Food Glazing Agents Market size to exceed USD 4.5 billion by 2024
Global stearic acid market size was over 5.6 million tons in 2015. Increasing stearic acid application scope in personal care & cosmetics and detergent industry may favor food glazing agents market size growth. APAC stearic acid market accounted for over 45% of total market revenue in 2015.
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Confectionery application was dominant in 2015 and may witness gains at 8.2% CAGR up to 2024. Population expansion coupled with rising per-capita spending in China and India may drive APAC confectionery industry growth. EU’s confectionery market is highly competitive and is expected to surpass USD 80 billion, which may provide opportunity for increasing product demand.
Manufacturers use food glazing agents in pastries, cakes and chocolates in order to enhance product shelf life and improve appearance. Bakery application accounted for over 21% of total market revenue in 2015. Rising consumer preference towards texture and appearance owing to for confectionary and bakery consumption particularly in China, India and Brazil may drive food glazing agents market.
Increasing packaged product consumption owing to hectic consumer lifestyle may favor industry growth. Functional food application accounted for over 35% of total market revenue in 2015 and may witness gains at over 8% CAGR up to 2024. Increasing consumer awareness owing to maintain healthy diet on daily basis may drive product demand for this particular segment.
Coating based additives was dominant and accounted for over 34% of total market revenue in 2015. Shift in focus towards consumer preference for texture, designs, appearance and quality is likely to have a positive importance in food glazing agents market size growth. Surface finishing based products should witness gains of over 8.3% CAGR.
EU, primarily driven by UK, Italy, France and Germany food glazing agents market size, was dominant and was accounted for over 30% of total market revenue in 2015. Europe food & beverages industry generated over USD 1.3 trillion revenue in 2015.
APAC, driven by India and China processed meat industry, may drive regional growth. Change in consumption pattern due to hectic lifestyle and increase in disposable income may drive processed meat demand which may support food glazing agents market size growth.
Paraffin wax market size was over 3.4 million tons in 2015. Increasing application scope in cosmetics, packaging and candle industry may drive paraffin wax demand. Asia Pacific paraffin wax market accounted for over 31% of total market revenue by 2015. Growing paraffin consumption in civilian and artistic taper candle is may favor product demand.
Processed fruits & vegetables market was valued over USD 195 million in 2015. Rising canned based fruits &vegetables and sea based products demand may drive firming agent market size growth. Some products in this industry are processed from animal and plant source and find application in beverage industry.
Beeswax products is authorized in EU Unionowing to its application in bakery, confectionery and fruits. It is permitted as color carrier and in supplements. Increasing raw material cost may hinder market and put pressure on food glazing agents market price trend.
Global food glazing agents market share is fragmented and competitive. Key manufactures include Masterol, Poth Hille, Capol GmbH, British Wax, Koster Keunen and Strahl & Pitsch. Other industrial participants include DuPont, Zeelandia, Avatar Corporation, ADM, Kerry Group, Wuhu Deli, Stoever Schellack Bremen (SSB) and Ningbo J&S Botanics.
These manufacturing companies are based in North America, EU and APAC. ADM, Kerry Group, Zeelandia and Masterol are involved in distribution and manufacturing process. B.J. International imports and distributes carnauba wax.