The Release Agents Market stood at USD 888.9 million in 2017; it is projected to grow at a CAGR of 4.1% from 2018, to reach USD 1,131.3 million by 2023, as per a report by MarketsandMarkets.
How high potential in emerging markets for food release agents presents an opportunity?
The demand for food release agents is high in developed markets such as the US and Europe. Developing countries, namely, China and India, in the coming years, will experience a strong upsurge in demand for release agents. This demand is driven by an increase in the production of processed and convenience foods. The market for release agents in developed economies such as the US and Europe is saturated, as their penetration and adoption are quite high. Emerging economies such as India and China, in the Asia Pacific region, are exhibiting high growth. The Asia Pacific region also provides the cost advantage in terms of production and processing. High demand, coupled with low cost of production, is a key feature, which will aid release agents suppliers and manufacturers target this market.
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The trend of consumer’s preference for low-fat products is rapidly rising, and marketing campaigns are planned around highlighting their use and health benefit claims. ADM produces lecithin, which functions as a low-fat dressing, attracting market attention specifically from those who aspire to produce low-fat food products. The demand for low-fat products may be driven by the increase in processed foods production and innovation in almost all segments, such as meat products, dairy, and bakery & confectionery products. However, the demand for the usage of release agents is expected to grow continually in early adopting countries such as Japan and exponential growth is projected in new and emerging markets such as Australia and other Asia Pacific countries.
Why approval from various regulatory bodies is a challenge?
The usage of any food additive has to be approved by regulatory bodies such as the FDA, WHO, and EU Commission. Food industries have to abide by regulatory parameters such as toxicity level, acceptable daily intake, and allergens, while considering food additives or food processing aids for usage. The development of a food release agent is a time-consuming process and requires investment for R&D, and requires periodic renewal. The high cost of food-grade certification for release agents acts as a barrier for new as well as small players.
Key Players:
- ADM (US)
- Avatar Corporation (US)
- Par-Way Tryson (US)
- AAK AB (Sweden)
- Associated British Foods (UK)
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High growth is expected in the Asia Pacific release agents market
Asia Pacific is projected to be the fastest-growing market for the period considered for this study, due to the rise in disposable income and increase in demand for convenience & processed food, along with the growing industrial base, leading to increased demand for release agents in the region. In addition, the market is driven by the growing demand for bakery and meat food products in developing countries such as India, China, Indonesia, and Thailand.
