(I-BusinessNews.Com, February 07, 2020 ) The humectants market is projected to reach USD 26.27 Billion by 2022, at a CAGR of 7.0% from 2017, in terms of value. In terms of volume, the market is projected to reach 14,741.6 KT by 2022, at a CAGR of 3.9% from 2017. The humectants market is growing in accordance with the advancement of bakery & confectionery products, and functional & nutritional food & beverage industry. The consumption of humectants is high in the food & beverage, cosmetics & personal care products, animal feed, and pharmaceutical industries.
In the food industry, the increase in demand for functional & nutritional foods, bakery & confectionery products, & beverage products and rise in health consciousness among consumers are the major driving factors; while in the feed industry, the market is mainly driven by the increase in consumption of livestock products and concern for animal welfare. Furthermore, owing to its growing usage in the oral & personal care and pharmaceutical industries, the humectants market is driven by the rise in demand for superior personal and cosmetics products. The growth of these industries is thus likely to propel the market for humectants.
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The market is highly fragmented, with key market players adopting investments and strategic alliances-through expansions & investments and mergers & acquisitions- with other players to strengthen their businesses, to explore new and untapped markets, expanding in local areas of emerging markets, and developing a new customer base for long-term client relationships.
The food & beverage segment, by application, dominated the humectants market in 2016. Factors such as rise in health-conscious consumers, growth in aging population, increase in consumer awareness regarding nutritious diet, and rise in consumer health concerns related to the consumption of high-calorie foods are expected to drive the humectants market in food & beverage segment. The oral & personal care products segment is projected to grow at the second-highest CAGR during the forecast period, followed by the pharmaceuticals segment.
The Asia-Pacific region is projected to be the fastest-growing market for humectants, owing to its growing economy with a large population base ready to spend on functional & nutritional food and the rapidly growing consumer markets of China, India, and Japan.
The eco-friendly production process of bio-based propylene glycol has led to the growth in the usage of propylene glycol. The growing automotive industry in the Asia-Pacific region is also driving the market as propylene glycol is widely used in engine coolants and sheet molding compounds. Glycerine is one of the major humectants used in this region; this growth is due to the rapidly increasing consumption in countries such as China and India for personal care products.
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This market includes players such as Cargill (U.S.), The Dow Chemical Company (U.S.), Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), and Roquette Frères (France). Other significant players include Ingredion Incorporated (U.S.), BASF SE (Germany), Brenntag AG (Germany), Barentz (Netherlands), Ashland Global Holdings Inc. (U.S.), Batory Foods (U.S.), and Corbion (Netherlands).
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