Food Grade Alcohol Industry Overview
The global food grade alcohol market size is expected to reach USD 3.2 billion by 2030, as per the new report by Grand View Research, Inc. registering a CAGR of 4.3% over the forecast period. The demand is attributed to the increase in consumption of food & beverages by the consumers and the increase in application in personal care, food & beverage, and pharmaceutical industries.
Alcohol is an important ingredient for manufacturing extracts, flavors, yeast, and vinegar. The demand for ethanol has increased in the food industry to expand the shelf life of the product, driven by the changing habits and adoption of ready-to-eat food. The product plays an important role in the healthcare industry owing to its use in the preparation of medicines and sterilizing various medical equipment before use.
Food Grade Alcohol Market Segmentation
Grand View Research has segmented the food grade alcohol market report based on the product, source, function, application, and region:
Based on the Product Insights, the market is segmented into Ethanol and Polyols
- The ethanol segment dominated the market with more than 70% market share in 2021. The demand is attributed to the increase in alcohol production globally.
- Polyols are expected to register a CAGR of 4.7% over the forecast period. The growth is anticipated due to an increase in its consumption as sugar alternatives in several food products such as candies, cakes, and other baked items.
Based on the Function Insights, the market is segmented into Coatings, Preservative, Coloring & Flavoring Agent, and Other
- The coloring & Flavoring agent segment accounted for the major market of over 40% of the total revenue share. The growth is anticipated to the consumption of alcohol as a food additive which aids the distribution of colors, and helps in enhancing the flavor of food extracts.
- Coatings are expected to register second-highest CAGR of 4.4% over the forecast period. The growth is anticipated due to its extensive utilization as a plasticizer in edible film coatings in food applications.
Based on the Source Insights, the market is segmented into Molasses & Sugarcane, Fruits, Grains, and Others
- Molasses & Sugarcane sources dominated the food grade alcohol market with the highest share of more than 30% of total revenue share. The demand is attributed as it is a prominent source of food-grade alcohol production.
- The grains segment is expected to grow at a CAGR of 4.5% over the forecast period. The growth is anticipated due to its consumption in the production of various types of alcohol.
- Corn and rye are widely used in the manufacturing of whiskey around the world. Barley grain is also used in great numbers for the production of beer and whiskey all over the world.
Based on the Application Insights, the market is segmented into Healthcare & Pharmaceutical, Food, Beverages, Personal Care, and Others
- Beverages applications accounted for more than 20% of the total revenue share in 2021. The growth is anticipated to increase in consumption of beverages among the population.
- The personal care segment is expected to grow at a CAGR of 4.6% over the forecast period. The growth is anticipated to increase in consumption of personal care products and increase health awareness among people.
- The product used in personal care applications including anti-bacterial soaps, hairsprays, soft gels, perfumes, deodorants, facial astringents, spray sunblocks, mouthwashes, and toothpaste.
Food Grade Alcohol Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global is highly competitive with the big international brands focusing on the development of long-term relationship with the end-users. With the further increase in the food & beverage, pharmaceuticals, and personal care sector, the competition is anticipated to increase in the coming years.
Some prominent players in the global Food Grade Alcohol market include:
- MGP
- Cargill Incorporated
- ADM
- Cristalco
- Grain Processing Corporation
- Wilmar International Ltd.
- Extractohol
- Pure Alcohol Solutions
Order a free sample PDF of the Food Grade Alcohol Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment