Newark, Sept. 20, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global release agents market is expected to grow from USD 1.54 billion in 2021 to USD 2.25 billion by 2030, at a CAGR of 4.32% during the forecast period 2022-2030.
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Due to changing lifestyles and rising disposable income, global demand for bakery and confectionery items has expanded, particularly in developing countries. Healthy bakery and confectionary items that are vegan, sugar-free, gluten-free, organic, low in calories, and rich in nutrition are in high demand. The bakery and confectionery industries are seeing a surge in demand for vegetable oils as release agents due to a growing focus on complete organic production, packaging, and distribution. More market players are using vegetable oil to appeal to health-conscious consumers due to the increased understanding of the advantages of employing it as a releasing agent. Releasing agents are now widely employed in the pharmaceutical, concrete, personal care, food processing, metal, plastic, and rubber industries because of improved research and development. The demand for releasing agents in the asphalt and concrete sectors will be driven by the growing infrastructure development, creating attractive prospects for the releasing agent market. The demand for release agents will rise due to the food processing sector’s increased reliance on western culinary culture across Asia, the Middle East, and Africa. However, the global uncertainties make prices of raw materials highly volatile, making it difficult for the market players to procure raw materials limiting market development. Furthermore, the stringent international guidelines and regulations will challenge the market’s growth.
Competitive Strategy
To enhance their market position in the global release agents market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Bundy Baking Solutions introduced Synova LLC, a new company that produces and sells release agents for bakeries, in May 2019. Synova, based in Westerville, Ohio, joins the group of businesses owned by Bundy Baking Solutions, which already includes American Pan, Chicago Metallic, Pan Glo, RTB, and Shaffer.
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Market Growth & Trends
The increasing global population is driving the demand for food, which will increase the demand for food processing, including bakery and confectionery products. The changing consumer lifestyle, with the development of new tastes and preferences, will drive the bakery and confectionery products. A new line of products with no added sugar, no added preservatives, fruit-based with functional ingredients, superfoods, and herbs is being introduced by the market players, attracting a newly developed health-conscious customer base. These products are available in a wide variety of flavors; they are available at any nearby supermarket/hypermarket or even online, making them accessible. The products are affordable as compared to their counterparts in restaurants and hotels. Confectioneries are increasingly used for gifting on special occasions, festivals, gatherings, etc. The increasing demand for bakery and confectionery products will contribute to developing the releasing agents’ markets as they are used extensively in the industry for various purposes at every stage.
Key Findings
• In 2021, the fluid-releasing agent segment dominated the market with the largest market share of 56% and market revenue of 0.86 billion.
The type segment is divided into fluid, solid, and water-based releasing agents. In 2021, the fluid-releasing agent segment dominated the market with the largest market share of 56% and market revenue of 0.86 billion.
• Over the forecast period, the wax & wax esters segment will grow at the fastest CAGR of 6.29%.
The ingredient type segment is divided into vegetable oils, wax & wax esters, emulsifiers, antioxidants, and others. Over the forecast period, the wax & wax esters segment will grow at the fastest CAGR of 6.29%.
• In 2021, the bakery & confectionery products segment accounted for the largest share of the market, with 39% and a market revenue of 0.60 billion.
The application segment is divided into bakery & confectionery products, processed food, meat & meat products, pharmaceutical, industrial, and others. In 2021, the bakery & confectionery products segment accounted for the largest share…
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