Newark, NJ, Feb. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global food glazing agents market is expected to grow from USD 3.62 billion in 2020 to USD 6.80 billion by 2028, at a CAGR of 8.2% during the forecast period 2021-2028.
The increased consumption of processed foods, along with the rise of the food additives industry is mainly driving the global food glazing agents market. In addition, growing demand for organic and vegan foods is projected to fuel demand for food additives, which would in turn help the growth of the market for food glazing agents. In addition, the growth of urbanized and high-income customers is also anticipated to boost the market growth as the consumers are more concerned with the attractiveness of baking and confectionery items. These glazing agents are also used as a protective coating for food.
A glazing agent is a synthetic or natural substance which provides a homogeneous, waxy coating to prevent surface water loss and provide additional protection. A shiny, smooth surface coating that offers a protective, moisture resistant barrier is created by glazing agents. By locking-in internal moisture or avoiding its deterioration due to environmental humidity, the coating helps protect food items, resulting in a longer shelf life.
The growing trend in the consumption of ready-to-eat food is expected to present opportunities for players operating in the global market for food glazing agents. Aspects such as sustainability and convenience of packaging options, raw material costs, and the aesthetic appeal of packaging also influence the choice of food glazing agents. However, with the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the food glazing agents market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Other factors that are restraining the market growth are scarcity of raw material and stringent government regulations.
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Key players operating in the global food glazing agents market include ADM, Capol GmbH, Koster Keunen, Mantrose-Haeuser Co., Inc., Masterol Foods, Parker Ingredients LLC, Poth Hille, Stéarinerie Dubois, Strahl & Pitsch, Stroever Schellack Bremen (SSB) and Zeelandia among others. To gain a significant market share in the global food glazing agents market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The carnauba wax segment dominated the market and held the largest market share of 21.64% in the year 2020
The ingredient type segment consists of stearic acid, carnauba wax, beeswax, candelilla wax, paraffin wax, shellac. The carnauba wax segment dominated the market and held the largest market share of 21.64% in the year 2020. This is because of its extensive use in the preparation of glazing agents used in confectionery and baking applications.
The coating agents segment dominated the market and held the largest market share of 27.7% in the year 2020
Based on ingredient function, the global market has been segmented into film formers, firming agents, surface-finishing agents, coating agents, others. The coating agents segment dominated the market and held the largest market share of 27.7% in the year 2020. The market growth of this segment is due to increasing demand for customized confectionery products for various occasions and customer requirements.
The confectionery segment dominated the market and held the largest market share of 23.6% in the year 2020
On the basis of application, the food glazing agents market has been divided into bakery, poultry & fish, processed meat, functional foods, confectionery, fruits & vegetables and others. The confectionery segment dominated the market and held the largest market share of 23.6% in the year 2020. Manufacturers are using glazing agents in confectionery segments mainly chocolates, cakes, pastries, and dragees to extend their product life cycle and enhance their appearance.
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Regional Segment Analysis of the Food Glazing Agents Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global food glazing agents market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Europe region accounted for the major market share of 38.75% in the year 2020 and is anticipated to grow throughout the projected period because of the developed food processing industry in the region. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. APAC, driven by the processed meat industry in India and China, can boost regional growth. Changing pattern of consumption due to hectic lifestyle and growing disposable income will drive the demand for processed meat that will boost the growth the food glazing agents market.
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About the report:
The global food glazing agents market is analyzed on the basis of value (usd billion), volume (tons), export (tons), and import (tons). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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