In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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Deodorization is a process in which good quality steam is used to vaporize unwanted volatile compounds and free fatty acids present in crude edible oil at the processing stage. The deodorization is carried at a temperature ranging from 210 to 270◦C and under vacuum of 1-5mm. The deodorization is a combination of three different operations distillation, actual deodorization and heat bleaching. The deodorization is the last step for the preparation of oil to use it as an ingredient in margarine, cooking oil, hard butters and various other products in food industry. Deodorization creates oil characteristics of odour and flavour which are readily recognized by consumers.
The surge in the adoption of deodorization systems on the back of rising production of edible oil is driving the growth of the market. Further, the increasing concerns for high nutritional value in edible oil for domestic purpose are boosting the market growth. Additionally, the rising consumer tendency towards cost efficient products along with the increasing environmental concerns is driving the demand for deodorization systems. Globally, rising industrialization is leading to the increased usage of nanoneutralization deodorization technology owing to enhancement in refining operations. Driven by these prominent factors along with the growth in oil industry, the market for deodorization systems is anticipated to record a significant CAGR of around 4.70% during the forecast period, 2020-2028.
Based on technology type, the deodorization systems market is segmented into thin film and packed column, out of which, packed column is estimated to grow at fastest rate on the back of its ability to take on a dual temperature system, which helps to operate in two different temperatures. Further, the deodorization system achieves preferable balance owing to dual temperature system and assists the processing of edible oil at different temperatures and pressure needs.CLICK TO DOWNLOAD SAMPLE REPORT
The rising technological advancements in order to control certain limitations associated with the processing of edible oil are fostering the growth of the market. The limitations are related to high processing capacities and heat recovery systems in the process. Further, the rising demand for larger capacity in refining process along with the strict regulations on edible oil nutrition is accelerating the market growth. The research & development is focusing on to reduce the cost of production and to ensure better stability of tocopherol content in edible oils.
The growing consumer awareness towards healthier edible oils owing to the rising production of edible oils and chemical refining is driving the market growth. The chemical refining reduces fatty acid content in crude oil and is relatively efficient method, which in turn, is boosting the growth of the market during the forecast period.
The consumption of high energy on the back of heat recovery technologies along with the technical problems during the processing of oil is hampering the growth of the market over the forecast period.
Our in-depth analysis of deodorization systems includes the following segments:
On the basis of regional analysis, the deodorization systems market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for deodorization systems in Asia Pacific is anticipated to dominate the region on the back of increasing demand for deodorization solutions along with industry favourable policies. Further, the surge in the number of manufacturers for setting up new refineries and increasing export of equipments is fostering the market growth. The emerging nations such as India and China are leading in research activities in order to meet the demand for edible oil in the region. The North America region is estimated to witness lucrative growth in the market on the account of high industrial growth along with the growing population in the region.
The deodorization systems market is further classified on the basis of region as follows: