LONDON, April 19, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the food grade gases market forecasts the global food grade gases market size to grow from $7.5 billion in 2022 to $7.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global food grade industrial gases market size is then expected to grow to $9.9 billion in 2027 at a CAGR of more than 5%.
Consumer demand for frozen and chilled food products is projected to drive the food grade gases market ahead in the coming years. Food goods preserved by quick freezing and held in the freezer until required are referred to as frozen and chilled food products. Food grade gases are utilised in the packaging of frozen and chilled foods to keep them fresh for customers, hence an increase in demand for frozen and chilled foods will help to push market expansion. According to the American Frozen Food Institute, a US-based national trade organisation of the frozen food sector, frozen foods sales climbed by 13.3% in units and 21% in dollars in 2020, reaching $65.1 billion in retail sales. In 2020, consumers made a record number of online purchases, including a large number of frozen foods. Online sales of frozen food surged by 75%, with frozen dinners and entrees, beef, poultry, and seafood leading the way. As a result, rising consumer demand for frozen and chilled foods is propelling the food grade gases market.
Another driver as per the food grade gases market research includes the increased production of meat and seafood items. Food-grade gases are most commonly used to extend the shelf life of meat and seafood. For example, according to the OECD iLibrary, a France-based online library of the Organisation for Economic Cooperation and Development, in July 2020, global fish production is expected to increase by 25 MT (megaton) (or 14%) from the baseline period to 200 MT by 2029 (average of 2017-19). The percentage of total fish oil obtained from fish waste is expected to rise from 41% to 45% by 2029, while fishmeal is expected to rise from 24% to 28%. As a result, the increase in meat and seafood production will drive the expansion of the food grade gases industry.
Major players in the food grade gases market are Linde Group & Praxair Inc., Air Products & Chemicals Inc., Air Liquide SA, The Messer Group GmbH, Taiyo Nippon Sanso Corporation, Coregas Pty Ltd., PT Aneka Gas Industri TBK, Massy Group Inc., Air Water Inc., Sol Group.
North America was the largest region in the food grade gases market in 2022. The regions covered in the global food grade gases market overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global food grade gases market is segmented by type into carbon di oxide, nitrogen, oxygen, sulfur dioxide, other types; by application into freezing and chilling, packaging, carbonation, other applications; by end use into dairy and frozen, fish and sea food, meat, beverages, fruit and vegetables, bakery and confectionery, other end-users.
Food Grade Gases Global Market Report 2023 by The Business Research Company provides insights on the food grade gases market size, food grade gases market segments, food grade gases market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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