Market Flash

On August 30, 2024, the Cabinet Office of Japan issued a notice No. 108, establishing the production and processing standards for functional foods in specific forms, which involve naturally extracted ingredients.

Thanks to the popularity of spicy instant noodles, exports of instant noodles increased 31.7 percent year-on-year to 800 million U.S. dollars (about 1.1 trillion won), two months ahead of schedule. Snack goods exports increased 15.4% to $494 million.

Arkema reorganizes its Executive Committee. Sophie Fouillat is appointed Chief Strategy Officer of the Group, succeeding Bernard Boyer who is retiring, effective October 1, 2024.

• Arkema

Raízen and Vertoro, a Dutch biotech accelerator, announced the signing of a Joint Development Agreement (JDA) to enhance the value of lignin by converting it into advanced sustainable biofuels, chemicals and materials.

• Raízen
• Vertoro
• lignin

In the second half of August 2024, European dimethyl carbonate prices stabilized. As the market reopened, business transactions accelerated, and market participants reported that trading activities were also rebounding.

• European
• dimethyl carbonate

Masco Corporation announced that it has signed a definitive agreement to sell its Kichler Lighting business to an affiliate of Kingswood Capital Management for approximately $125 million, subject to customary adjustments.

• Masco corporation
• Kichler lighting

IFFO noted that this increase was mainly due to a successful fishing season in Peru, which has the largest anchovy fishery in the world.

Under the agreement, the two companies will jointly develop two small molecule therapies targeting long non-coding Rnas (lncrnas), with the aim of further strengthening Bayer's R&D pipeline in precision oncology.

On August 30, HUTCHMED officially announced that it had voluntarily withdrawn its marketing application for fuquinitinib for second-line gastric cancer.

On Friday, a U.S. federal court accepted a class-action lawsuit against 3M Co (MMM.N), Corteva Corp (CTVA.N) and Chemours Corp (CC.N).

AGC announced that it will open the AGC Chemical Technology Center in Hsinchu, Taiwan in October 2024, which will provide technical services for chemical products focused on semiconductors and electronic materials.

• AGC

Kao's Curel enters the Chinese market with a new children's skin care product line. The launch includes a moisturizer for children aged 3-12 years, and two other products for newborns and older children - a softening lotion and a bath foam.

• Curel
• children skin care

Stahl has agreed to acquire WEILBURGER Graphics GmbH, a Germany-based manufacturer of water-based and energy-curing coatings for the graphic arts and packaging industries.

• Stahl
• WEILBURGER Graphics

Evonik has successfully sold its superabsorbents business to International Chemical Investment Group (ICIG).

• Evonik

On August 30, 2024, Health Canada issued an official document, M-FAA-24-08, updating the list of approved food additives. In this update, brominated vegetable oil was removed. This change takes effect immediately from the date of announcement.

In the 34th week of 2024, French wheat spot prices experienced a rise, rebounding from multi-month lows at the beginning of the week. The change was attributed to the negative impact of rainy weather on French wheat yield and quality indicators.

South Korea Customs Service (customs) data on September 2, South Korea from January to July this year Kimchi (Kimchi, Sinchi) imports increased by 6.9%, 98.47 million US dollars, a record high.

On September 1, China Central Television's financial channel exposed the problem of "excessive sulfur" in the processing of goji berries in Jingyuan County, Gansu province.

AkzoNobel launches interior coating technology that is free of bisphenol, styrene, PFAS and formaldehyde.

• AkzoNobel
• AccelshieldTM 300

Acting Trade Secretary Cristine Roque said in late August that her office will focus more on helping the Philippines' multi-billion-peso beauty industry grow, pledging to support the micro, small and medium-sized enterprises in the sector under her charge

• Philippines
• cosmetic