Food Grade Alcohol Market Size is Predicted to Witness 3.8% CAGR till 2027

The global Food Grade Alcohol Market size is expected to reach USD 3.14 billion by 2027, as per a new report by Grand View Research Inc., expanding at a CAGR of 3.8% from 2020 to 2027. The market is expected to be majorly driven by the changing consumer preferences in terms of food and beverage flavors supported by new product development by existing industry participants.

Growing population, coupled with rising number of people within the upper-middle class, has contributed to the increasing market penetration. The western influence on youth in Asia Pacific countries, such as India, has also contributed to the increased sales of the product from the alcoholic beverage segment. In Europe, the growth is majorly attributed to product innovation that has led to the development of RTD alcoholic beverages, which has played an important role in driving demand in the region.

Demand for flavor enhancing food additives from the food processing industry, coupled with demand from the beverage industry for alcohols and crafted beer, is a key factor boosting the market growth. Furthermore, ascending popularity of anti-aging creams has driven the product consumption from the personal care industry. In addition, COVID-19 pandemic has accelerated the product demand from the healthcare and pharmaceutical sectors for sanitizers, medical equipment, and sanitization applications, which is having a positive impact on the market growth. However, supply chain disruptions owing to lockdown in major countries, such as India and China, are likely to impact the market growth negatively.

Competition for new and innovative product launches is intense amongst the manufacturers. Furthermore, compliance with the national and international regulatory norms is one of the key concerns for the manufacturers. Compliance with these norms for sustainable manufacturing and distribution, along with acquiring certifications, such as USDA and GMP, is one of the major concerns among the manufacturers involved in domestic as well as offshore businesses.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/food-grade-alcohol-market

Food Grade Alcohol Market Report Highlights

• Growing awareness about consumer product ingredients among the customers, coupled with rising demand for new alcohol-based flavors, is expected to be a prime market driver
• By function, the coloring and flavoring agent segment is expected to witness prominent sales supported by ascending demand for food additives that can enhance the flavor of food extracts
• Based on application, food and beverages are expected to witness higher demand owing to rising popularity of alcoholic beverages and crafted beers
• The healthcare and pharmaceutical application segment is expected to witness lucrative growth amid COVID-19 pandemic due to rising product demand for sanitization applications
• Europe and North America are among the top consumers of food grade alcohol owing to significantly developed pharmaceutical and food and beverage processing industries
• Strategic alliance with other players in order to increase product penetration and profit margins is likely to be a key strategy among players during the forecast period.

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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