Sales of Food Glazing Agents to Decelerate in 2020 as COVID-19 Pandemic Takes its Toll on Global Market

19/mag/2020 12:03:15 Ankush Nikam Contatta l'autore

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The worldwide market for food glazing agents will touch US$ 3403.6 Million towards 2030 end which was estimated at US$ 2191.7 Million during 2020. The market will reflect a CAGR of 4.5% during 2020-2030. This market is estimated by the rising interest amid customers towards the texture and appearance of foods and the development of end-use applications of glazing agents in the food sector. Worldwide, the development of the bakery and confectionery sector has directed towards a large-scale implementation of food glazing agents for several applications.

Key Takeaways from Market Research

  • The APAC market is primarily fueled by the processed meat sector in India and China.
  • Because of the stock market upheaval due to COVID-19, companies’ market capitalization has slumped and is now probably lesser than its book value or equity of net assets.

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  • Europe came out as a chief in the market.
  • The confectionery category has come out as a leading application.
  • Key participants will concentrate on product innovations to remain significant in emerged markets.

“Increasing customer interest in the texture and food appearance and rising need for glazing agents in the food sectors will boost market requirement in the assessment period.”

Health Consciousness Amid Customers will Stoke Development Prospects

Expanding wellbeing issues and consumer awareness of having the ingredient source on eating healthier foods and product labels would help interest for organic goods in the food glazing sector. Buyers are progressively aware of their prosperity and will, in general, eat balanced and safe foods by guaranteeing the consistency and traceability of the ingredients utilized in the products they purchase. Consistent consumer inclination for organic goods prompts expanded inclination for organic glazing agents that would be one of the big trends in the food glazing agents sector to pick up momentum.

Europe is a significant zone in the food glazing sector that is fueling the worldwide sector based on sales because of lower costs and the sturdy requirement for bakery and cakes products. Lately, APAC and North America have additionally taken in huge market share. APAC is ascending at a quicker pace due to the inclusion of emerging countries, for example, China and India. South America reflects a growing market, with countries like Brazil and Argentina gaining popularity as raw materials exporters. Despite having a small market share, Africa will perform well later on as the country moves towards industrialization.

In emerged economies, comprising Europe and North America, because of higher buying power, the confectionery food items have consistently seen popularity. Conversely, in a few of the emerging economies comprising Central and South America and APAC, the need for confectionery food items is foreseen to develop at a significant pace attributable to rising purchasing power per capita. Nonetheless, a significant number of these districts are most exceedingly awful hit by coronavirus causing far-flung supply chain disruption. Amid the progressing situation, it is improbable for the market to grow at the anticipated rate.

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Due to financial exchange instability, the market capitalization of organizations has fallen and is presently smaller than the net resources value or book value. This is a compulsory instrument that includes a precise impedance evaluation of the non-financial assets of the organization. COVID-19 results of transitory end or decrease of activities scaled down demand, costs and accordingly profitability are additional indicators.

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