Growing demand for glycerin in various end-use verticals is boosting the global food glycerin market.
The value of the Food Glycerin market is projected to grow to USD 7.2 Bn with an estimated CAGR of 6.1% by 2032
Covid-19 Impact & Market Status:
COVID-19's global spread prompted lockdowns in key cities, ports, and manufacturing facilities, which is expected to have a short- and medium-term impact on food glycerin sale and its raw materials costs and supplies. During the COVID-19 spread in the worldwide market, however, food glycerin demand was also influenced. Increased demand for natural and organic products in the food and beverage sector resulted from rising customer worries about healthy diets as a result of developing inflectional illnesses such as COVID-19. Over the projected period, this will improve overall growth and demand for food glycerin in the flavours and food preservatives.
The report identifies the markets and companies that may be attractive currently and forthcoming years. The report analyzes the changes in production growth, income, demographics, changing price patterns, and other several factors. The report analyses the Global Food Glycerin Market by identifying the most attractive investors, and assesses the opportunities, market size, risks, and growth potential of the market. The report assesses the major trends influencing the Global Food Glycerin Market, Global Food Glycerin Market, investment opportunities, and emerging market having attractive opportunities. The report identifies the growth segments, geopolitical scenarios, regulatory environment, technological innovations in the Global Food Glycerin Market.
During The Forecast Period, The Biodiesel Segment Is Expected To Increase At A Rapid Pace
The global glycerin market is classified into vegetable oil, biodiesel, soaps, and synthetic on the basis of type. Among these, the biodesel segment accounted for highest market share. A market oversupply of food grade glycerin has resulted from the increased interest in biodiesel fuel made from renewable sources such as vegetable oil, waste cooking oil, and cattle tallow. Biodiesel is made by mixing menthol with an oil or fat feedstock. Glycerin is created as a byproduct of the esterification of the fatty acid component of the molecule to biodiesel. Ion exchange resins are used to purify crude glycerin to a potential purity of 99.5 percent. Food, personal care, cosmetics, pharmaceuticals, and other specialized applications can all benefit from the glycerin produced.
Food Sweeteners Segment Gathered Largest Sales Revenue
The global glycerin market is classified into sweeteners, food preservatives, humectant on the basis of application. Among these, the food sweeteners segment accounted for highest sales revenue. The key factors such as high food consumption and artificial additives demand increasing in the market is boosting the food sweeteners segment.
The Asia-Pacific region continues to lead the global market for food grade glycerin.
Asia-Pacific accounted for a large portion of the worldwide food grade glycerin market, and it is expected to continue to be the fastest-growing market for glycerin over the forecast period. Because of the considerable demand for glycerin in the pharmaceutical, food and beverage, and personal care industries, Europe has a significant market share.
New applications of glycerin being developed in the market, growth in demand for glycerin in APAC, increase in Glycerin refining capacity, shale gas discovery is driving the global glycerin market.
Owing to benefits such as high boiling point, non-toxicity, hygroscopic nature, viscosity, easy digestion, resistant to cavities, helpful in regulating body temperature, food glycerin is experiencing rapid adoption thus fostering remarkable progress in global food glycerin market.
The factors such as increasing production of base chemicals for other chemicals, increasing demand for refined glycerin is encouraging the global glycerin market development.
These factors are influencing thumping growth of global glycerin market. By 2029, the global food Glycerin market is expected to expand by USD 3.5 , with a CAGR of 4.8 percent.
Due to the expanding use of biodiesel as a fuel and compulsory blending with petroleum diesel in many countries, biodiesel businesses are being driven to expand their production capacity. Because glycerin is produced as a by-product of biodiesel production, global glycerin output has risen dramatically.
Growing demand for refined and purified glycerin in the manufacturing of personal care, pharmaceutical, and food and beverage products, combined with stringent product quality standards, is expected to drive up demand for pharmaceutical and food grade glycerin globally.
Food glycerin, often known as vegetable glycerin, is a clear liquid generated from coconut, palm, or soybean oils with a milky sweetness. It's also used as a preservative in food to prevent sugar crystallisation in beverages. Glycerin is about 60% to 70% sweeter than most sugar-containing alcohol, which is expected to benefit the entire food-grade glycerin business. Food grade glycerin is frequently employed in a number of consumer goods due to its functional and nutritional characteristics. Glycerin is known as a low-calorie source of lectinin thus its demand in the food industry is more.
It assists in the decrease of consistency, the replacement of more expensive fixes, sugar crystallisation control, homogeneous mixing, and, most crucially, the improvement of the timeframe for actual product use.
However, the Food and Drug Administration's (FDA) strict food regulations are projected to stifle worldwide industry expansion. Furthermore, availability of substitute products in low prices like sorbitol, increasing cost of raw material, increasing use of propylene glycol in food, growing cost of petroleum are likely to hamper the global food glycerin market.
Despite the dwindling situation, the global food glycerin market is very lucrative. Emerging applications of Glycerin is anticipated to be a growth opportunity and better and healthier prospects for global glycerin market.
The major market players Global Food Glycerin Market are Croda International, Godrej, Kuala Lumpur Kepong Berhad, Wilmar International, Ioi Oleochemicals, and Emery Oleochemicals among others.
Mergers and acquisitions, current developments, joint ventures, collaborations, product innovations, and partnerships are all used by the leading players in the broth industry to expand their businesses. These methods are helping the companies get a larger proportion of the global food glycerin market and enhance their position. Croda International and Godrej are two of the most well-known food glycerin producers and suppliers in the world.
The companies due to their product offerings generate excellent profit margins and commercial prospects for producers, which will likely propel the global food glycerin market forward
Major Developments in Global Food Glycerin Market:
- ENI and BASF announced a new joint venture in July 2021 to generate improved bio-propanol from glycerin. The conversion of Glycerin to propanol is the technology that will be developed.
- Croda International, a speciality chemical manufacturing firm, aided sanitizer producers during COVID-19 by providing free additional glycerin to their customer base in Western Europe in April 2020.
Food Glycerin Market Scope
|Revenue forecast in 2028
|USD 3.5 billion
|CAGR of 4.8 % during 2021-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Croda International, Godrej, Kuala Lumpur Kepong Berhad, Wilmar International, Ioi Oleochemicals, and Emery Oleochemicals among others.
Key Segments of Global Food Glycerin Market
Type Overview, 2019-2029 (USD Billion)
- Vegetable oils
Application Overview, 2019-2029 (USD Billion)
- Food preservatives
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa