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. According to the report, growing demand for convenience food products and carbonated beverages have significantly fuelled the market for food-grade 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 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
It includes in-depth insights into the food grade 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.
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“The increasing use of gases such as carbon dioxide, nitrogen, etc., in carbonated drinks has resulted in a positive impact on the food grade 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.
FOOD GRADE GASES MARKET TAXONOMY
The global Food Grade Gases Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Carbon dioxide
- Dairy and frozen products
- Fruits & vegetables
- Fish & seafood
- Bakery and confectionery
- Freezing and chilling
- North America
- Latin America
- East Asia
- South Asia
Get Valuable Insights into Food Grade Gases Market
Future Market Insights, in its new report, presents an unbiased analysis of the global food grade gases 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. The global food grade gases market is segmented on the basis of type, application, end-use and mode of supply. Based on type, the market is segmented into carbon dioxide, nitrogen, oxygen and others. On the basis of the application the market is segmented into freezing & chilling, packaging, carbonation and others. On the basis of the end-use the market is segmented into beverages, meat, poultry, and seafood products, dairy & frozen products, fruits & vegetables, convenience food products, bakery & confectionery products and others. On the basis of the mode of supply the market is segmented into bulk and cylinder. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.