The Latin America, Middle East and Africa Mold Inhibitor Market would witness market growth of 8.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Mold Inhibitor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $42.1 million by 2031. The Argentina market is showcasing a CAGR of 9.2% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 8% during (2024 - 2031).
There is a growing trend towards personalized solutions in the market, with the development of tailored products to address the distinct requirements of various industries and applications. Manufacturers are developing customized formulations to tackle specific problems encountered by many industries, such as food preservation, pharmaceutical stability, and long-term building material durability. Personalized inhibitors are designed to provide optimal performance in specific environments, such as high-humidity areas or regions with extreme temperatures, ensuring effective mold prevention under various conditions.
The market is witnessing a surge in innovation as industries strive to develop more effective, sustainable, and versatile solutions to combat mold growth. Scientific and technological developments are opening up new avenues for developing these inhibitors, leading to innovative solutions with many uses and improved effectiveness. For example, nanotechnology is revolutionizing the market by enhancing the effectiveness of mold inhibition at the molecular level.
As Brazil's food processing industry expands, ensuring food safety and quality becomes increasingly crucial. Mold contamination can lead to significant economic losses and health risks. Therefore, food processors will invest more in effective inhibitors to ensure their products meet safety standards and quality expectations. This will boost the demand for advanced inhibitors that offer reliable protection. According to the United States Department of Agriculture, the country’s food processing sector registered revenues of US$208 billion in 2022, an increase of 16.6 percent compared to 2021. The result represents 10.8 percent of the national GDP. The sector comprises over 38,000 companies, most of which are small and medium-sized industries. With a high livestock population in UAE comes a greater need for these inhibitors in animal feed to prevent mold growth and maintain feed quality. This increased demand for these inhibitors in the livestock sector is expected to drive growth in the market. According to the Ministry of Climate Change & Environment, the United Arab Emirates has a significant wealth of livestock. The total number of camels in the country is estimated at 450,000, while sheep and goat herds are estimated at about 5 million, thus, constituting an important component of both food security and the national economy. Hence, increasing food processing industry and high livestock population in the region is driving the growth of the market.
Free Valuable Insights: The Worldwide Mold Inhibitor Market is Projected to reach USD 2 Billion by 2031, at a CAGR of 6.0%
Based on Type, the market is segmented into Benzoates, Sorbates, Propionates, Parabens, and Others. Based on Application, the market is segmented into Pharmaceuticals, Food & Beverage, Animal Feed, Cosmetics & Personal Care, and OthersBased on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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