DUBAI, UAE / ACCESSWIRE / April 22, 2020 / The global food glazing agents market is on a positive growth trajectory with a steady CAGR of 4.5% during the forecast period (2020-2030), according to a market study by Future Market Insights (FMI). Factors predominantly fueling the growth are changing lifestyles, increasing safety issues, and growing awareness among consumers regarding ingredient sources on product labels, and subsequent inclination towards healthier foods.
However, the major regional markets being severely affected by COVID-19 is leading to widespread disruption of the supply chain, thereby hindering timely deliveries and production. Furthermore, the pandemic has changed consumer preferences and purchasing behavior with the essential goods being the priority among consumers.
“The halted operations, reduced demand and price fluctuations as a consequence of COVID-19, will collectively amount to a decline in revenue in the immediate future,” says the report.
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Carnauba wax ingredients segment is expected to hold the lion’s share, owing to the increasing demand among consumers for vegan and organic sources of food additives used in food products.
Beeswax and lanolin ingredients are exhibiting growth at a higher rate than other ingredients, backed by increasing usage in end-use industries.
Confectionery industry will account for the majority of market value owing to high usage of food glazing agents in the industry.
Asia Pacific is exhibiting significant growth, and is expected to lead the global market by the end of the forecast period, on the back of factors such as booming food & beverage industry in emerging economies, and consumer preference towards healthy and nutritious diet. However, the COVID-19 could adversely affect the rapid growth.
North America and Europe will collectively account for a remarkable share in global market value, on the back of higher purchasing power of consumers.
South America represents a rising market owing to burgeoning exports of raw materials in countries such as Argentina and Brazil.
COVID -19: Impact Analysis@ https://www.futuremarketinsights.com/covid19/rep-gb-1611
Primary factors bolstering the growth of the food glazing agents market are consumer inclination towards texture and appearance of food products and growing demand for glazing agents from the food industry. However, the market will find it arduous to keep up with the projected growth if the pandemic prolongs.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Ingredient types covered: Stearic acid, beeswax, carnauba wax, candelilla wax, shellac, paraffin wax, and others
Ingredient functions covered: Coating agents, surface-finishing agents, firming agents, film-formers, and others
Applications covered: Bakery, confectionery, processed meat, poultry & fish, fruits & vegetables, functional foods, and others. T
Regions covered: North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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SOURCE: Future Market Insights
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