Global Food Glazing Agents Market - Growth, Trends, and Forecast (2018-2023)
The global food glazing agents market was valued at over USD 2.41 billion in 2016 and is expected to reach USD 4.57 billion by 2023, with a CAGR of 8.5%, during the forecast period. Glazing agents play an important role in bakery and confectionery products. They add a protective coat and texture the food.
The food glazing agents market is significantly influenced by two broad factors - increase in the consumption of bakery and confectionery products and an increase in the awareness among consumers regarding different foods. Both these factors are particularly prominent in the case of European and South American countries. The rise of urbanized and high-income consumers in these regions are cited as major reasons for these factors. The consumers are more concerned towards attractiveness in bakery and confectionery products. These glazing agents are also used as protective coating for food.
On the other hand, the market faces few constraints, such as increasing regulations over the usage of glazing agents in foods and low availability of raw materials for the production of these agents. This, in turn, leads to the usage of synthetic glazing agents. The majorrestraints in the food glazing agents market are the awareness of the ill effects and regulations towards the usage.
The global food glazing agents market is segmented by the ingredient type, application and function. Ingredients type includes stearic acid, beeswax, candelilla wax, carnauba wax, shellac, paraffin, etc. The functions of glazing agents include their use as coating agents, surface-finishing agents, firming agents, film formers, etc. By application, the market is segmented into the bakery, confectionery, processed meat, poultry and fish, fruits & vegetables, and functional food, etc., with the confectionery segment dominating the food glazing agents market. Carnauba wax has high production, regarding volume, while surface finishing agents occupy a significant share in the food glazing agents market.
Europe is an important region in the food glazing agents industry it leads the global industry, regarding revenue, due to the high prices and high demand for confectionery and bakery products. North America and Asia-Pacific also occupied significant market share in the recent years. Due to the presence of developing nations, such as India and China, Asia-Pacific is growing at a faster rate. South America represents a growing market, as nations, such as Argentina and Brazil, are gaining prominence as raw material exporters. Despite occupying a minor market share during the forecast period, Africa is expected to perform well in the future, as the nation is moving towards industrialization.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook