Vegetable glycerin is natural product extracted from vegetable oil by heating oil at a very high temperature under water pressure. It is produced from palm oil, soy, coconut/ palm oil and others.
The vegetable glycerin market is expected to grow at a CAGR of 5.3% over the predicted time period, according to data from Future Market Insights. The industry's estimated value will increase from US$ 1,306.6 Mn in 2022 to US$ 2,190.0 Mn in 2032. The Vegetable Glycerin Market was worth US$ 1,245.6 Mn by the end of 2021.
Primary demand for vegetable glycerin is in food and beverage, personal care products and medicines. In food and beverage industry, vegetable glycerin is used as a sugar substitute or sweetener and in personal care and cosmetic products, it is often used in skin care products to make skin moist and healthy. North America and Western Europe are expected to gain largest market share in terms of value and volume during the forecast period.
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Global Vegetable Glycerin Market: Market Drivers
Some of the key drivers which are influencing the demand for vegetable glycerin are from the food and beverage manufacturers as it helps to thicken and control the moisture level in food.
The majority demand for vegetable glycerin is from processed food manufacturers in which it is added as a humectant and used for preservative purpose. It is also gaining its demand from dairy and confectionery manufacturers where it is primarily used as sweetener.
Demand for vegetable glycerin in personal care manufacturers and pharmaceutical industry is also increasing as it often used in moisturizing skin care products. In the global market, demand for vegetable glycerin is also driving due to increasing number of health conscious consumers as in compare to sugar, vegetable glycerin is less sweetens than sugar. Moreover, it is also preferred by consumers seeking for food and beverages with the lower amount of carbohydrates.
Global Vegetable Glycerin Market: Market segmentation
Vegetable glycerin market is segmented on the basis of by source, by grades and by application. Market segment as by source includes palm oil, soy, coconut/palm oil and others (grape seed). Vegetable glycerin market is segmented on the basis of grades such as food grade, pharm grade and industrial grade.
Vegetable glycerin market segmentation on the basis of application, it includes food and beverages, personal care and cosmetics and medicines. On analyzing the demand for vegetable glycerin in the global level market, it assesses that majority of its application is from food and beverage industry followed by personal care and cosmetic products. Recently the demand for vegetable glycerin is increased in food industry as it is used as a thickener, wetting agent and as a sweetener.
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It is mostly used as a food additive in food industry such as in confectionery products, dairy products, prepared and processed food products and many other food products. On the other side, its demand is also expected to increase in personal care and cosmetic industry as it used as a humectant in skin care products, body lotions, shampoos, soaps etc. In pharmaceutical, vegetable glycerin is used as an ingredient in medicines and ointments.
Global Vegetable Glycerin Market: Regional Outlook
On the basis of regional segment, vegetable glycerin market is segmented in seven regions including North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and the Middle East & Africa. On analyzing the market share on graph, it is expected that North America and Western Europe accounts to majority of share in terms of value in global vegetable glycerin market.
Furthermore, increasing demand for confectionery, dairy and processed food products and personal care and cosmetic products among the urban population in developing regions shows that Asia-Pacific is expected to be one of the attractive market in near future.
Global Vegetable Glycerin Market: Key players
Some of the key players operating in global vegetable glycerin market are Procter & Gamble, NOW Foods, VVF L.L.C., Cargill, Incorporated, Dutch Glycerin Refinery (DGR), The Dow Chemical Company, Parchem fine & specialty chemicals , Avril Group, Essential Depot, Inc. among others.
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Feb 01, 2023
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