Latin America Food Glazing Agents Market was worth USD 0.34 billion in 2021 and estimated to be growing at a CAGR of 9.67%, to reach USD 0.54 billion by 2026.
Food glazing agents are natural or synthetic substances added to food to provide a waxy, homogenous, glazed texture that aids in preventing water loss and imparts basic protection. The food glazing agents are considered as food additives which gives a coating ability, binding capability and improves the visual appeal of finished products. Products that use food glazing include cakes, biscuits, cookies, chocolates, hard candies, toffees, donuts and other products.
The glazing used in bakery, confectionary and its alike is mostly for added visual presentability and offers minimum protection to the elements. Whereas the glazing used in coating of fruits and vegetables is designed to withstand much higher and unforgiving conditions.
The recent trend where the demand or processed meat, seafood and its derivatives has increased has indirectly led to the booming of the food glazing agents market. Moreover, the growing use of paraffin wax in industries such as packaging, cosmetics, and the candle industry has driven the growth of the market. The market is expected to grow at a steady pace owing to the rise in consumption of processed and convenience food products in growing economy of Latin America. As for the constraints of the market, the region is not financially rich in the sense that there is excess of spendable money. Therefore, luxury products of the western world such as expensive cakes and donuts which are major contributors to the food glazing market have not yet found its sales rhythm here. Additionally, health specific consumers in the region further hampers the growth of the market.
Latin America Food Glazing agents market is broadly classified into Stearic Acid, Beeswax, Carnauba wax, Candelilla wax, Shellac, Paraffin wax and others based on ingredient type. Furthermore, based on ingredient function they are classified into Coating Agents, Surface-Finishing Agents, Firming Agents, Film Formers and others. Based on application, they are classified into Bakery, Confectionary, Processed meat, poultry and fish, Fruits & Vegetables and others.
Geographically the Latin America Food Glazing Agents Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The market share of the region is quite small, being the second smallest, but the region has the second-highest growth rate with a CAGR of 9.67% which is only less than Asia-Pacific and is almost 1 point above the global average.
Key Players in the Market:
Major Key Players in the Latin America Food Glazing Agents Market are
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