According to the report, growing demand for convenience food
products and carbonated beverages have significantly fuelled the market
for Food-Grade
Industrial Gases. Further, with the introduction of new products
in the food industry and advancements in packaging technologies, there has been
a growing need for Food-Grade Industrial Gases for various end-uses. 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. However, supply
chain disruptions and decelerated demand due to coronavirus may negatively
impact growth.
The global Food-Grade Gases market size is
expected to reach US$ 9.19 Bn by the end of 2029. According to a study by
Future Market Insights (FMI), the market will show a steady rise at 5.6% CAGR
between 2019 and 2029.
It includes in-depth insights into the Food-Grade Industrial
Gases market. Some of these are:
- The
estimated value of the market was at US$ 5.3 Bn in 2019. Through the
course of the report’s forecast period, the market is likely to exhibit to
a steady pace of growth.
- North
America accounted for the largest market in the global food grade
industrial gases market owing to higher demand for processed food.
- Europe
is emerging as the second largest market for food grade industrial gases.
However, it is considered as established markets.
- Asia
Pacific is growing at a faster rate to grab major market in this region.
“The increasing use of gases such as carbon dioxide,
nitrogen, etc., in carbonated drinks has resulted in a positive impact on the Food-Grade
Industrial Gases market,” said a lead analyst at FMI.
Nationwide Lockdown due to Coronavirus has stunted the
Market Growth
The raising prices of raw materials needed to produce are
hampering demand development. Worsening situation is disruptions in the supply
chain caused by the recent COVID-19 impact. With manufacturers facing
difficulties in obtaining available raw materials and fewer labourers, the
production might be hampered. Reduced transport due to lockdowns imposed across
different nations is also limiting the growth of the sector. If COVID-19
continues to spread around the world, it is unlikely that prevailing economic problems
will abate quickly at any time. Unprecedented events occur with the illness
passing through one horrid phase after another.
Who is Winning?
Global Food-Grade Industrial Gases Market is a highly
competitive market which a major share taken by the active player such as Linde
plc, Linde plc, Air Liquide S.A. and others. Mergers and acquisitions and
product innovations are the next strategies preferred by companies to
strengthen their market dominance. This strategy helps companies to expand
their presence in the market across the globe. For instance, Linde plc acquired
Praxair which is America’s one of the largest industrial gas companies to
capitalize theirs in the American market. Also, the key players are focusing on
expanding their network of innovation centers, which enable them to collaborate
with customers on new product development and reformulations and make
investments.
Get Valuable Insights into Food-Grade Industrial Gases
Market
Gas Type
- Nitrogen
- Carbon
dioxide
- Oxygen
- Others
Product Type
- Dairy
and frozen products
- Beverages
- Fruits
& vegetables
- Meat
- Fish
& seafood
- Bakery
and confectionery
- Others
Application
- Freezing
and chilling
- Packaging
- Carbonation
- Others
Region
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- MEA
Thanks for reading this article; you can also get
individual chapter wise section or region wise report version like North
America, Europe or Asia.
Read More: https://www.futuremarketinsights.com/reports/food-grade-gases-market