Food Glazing Agents Market in Good Shape in 2030; COVID-19 to Affect Future Growth Trajectory
VALLEY COTTAGE -- 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.
Segmental Highlights
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.
Analyst viewpoint:
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.
Press-release Source - https://www.accesswire.com/586340/Food-Glazing-Agents-Market-Progressing-at-a-Steady-Rate-COVID-19-Set-to-be-a-Growth-Deterrent-in-Immediate-Future-Says-a-Future-Market-Insights
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