Rising frozen food and cosmetics demand among consumers is expected to positively impact the global thioglycolate market over the forecast period. Thioglycolate are used as chocolate ingredients, sodium reducing agents, frozen foods & beverages additives, and in the cosmetics industry. Frozen bakery industry is slated to witness brisk growth owing to rising bakery products demand over the next six years. It has been the major end-use industry over the last few years. Growing meat products, dairy products, bakery products, sauces and condiments demand due to rising population and increasing disposable income is expected to further augment the overall market. Emerging countries such as China, India, Malaysia, Indonesia, Russia, and Brazil are expected to witness brisk thioglycolates demand in their respectively regional markets. Ammonium thioglycolate, butyl thioglycolate, calcium thioglycolate, glyceryl thioglycolate, isopropyl thioglycolate, methyl thioglycolate, and sodium thioglycolate are used for hair applications such as straightening and coloring. Prolonged skin exposure to these hair products has severe health issues. Such toxic effects of thioglycolates are anticipated to hinder the market over the forecasted period. Stringent regulations & guidelines by agencies such as FDA and EU Cosmetics Directive regarding the product formulations and adverse health effects are presumed to challenge the global thioglycolate market growth. R&D initiatives to manufacture innovative products without the derogatory health effects to suit consumer needs promise ample opportunities for the market participants over the next six years. Growing cosmetics industry in emerging markets of Asia Pacific and Latin America is expected to provide companies with opportunities to increase their global presence.
North America dominated the global thioglycolate market over recent years owing to widespread applications across multiple end-use industries. Emerging regions such as Asia Pacific and Latin America are expected to witness significant market growth owing to rising disposable income levels and rapid urbanization. China dominated the Asia Pacific market, while the U.S. led the North American thioglycolate consumption market in recent years.
Key global thioglycolate industry participants include Haihang Industry Co. Ltd., Triveni Chemicals, Alpha Chemika, Neostar United Industrial Co. Ltd., ICC Chemical Corporation, American International Chemical Inc., CellMark Chemicals, Alfa Aesar, AN Pharma Tech Co. Ltd, and Advanced Technology & Industrial Co. Ltd.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.