The growing demand for convenience food products and carbonated beverages have significantly fueled the market for food-grade gases. Further, with the introduction of new products in the food industry and advancements in packaging technologies, there has been a growing need for food-grade gases for various end-uses.
The global food-grade gases market is estimated to be valued at USD 5.9 billion in 2018 and is projected to reach USD 8.1 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. The demand for food-grade gases is significantly increasing due to factors such as growing consumer preferences toward convenient food packaging, owing to their on-the-go lifestyles, and the growing number of microbreweries across all regions.
The high cost associated with power and stringent government regulations to meet quality standards inhibits the growth of the food-grade gases market. The North American market is projected to hold the largest market share, owing to the large food & beverage industry in the region and the presence of all big players.
Also, the rising trend of microbreweries has driven the North American food-grade gases market.
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The food-grade gases market, on the basis of type, is segmented into carbon dioxide, nitrogen, oxygen, and others. The carbon dioxide segment is projected to grow at the highest CAGR, owing to the growing demand from the carbonated beverage industry for carbonation, and also from the packaged food industry for Modified Atmosphere Packaging (MAP).
The food-grade gases market, on the basis of mode of supply, is segmented into bulk and cylinder. The bulk mode of supply is usually preferred by large food & beverage manufacturers due to the ease of handling and storage it offers.
The bulk mode of supply of food-grade gases is also cost efficient than when the gases are offered in cylinders.
The food-grade gases market, by end-use, is segmented into meat, poultry, and seafood products; dairy & frozen products; beverages; fruits & vegetables; convenience food products; bakery & confectionery products; and others. The beverages segment is estimated to grow at the highest CAGR due to the use of large volumes of food-grade gases, especially carbon dioxide and nitrogen, for carbonation and blanketing.
As the demand for carbonated beverages increases, there is a simultaneous growth in the market for food-grade gases.
The food-grade gases market, on the basis of application, is segmented into freezing & chilling, packaging, carbonation, and others. The carbonation segment is projected to grow at the highest CAGR, owing to the growing carbonated beverages industry.
The rising trend of functional and no-sugar carbonated beverages also drives the market for this segment.
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The increasing demand for food-grade gases from developing countries such as China and India—for various applications like packaging, carbonation, and freezing & chilling; and increased applications in beverages; meat, poultry, and seafood products; and dairy & frozen food products—prove to be some of the opportunities in this market.
The major players in the industry are focusing on new product launches, expansions, acquisitions, partnerships, collaborations, joint ventures, agreements, and mergers to increase their global footprints in the area of food-grade gases.
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