The global food glazing agents market is projected to surge at a CAGR of 5.66%, increasing from a market size of US$2,097.400 million in 2020 to a market size of US$3,082.950 million by the end of 2027.
Glazing agents provide a shiny appearance on food products and provide a protective coating. Many are derived naturally from plants and animals, while others are derived synthetically from petroleum. The market is projected to be fueled in the forecast period by the growing consumption of convenience foods, which include bakery products as well. With the growing disposable income of the developing economies and a high disposable income of the developed economies, there is a high preference among consumers for premium food products owing to their willingness to spend. Hence, the market holds strong growth prospects in the forecast period. Also, canned mangoes, among other canned fruits, are glazed. Therefore, the growing consumption of canned foods provides an opportunity for the market to grow at a significant pace in the forecast period. Furthermore, with the distribution of canned fruits either online or offline, the food glazing agents' market will further grow rapidly, generating high revenues in the forecast period with high demand for canned foods.
On the basis of geography, North America is projected to hold a high market share, followed by the European region. Additionally, the Asia Pacific region is estimated to be the fastest-growing due to the growing disposable income of people and an increasing middle-class population with an increasing family income. Hence, the population here is moving towards the adoption of fast-food products, which include bakery products, due to changing dietary conditions and evolving living conditions, which in turn drive the market demand.
The growing canned food sales are providing an opportunity for the market to grow at a significant pace in the forecast period owing to the application of glazing agents on canned foods.
With the growing population of the world, the number of individuals to feed has also increased along with the changing diet consumption pattern, this has further created a demand for products like canned foods (which are readily available) as well. Canned foods are able to maintain their freshness for a longer period of time while providing nutritional benefits and are sometimes nutritionally superior (as they are canned when at the peak of their freshness) in comparison to non-canned foods, thus fueling the growth of canned foods distribution by wholesalers owing to high demand by retailers contributing to high sales in bulk. There is also a growing consumer preference for convenience foods, which include canned foods as well and are available all year round. This is fueling the sales growth of canned foods in convenience stores and contributing to market growth as well.
This year-round availability of canned foods in supermarkets without affecting the quality of the product, thus, propelling the market growth in the forecast period. The high disposable income of the consumers in the developed regions is further contributing to the canning food sales owing to the rising consumer preference for convenience foods leading to high adoption in these regions.
Furthermore, in developing regions, there is a shift in trend in dietary consumption patterns, which has led to increasing consumer awareness regarding canned foods due to a shift in lifestyle. The per capita income is increasing as women have also started earning, apart from the male members of the family. This busy lifestyle has called for the adoption of packed, ready-to-eat, and convenience foods, further giving rise to the availability of canned foods in nearby supermarkets of these consumers' residents or workplaces, contributing to the market growth in the developing regions as well.
The availability of canned foods in a grocery store is very limited and expensive too. But for a shopkeeper, this is quite a lucrative deal as earning from canned food is higher in terms of price compared to other cheaper food items. Thus, canned foods, despite being a small segment among other food items in the grocery store, provide growth in value when in demand. Additionally, these foods come with a longer shelf life and can be kept for a longer time without worrying about the immediate expiry date, which is not the case with other grocery food items.
Offline and Online segments are anticipated to hold significant market share.
The offline canned food market in Mexico consists of the presence of a robust food processing industry that has a well-established distribution network in the form of hypermarkets or supermarkets, convenience stores, wholesalers, and others. There are more than 180,000 units for the manufacturing and processing of food and beverages, including canned foods as well (source: National Institute of Geography & Statistics). Different distribution trends are followed, which depend on the type of processed foods. Meal solution commodities, which consist of canned products and dressings, among other food products, are mostly found in supermarkets. Also, frozen and chilled processed foods are sold in big retail stores. This is because of fact that these food products require storage in refrigerators, and big freezers, except for the brands that are in demand and provide refrigeration facilities for distribution in convenience stores.
The growing online sales of canned foods along with the growing e-commerce industry are further propelling the market growth in the forecast period. At present, China is leading the e-commerce industry, where it has become a strong and indispensable driver for social and economic development and is bringing revolutionary change to the country. Over forty percent of global e-commerce transactions are taking place in this country owing to the growing tech-savvy population, which is adopting mobile phones as a means for buying products online. Furthermore, a large digital consumer base is fueling the e-commerce growth in the country and has given rise to advancements in commerce and digital trade. One of the advantages of canned food distribution through online sales is the high chances of availability of food according to the consumer's specific food preferences. It is also highly convenient to order online with secure modes of payment.
Product Offerings in the Market
Market players are constantly on a quest to develop appealing glazing agents to offer better offerings and expand their foot presence. A few of them are:
COVID-19 had a significant impact on the global glazing agent market. The enforcement of lockdown and social distancing measures forced several manufacturing facilities to close their operations either partially or wholly, leading to decreased production. Furthermore, the border restrictions to prevent the spread of the virus from foreign countries serves as a hurdle in the procurement of raw materials for many manufacturers across the globe, thus slowing down the market growth.
|Market Size Value in 2020||US$2,097.400 million|
|Market Size Value in 2027||US$3,082.950 million|
|Growth Rate||CAGR of 5.66% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Product, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Capol GmbH, Mantrose-Haeuser Co., Inc., British Wax Ltd, Masterol Foods Pty. Ltd., Poth Hille & Co Ltd, Koster Keunen, Colorcon Inc., Macphie Limited, AF Suter & Co Ltd|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the food glazing agents market?
A1. The food glazing agents market is projected to surge at a CAGR of 5.66% during the forecast period.
Q2. What will be the food glazing agents market size by 2027?
A2. The global food glazing agents market is projected to reach a market size of US$3,082.950 million by 2027.
Q3. What is the size of the global food glazing agents market?
A3. Food Glazing Agents Market was valued at US$2,097.400 million in 2020.
Q4. What factors are anticipated to drive the food glazing agents market growth?
A4. The food glazing agents market is projected to fuel in the forecast period with the growing consumption of convenience foods which include bakery products as well.
Q5. Which region holds the maximum market share of the food glazing agents market?
A5. On the basis of geography, North America is projected to hold the largest share of the food glazing agents market followed by the European region.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL FOOD GLAZING AGENTS MARKET ANALYSIS, BY TYPE
5.2. Coating Agent
5.3. Film forming Agent
5.4. Polishing Agent
5.5. Sealing Agent
5.6. Surface finishing Agent
6. GLOBAL FOOD GLAZING AGENTS MARKET ANALYSIS, BY PRODUCT
6.2. Stearic Acid
6.5. Petroleum Jelly
7. GLOBAL FOOD ENCAPSULATION MARKET ANALYSIS, BY APPLICATION
7.2. Bakery Wares
7.4. Fresh Fruits
7.5. Ready to eat snacks and savories
8. GLOBAL FOOD GLAZING AGENTS MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.1. United Arab Emirates
8.5.2. Saudi Arabia
8.6. Asia Pacific
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Capol GmbH
10.2. Mantrose-Haeuser Co., Inc.
10.3. British Wax Ltd
10.4. Masterol Foods Pty. Ltd.
10.5. Poth Hille & Co Ltd
10.6. Koster Keunen
10.7. Colorcon Inc.
10.8. Macphie Limited
10.9. AF Suter & Co Ltd
British Wax Ltd
Masterol Foods Pty. Ltd.
Poth Hille & Co Ltd
AF Suter & Co Ltd
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