Global demand for food grade glycerin is set to grow at a brisk pace in 2021, on the back of strong hand sanitizer sales. Growth is also likely to sustain beyond 2021, as hand sanitizer sales will remain resurgent, considering behavioral shifts among consumers.
According to the study, as consumers become health conscious, demand for organic grade food glycerin is acquiring immense popularity. Kosher and halal-certified food grade glycerin are becoming highly common, penetrating prospective markets.
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- Biodiesel glycerin to acquire major traction, soap-derived glycerin to remain lucrative
- Uptake across pharmaceutical and personal care industry to be more widespread
- Asia-Pacific to retain market lucrativeness, reaching a multi-billion dollar valuation
- Processed foods to register major glycerin application, owing to growing demand for clean-label foods
“Prominent players are looking to target emerging economies so as to capture a wider customer based and expand revenue prospects,” remarks an FMI analyst.
COVID-19 Impact Insights
The global food grade glycerin market experienced minor deceleration in the initial months of the pandemic, attributed to global shutdowns. However, growth eventually picked up pace with consumers switching over to consumption of instant foods which require preservatives.
Moreover, increasing production of hand sanitizers has spiked demand for glycerin, an important raw ingredient and a potential disinfectant. Recently, sales of make-your-own hand sanitizer kits containing glycerin have climbed across North America.
Prominent players operating in the global food grade glycerin market include Wilmar International Ltd., Emery Oleochemicals, IOI Oleochemicals, Croda International PLC, P&G Chemicals, KAO Corporation, Avril Group, The DOW Chemical Company (Olin Corporation), Cremer Oleo GmbH & Co KG, PT Smart TBK and Vitusa Products Inc. among others.
The aforementioned players rely on strategic collaborations, acquisitions, mergers and product deployments to remain afloat. P&G Chemicals is a leading player in the global food grade glycerin market. Its portfolio includes the Star KPO Glycerin 96%, Superol KPO Glycerin USP/FCC/FP and Star NK Glycerin 96% among others.
In January 2020, the company acquired Billie, a subscription service for shaving and body care products for women. In September 2020, Emery Oleochemicals announced the launch of EMERY® E Fatty Acid Esters Product Line, which offer colour stability, low odour and good biodegradability.