Future Market Insights’ research indicates that during the estimated period, the brominated vegetable oil market is expected to grow at a CAGR of 3.90%. Forecasts indicate that the market will increase in value from US$ 713.5 million in 2023 to US$ 1,046.0 million by 2033.
The major players such as The Coca-Cola Company and PepsiCo use brominated vegetable oil in the aerated drinks. Brominated vegetable oil is used in most of the countries across the globe. However, these are banned in few of the countries such as European countries, India, and Japan, amongst others. Under the public pressure, Coca-Cola and PepsiCo agreed to remove the brominated vegetable oil from all the beverages manufactured by the companies.
The citrus flavors used in the drinks are orange, lemon, lime, and grapefruit which are oily. When these flavors are added in a beverage, they do not mix evenly in the drink and remain at the top of the drink. These are not dispersed properly. The brominated vegetable oil acts as an emulsifier, which helps the citrus flavor to mix well in the soft drink. The beverages which contain brominated vegetable oil are hazy in appearance.
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Global Brominated Vegetable Oil Market: Drivers and Restraints
U.S. FDA has limited the usage of brominated vegetable oil limit at 15 pmm in finished beverages. However, most of the countries in Europe, Asia, South America, and Australia have banned the usage in beverages. In U.S the element is used in most of the beverages. The oil is found in almost 10% of the soda products available in the country and majorly in the beverages with citrus flavor. The global brominated vegetable oil market is anticipated to grow at a single-digit growth rate.
However, an excessive consumption of brominated vegetable oil is not safe to be used as food additive. The excessive usage of brominated vegetable oil has led to memory loss, tremors, fatigue, loss of muscles coordination, ptosis of right eyelid, and headaches. The chemical companies are using the patented compound as the flame retardant, and this has led to banning in usage in food in Europe and Japan.
Global Brominated Vegetable Oil Market: Segmentation Overview
The global brominated vegetable oil market is segmented majorly into two segments namely, by application and by source. By application, the segment is further sub-segmented into beverages, bakery products, flame retardant, and pesticides. The brominated vegetable oil is used as flame retardant in upholstered furniture, plastics, and clothing for children.
Global Brominated Vegetable Oil Market: Regional Outlook
The global Brominated Vegetable Oil market is segmented by regions into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia-Pacific excluding Japan (APEJ), and Japan. North America is the largest market for brominated vegetable oil, and the region is anticipated to maintain its dominance during the forecast period. In Western Europe, Germany is expected to account for the largest share.
Global Brominated Vegetable Oil Market: Prominent vendors
Few of the prominent players in the global Brominated Vegetable Oil market are Parchem fine & specialty chemicals., Spectrum Chemical Manufacturing Corp., Penta Manufacturing Company and among others. Few of the strategies adopted by the key players in the market are partnership and collaboration with other operators, expansion into the untapped market, and joint ventures with the organizations in emerging countries to gain the strong foothold in the market.
To ensure product differentiation and to acquire a considerable share of the market, major vendors are adopting creative strategies and are constantly developing innovative products.
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Regional analysis for Brominated Vegetable Oil Market includes
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Western Europe
- Germany
- France
- U.K
- Italy
- Spain
- Nordics
- Benelux
- Rest of the Western Europe
- Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of the Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- China
- India
- ASEAN
- Australia and New Zealand (ANZ)
- Rest of APEJ
- Japan
- The Middle East and Africa
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
Global Brominated Vegetable Oil Market: Segmentation
The global Brominated Vegetable Oil market is segmented by source:
- Soy
- Corn
The global Brominated Vegetable Oil market is segmented by application into:
- Beverages
- Sports Drinks
- Sodas
- Others
- Bakery Products
- Pesticides
- Flame retardant
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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