The release agents market is estimated at USD 925.4 million in 2018, and it is projected to grow at a CAGR of 4.1% through 2023. The release agents market is segmented on the basis of form, ingredient, application, and region. The form segment of the release agents market includes solid and liquid forms. This market has also been segmented on the basis of application into bakery products, confectionery products, processed meat, and convenience food. It has also been segmented on the basis of ingredients into vegetable oils, emulsifiers, wax & wax esters, and antioxidants. On the basis of key regions, the release agents market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW), which includes South America and the Middle East & Africa.
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Growth in demand for natural sources of ingredients is driving market growth.
Ingredient labeling has become mandatory in developed economies due to increase in consumer awareness. This has brought about a change in the use of ingredients for production by the manufacturers, with several manufacturers preferring natural and organic food additives over synthetic alternatives. The demand for natural ingredients is on the rise, with manufacturers launching various products with these ingredients that can provide an added advantage to drive the consumption among health-conscious consumers. As some of the release agents, such as lecithin and vegetable oils, are of a natural origin, they are poised to observe the growing adoption by the industry that drives its market growth. Vegetable oils are used for various industrial applications such as shortening, lubrication, oiling, releasing, and as surfactants. In the baking industry, vegetable oils are used as natural sources of release agents; however, they did not provide the required texture for most applications. Hence, a chemical process called hydrogenation to convert unsaturated liquid oils into a semi-solid trans-fat was developed. Recently, several new fats & oils have emerged as alternatives to semi-solid, partially hydrogenated vegetable oils. Palm oil offers a long shelf-life without the need for chemical processes due to the presence of natural antioxidants and a low level of unstable polyunsaturated fat.
Strict international regulations governing the use of release agents in food is restraining growth of the market.
International bodies such as the National Food Safety and Quality Service (SENASA), Canadian Food Inspection Agency (CFIA), US Food and Drug Administration (FDA), and Committee on the Environment, Public Health and Food Safety (EU) are associated with food safety regulations. These organizations have control over the usage of different chemicals and materials used in food processing, directly or indirectly. As release agents that are used for bakery applications come in indirect contact with the food product surface, they have to adhere to food safety regulations. The USFDA has published the list of substances and their quantity allowed to be used in food processing.
Emerging markets are illustrating high potential for food release agents.
The demand for food release agents is high in developed markets such as the US and Europe. Developing countries, namely, China and India, in the coming years, will experience a strong upsurge in demand for release agents. This demand is driven by an increase in the production of processed and convenience foods. The market for release agents in developed economies such as the US and Europe is saturated, as their penetration and adoption are quite high. Emerging economies such as India and China, in the Asia Pacific region, are exhibiting high growth. The Asia Pacific region also provides the cost advantage in terms of production and processing. High demand, coupled with low cost of production, is a key feature, which will aid release agents suppliers and manufacturers target this market. The trend of consumer’s preference for low-fat products is rapidly rising, and marketing campaigns are planned around highlighting their use and health benefit claims. ADM produces lecithin, which functions as a low-fat dressing, attracting market attention specifically from those who aspire to produce low-fat food products. The demand for low-fat products may be driven by the increase in processed foods production and innovation in almost all segments, such as meat products, dairy, and bakery & confectionery products. However, the demand for the usage of release agents is expected to grow continually in early adopting countries such as Japan and exponential growth is projected in new and emerging markets such as Australia and other Asia Pacific countries.
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Rise in price of raw materials such as vegetable oils poses a major challenge for manufacturers.
Manufacturers of release agents for food applications have to rely on the supply of raw materials such as vegetable oils, emulsifiers, waxes, and antioxidants, of which vegetable oils have always demonstrated upward growth trends in terms of prices. Vegetable oils are the base used for the production of release agents; hence the prices of the release agent products depend on the market price of vegetable oils. The ever-increasing prices of vegetable oils pose a challenge to the release agent manufacturers and by extension, the market. The prices of raw materials for release agent production have been fluctuating, resulting in uncertainty in the market as the price of raw materials affects the price of the release agents, which in turn impacts the price of the end products. Changes in climatic conditions have resulted in the shortage of raw materials, which in turn has increased their prices. Another factor affecting the prices of raw materials is the fluctuating prices of crude oils in the global market
