The global food glazing agents market is projected to surge at a CAGR of 6.23% increasing from a market size of USD2,042.060 million in 2019 to a market size of USD2,934.619 million by the end of 2025.Glazing agents provide a shiny appearance on food products and provide a protective coating. Many are derived naturally from plant and animals, while others are derived synthetically from petroleum. The market is projected to fuel in the forecast period with 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 provide 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 with the evolving living conditions, surging the market demand.
The growing canned food sales is 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 a 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 the year round, this is fueling the sales growth of canned foods in convenience stores and contributing to market growth as well.
In supermarkets there is year-round availability of canned foods without affecting the quality of the product, thus, propelling the market growth in the forecast period. Also, a high disposable income of the consumers in the developed regions is further contributing to the canned 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 pattern which has led to an 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 less and is 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 in spite of 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 for immediate expiry date, which is not the case with the other grocery food items.
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 depends on the type of processed foods. For 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 the fact that these food products require storage in refrigerators, and big freezers, except the brands which are in demand and provide refrigeration facility for distribution in convenience stores.
The growing online sales of canned foods with the growing e-commerce industry is 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 a revolutionary change in the country. Over forty percent of the global e-commerce transactions are taking place in this country owing to the growing tech-savvy population which is adopting mobile 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 the advancements in commerce and digital trade. One of the advantages of canned food distribution through online sales include 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.