Ubiquitous social distancing by consumers drives the adoption of frozen food products as these can be stored for a long duration of time. Thioglycolates are crucial ingredient that enhances the shelf-life of frozen foods. On this favorable backdrop the global thioglycolates market will be valued at US$ 13.7 Mn by 2029.
Up from the valuation of US$ 98.5 Mn in 2019, the thioglycolates market will continue to grow at a steady CAGR during the forecast period (2019-2029). As the world fights COVID-19, millennial consumer population is pushing sales of convenience foods, particularly frozen food products.
Cosmetic Applications Hold a Major Value Share
Proliferation of male cosmetics among high-income consumers has risen the demand for thioglycolates exponentially. Since cosmetic manufacturers now cater to a wider audience, they require more thioglycolate. Cosmetic application area accounts for over 75% share of the total market value.
“Market players are mapping new trade routes amid expulsion of import and export between major countries. The demand for frozen food is a key growth area during the pandemic,” says the FMI analyst.
Developed Regions Continue to Reflect Maximum Profits
Collectively, North America and Europe account for more than 54.5% share of the total market value. Prevalence of convenience food and cosmetics among consumers in these regions are major factors of growth for the market. Developing countries of Asia Pacific such as India, and Indonesia are likely to capture significant market share during the forecast period. Uptake in cosmetic products among millennial consumers in these countries is central to remunerative opportunities in this region.
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Surge in demand for frozen bakery, meat, dairy, and condiments also contributes to the growth of thioglycolate sales. Countries such as Brazil, Malaysia, and Russia are a few local markets that the demand for these products stem from. Rising population with an increase in expenditure on convenience food products drive the demand for thioglycolates in these economies. To fight the financial impacts of COVID-19 market players may find sustainable opportunities in lesser hit countries such as Australia, India, Indonesia, and Singapore.
According to the FMI study, the thioglycolate market is expected to exhibit a CAGR of 3.4% during the period of 2020-2030. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights