The global Thioglycolate market size is expected to reach US$ 137.7 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 3.4% CAGR between 2019 and 2029. According to the report, rising demand for bakery products and also application of thioglycolate in cosmetic industry globally are adding positive points towards the growth of the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the Thioglycolate market. Some of these are:
- The estimated value of the market was at US$ 98.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America has emerged as a key market for thioglycolate holding the largest share in the market.
- Europe and Asia will remain steady as key markets for thioglycolate.
- Coronavirus has emerged as the biggest hinderance restricting the demand of thioglycolate worldwide.
- Countries in Europe such as France and Germany are affected the most by the virus, this could have a huge impact on the demand of the product.
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
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“Growing cosmetics industry in emerging markets of Asia Pacific and Latin America is expected to provide companies with opportunities to increase their global presence.,” said a lead analyst at FMI.
Increasing Consumption of Bakery Products will Propel Growth
Thioglycolate have their application in chocolate ingredients, sodium reducing agents, frozen foods & beverages additives and also in the cosmetics industry. Among which frozen food industry will show brisk growth during the forecast period owing to the expansion of the bakery industry. It has been identified as a major end use industry for thioglycolate. Consumer shift towards ready to eat food products as that is suitable for their busy lifestyle is majorly impacting the bakery products demand in most of the countries like China, India, Japan, Russia, Malaysia, Brazil and many more emerging countries in different regions.
Who is Winning?
Some of the leading players operating in the Thioglycolate market are Haihang Industry Co. Ltd., Triveni Chemicals, Alpha Chemika, Neostar United Industrial Co. Ltd., ICC Chemical Corporation, American International Chemical Inc., CellMark Chemicals, Alfa Aesar, AN Pharma Tech Co. Ltd, and Advanced Technology & Industrial Co. Ltd.
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Emerging regions such as Asia Pacific and Latin America are expected to witness significant market growth owing to rising disposable income and rapid urbanization. Growing cosmetics industry in emerging markets of Asia Pacific and Latin America is expected to provide companies with opportunities to increase their global presence.
In order to capture a larger market share, key market incumbents are undertaking initiatives and adopting strategies such as entering into partnerships, engaging in mergers and acquisitions and maintaining competitive pricing.
Get Valuable Insights into Thioglycolate Market
Future Market Insights, in its new report, presents an unbiased analysis of the global Thioglycolate market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. Based on key product segments, market can be segmented into sodium thioglycolate, ammonium thioglycolate, potassium thioglycolate, and calcium thioglycolate. Based on application the market is segmented into cosmetics, frozen products, and stabilizer for PVC production. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.