With the expansion in the healthcare industry, the global antimicrobial additives market is expected to witness a CAGR of 7.5% between 2020 and 2030, to reach $3,786.8 million in 2030, from $2,010.2 million in 2019. The key reasons behind the growth of the healthcare sector are the rise in the prevalence of chronic diseases and boom in the population of the elderly. Additionally, with advancements in the healthcare infrastructure of developing countries and rising awareness about infectious diseases, the consumption of such additives is increasing.
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The objective of this research includes;
Due to the temporarily ceased manufacturing activities in China, India, the U.S., and numerous European countries, on account of the COVID-19-related lockdowns, the demand for zinc, copper, and silver, which are also the base materials for inorganic antimicrobial additives, has come down. Moreover, with a disrupted supply of raw materials, the production of such additives has also taken a bad hit. However, the antimicrobial additives market continues to garner interest, with people rapidly purchasing antimicrobial-additive-containing products to lessen the chances of contracting the infection.
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During the historical period (2014–2019), North America created the largest demand in the antimicrobial additives market. The North American healthcare ecosystem has been at the receiving end of HAIs’ rampage in recent years. The regular administration of individuals with antibiotics has led to increasing instances of bio-resistance, with doctors finding it increasingly tougher to combat the spread of virulent strains of diseases. This, coupled with a fair degree of purchasing power and the ability to increase the price points of regular-use products, has allowed manufacturers to integrate these additives in various products, with clean-label ingredients becoming increasingly commonplace across the packaging and healthcare industries in the region.
The higher adoption of antimicrobial agents across the consumer goods and food and beverage supply chains in the U.S. and Canada is further expected to rake in an additional demand in the foreseeable future, in turn, propelling the antimicrobial additives market.
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