PORTLAND, Oregon, Nov. 21, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Food Grade Gases Market by Type (Carbon Dioxide, Nitrogen, and Others), Application (Freezing & Chilling and Packaging & Carbonation), and End User (Beverages, Meat & Seafood, and Packaged Products): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global food grade gases industry was pegged at $6.4 billion in 2018 and is projected to garner $8.1 billion by 2026, registering a CAGR of 3.2% from 2019 to 2026.
Drivers, restraints, and opportunities:
Increase in adoption of food grade gases in the food industry has boosted the growth of the global food grade gases market. However, stringent regulations and standards set by the government restrict the growth of the market. On the other hand, continuous investment for upgrading the high-tech food preservation technology is expected to create lucrative opportunities in the near future.
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Carbo dioxide to lead the trail during 2019-2026
Based on type, the carbon dioxide segment accounted for the largest share in 2018, accounting for more than two-fifths of the total market. As carbon dioxide is used to provides fizz and increases taste of soft drinks, and carbonate wines and beers. On the other hand, the nitrogen segment is estimated to register the fastest growing CAGR of 3.5% throughout the study period, owing to the use of nitrogen gas to purge food packaging of oxygen.
Packaging and carbonation segment to rule throughout 2019-2026
Based on application, the packaging & carbonation segment held the highest share in 2018, accounting for nearly three-fifths of the total market share. This is because it protects packaged food by preventing unwanted chemical reactions. However, the chilling and freezing segment is expected to register the fastest CAGR of 4.5% throughout the study period. This is due to its use for freezing and chilling in food industries.
North America to dominate the market throughout 2019-2026
Based on region, the market across North America held lion's share in 2018, accounting for nearly two-fifths of the total market share. This is due to increase in health-conscious population. On the other hand, Asia-Pacific would grow at the fastest CAGR 5.5% throughout the forecast period. The increasing disposable income, rise in growth of urbanization and increasing retail network in countries like India, China, and Japan is routinely increasing the demand for packaged products and meat & seafood. In addition, increasing demand for beverages like soft drinks, fitness drinks, fruit juices, packaged food products, and others results in increasing the growth of food grade gases market.
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Major market players
- Air Liquide SA,
- Air Water Inc.
- Gulf Cyro, Linde Plc, SOL Group
- Taiyo Nippon Sanso Corporation
- The Massy Gas Products (Trinidad) Ltd
- The Messer Group GmbH
- Air Products and Chemicals, Inc
- Coregas Pty Ltd
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SOURCE Allied Market Research