Glycerin is a trihydroxyalcohol, which is also known as glycerol. It is odorless, viscous, and colorless to slight brown colored liquid having sweet flavor. It is majorly produced as a by-product in two different industrial processes, hydrolysis and transesterification of fatty acids. Glycerin is used in a wide variety of applications such as beauty & personal care products and food & beverages as it offers moisturizing, emulsifying as well as sweetening properties to the products.
- Refined grade glycerin is used in pharmaceutical as well as home care and cosmetic products. Glycerin is used to increase density, viscosity, and freezing point of product formulations. Growth of end-use industries of refined glycerin globally is in turn expected to boost demand for glycerin over the forecast period. For instance, according to Consulate General of Israel, Mumbai-Economic Department of Government of India, Indian beauty and personal care industry was valued at about US$ 7.0 billion in 2014 and is expected to reach about US$ 10.0 billion by 2021.
- However, stringent government regulations imposed on glycerin production in order ensue safety and quality is expected to negatively impact growth of glycerin market over the forecast period. For instance, glycerin intended for pharmaceutical applications should meet regulatory requirements set by different pharmacopeia such as USP (United States Pharmacopeia) and EP (European Pharmacopoeia), whereas glycerin intended for food applications should meet criteria of various authorities such as ‘Food Codex’, ‘Food Safety and Standards Authority of India’, and Food Chemicals Codex standards.
- Among regions, North America is expected to hold significant market share in global glycerin market during the forecast period, owing to growth of end use industries such as food & beverage and cosmetics in the region.
- For instance, according to the report, ‘Economic Contribution of the Food and Beverage Industry’, published by ‘Committee for Economic Development of The Conference Board’ (a non-profit organization), in March 2017, in the U.S. economy, the food sector played an essential role as it accounted for about 5% GDP, 10% of total U.S. employment, and 10% of U.S. consumers’ disposable personal income (DPI).
- In foods & beverage industry, glycerin is used as an artificial sweetener, humectant, and as a solvent. Glycerin is also used as a thickening agent in liqueurs and as a filler in commercially prepared low-fat food products. Therefore, growth of food & beverage industry in the region is in turn expected to fuel growth of glycerin market during the forecast period.
- Key players operating in the global glycerin market include Emery Oleochemicals, IOI Oleochemicals, Godrej Industries, Wilmar International, P&G Chemicals, Kao Corporation, Cargill, Incorporated, Avril Group, Croda International Plc, Sakamoto Yakuhin Kogyo Co., Ltd, and Twin Rivers Technologies, Inc.
On the basis of grade, the global glycerin market is segmented into:
On the basis of application, the global glycerin market is segmented into:
- Beauty & Personal Care
- Food & Beverage
- Industrial Chemicals
- Others (Animal Feed, Fuel Additive etc.)
On the basis of region, the global glycerin market is segmented into:
- North America
- South America
- Rest of South America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa