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.
Changing consumer behavior and the quality of raw
materials used in the production of the product have a significant impact on
industry dynamics. Corn, barley, wheat, barley malt, and milo are the most
common raw materials used in the manufacturing of the product. These are
natural sources that are fermented and then distilled to produce beverages.
Because raw resources are so reliant on nature, the industry must evaluate
climate change and yield trends in order to efficiently forecast the supply of
these products.
Personal care products signify a large category of
products that are consumed on a day-to-day basis by a large population. The
changing demographics coupled with rising awareness about new beauty trends due
to the growth of social media has led to rising demand for these products. The
product finds application in product categories such as cleaning formulations,
anti-aging creams, anti-inflammatory, anti-wrinkle, anti-dandruff and
moisturizing products. The product is used in the above products as a
preservative and also to improve antimicrobial properties.
Related Press Release@ Food Grade Alcohol Market Report
Food Grade Alcohol Market Report
Highlights
- Molasses & sugarcane segment accounted for more than 30.0%
revenue share in 2021. The growth is attributed to the increase in its
utilization in alcohol production.
- Coloring & Flavoring agent function dominated the market with
40% of the total market revenue in 2021 owing to its consumption as an
additive in adding color and enhancing flavor in food extracts.
- Beverage application is anticipated to grow at the highest CAGR of
4.9% from 2022 to 2030 in terms of revenue. The growth is anticipated due
to increase an increase in consumer spending on food & beverages which
in turn is driving the demand for the product.
- Pharmaceutical segment was the second largest dominating market in
2021 accounting for 21% of the total market share. The growth is witnessed
due to an increase in consumer spending on alcohol-based medicine to cure
various diseases.
- Cultural changes, economic development, affordability, and
availability of alcohol along with the effectiveness and level of its
policies are key factors driving the alcohol demand.
- Cosmetics and toiletries that comprise hand sanitizer account for a
higher share of industrial alcohol in the country, which are further
estimated to trigger the market growth.
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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