2018 and is projected to reach USD 4.3 billion by 2023, at a CAGR of 4.9%. Factors such as the growing industrialization, increasing environmental concerns, growing consumer awareness, safety attached to it, and producers' inclination toward cost efficiency, and profitability from industries fuel the market growth. Imposition of stringent regulations on edible oil nutrition and price wars between manufacturers are projected to fuel the demand for deodorization systems. On account of these factors, the global market is projected to witness significant growth during the forecast period.
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The continuous segment is estimated to dominate the market with the largest share in 2018
On the basis of operation, the continuous segment is estimated to account for a major market share in 2018. The continuous segment is witnessing significant growth due to the need for faster and larger capacity in the refining of edible oil, which is among the key drivers for demand. The efficiency offered by the system and the flexibility to automate different functions are also major factors fueling the demand for deodorization systems in the continuous operation segment.
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125 - Tables 61 - Figures 184 - Pages
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By refining method, the chemical segment is projected to account for the largest share of the market by 2023
The chemical segment is projected to account for the largest share by 2023. The chemical refining process involves the removal of free-fatty acids with the use of a chemical substance, which in this case is caustic soda. The crude oil undergoes a degumming process, following which the processing acids such as caustic soda are introduced to remove any underlying seed particles, carbohydrates, metal traces, or other impurities.
The palm oil segment is estimated to dominate the market with a major share in 2018
The increasing production and demand for palm oil are fueling the market growth for deodorization systems, which is emerging as the dominant segment. The high demand from producers due to the oil's cost advantages and reliance on its functions is aiding the growth of the deodorization systems market. The demand for palm oil is also fueled by its commercial nature and the ability to mix it with other types of oils. The oil's wide range of applications from frying to baking make it a suitable candidate for use in multiple industries, thereby benefiting users.
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The Asia Pacific is projected to witness the fastest growth during the forecast period
The deodorization systems market in the Asia Pacific is estimated to be the largest in 2017-18. The Asia Pacific market is also expected to be the fastest-growing during the forecast period due to the rapid urbanization, growing disposable income, and advancements in technology. The market in China dominated the Asia Pacific region due to the rapidly growing industrialization and investments in R&D. The region is expected to witness continued growth due to the increasing demand for edible oil and the export of equipment to other regions. The lower cost of manufacturing and availability of technology in the region help drive prospects for deodorization system manufacturers in the Asia Pacific.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Alfa Laval AB (Sweden), Desmet Ballestra (Belgium), Crown Iron Works (US), Compro International (Canada), Zhengzhou Sunshine Machinery Co. Inc. (China), Luohe Zhonzhiyuan Grains & Oil Machinery Co. Inc (China), Myande Group (China), Goyum Screw Press Pvt. Ltd. (India), HUM Oil and Fat Technologies (Turkey), Andreotti Impianti S.p.A (Italy), DVC Process Technologists Pvt. Ltd. (India), and Gianazza International S.p.A. (Italy)
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