Customizable Food Grade Lubricants are Poised to Disrupt the Food Industry with a Projected US$ 471 million Market Value by 2033 | Future Market Insights, Inc.
Global food-grade lubricant demand surges due to safety concerns, sector needs, and environmental consciousness driven by regulatory compliance. Europe is expected to dominate the global market with the most substantial consumption from countries such as Germany, the United Kingdom, and France Source.
NEWARK, Del, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The global food grade lubricant market is poised for significant growth, with its size expected to increase from *US$ 363 million in 2023* to *US$ 471 million by 2033*. Over the next decade, a sluggish *2.6% CAGR* in the demand for food grade lubricants will drive this expansion.The global demand for food grade lubricants is rising due to growing concerns about hazardous mineral oils. This surge is particularly pronounced in the food and beverage sector, propelling market growth. Additionally, the increasing awareness of food safety is expected to further drive the growth of food-grade lubricants in the foreseeable future.
End-user industries, including food bakery, dairy, sugar, meat & poultry, beverages, pharmaceuticals, and cosmetics, are crucial in shaping the market landscape during the forecast period. Notably, heightened environmental consciousness and the escalating demand for biodegradable alternatives are contributing to the expansion of the market size. Furthermore, the food bakery industry's emphasis on maintaining industrial equipment is poised to significantly bolster the global market size.
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The governments of developed countries impose strict regulations on the safe manufacture of foods, drinks, cosmetics, and medications. As a result, active participants in the related sectors frequently employ food grade lubricants while processing products. Some well-known governmental regulatory agencies with strict food safety and quality rules are the Food and Drug Administration and the European Food Safety Authority.
The participants in the industries employ food grade lubricants in the machinery used to process consumable items to prevent any product recalls and to comply with regulatory regulations. Leading food and beverage businesses also employ food grade lubricants to promote the maximum food standards and avert brand damage due to product recalls.
Rapid growth is seen in the food grade lubricant market made from biomaterials. Given the strict environmental protection laws and growing consumer awareness in these regions, North America and Europe have become the prime users of these items. Asia Pacific leads the synthetic lubricant market, whereas this region's bio-lubricants sector is underdeveloped. Countries like Japan strongly emphasize lubricating items with an eco-label as the markets in the Asia Pacific have begun to reflect the regulatory systems in the United States and Europe.
*Integrating technology like IoT and Industry 4.0 into food production facilities is anticipated to create opportunities for smart lubrication solutions. This confluence of innovation will likely develop the foundation for a revolutionary future by improving operational effectiveness. Simultaneously, it is expected to ensure the pinnacle of safety and quality in the food business,* says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
*Key Takeaways from the Food Grade Lubricant Market*
· In 2022, the global food grade lubricant market size stood at US$ 356 million.
· Germany's food grade lubricant industry is estimated to lead with a projected 13.2% CAGR from 2023 to 2033, driven by stringent regulatory compliance and a robust manufacturing sector.
· Australia's food grade lubricant industry will likely show a steady 11.9% CAGR between 2023 and 2033, influenced by a burgeoning food and beverage sector and an increasing focus on sustainability.
· Japan's food grade lubricant industry is projected to develop at 10.1% CAGR through 2033, propelled by a technologically advanced manufacturing landscape and a heightened emphasis on food safety.
· The United States food grade lubricant industry is likely to exhibit a 6.0% CAGR from 2023 to 2033, affected by a robust and dynamic food processing sector and ongoing advancements in lubricant technology and formulations.
· China's food grade lubricant industry is projected to follow closely with an estimated 2.2% CAGR through 2033, attributed to the rapid expansion of the food processing sector and heightened awareness of food safety and regulatory compliance.
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*Key Players and Strategies for Success in the Food Grade Lubricant Market*
Here are some key strategies that players in the food grade lubricant market employ for success:
· Prioritize adherence to food safety standards and regulations.
· Invest in research and development for innovative, safe, and efficient lubricant solutions.
· Understand unique customer needs and offer tailored solutions.
· Emphasize eco-friendly and biodegradable lubricant options.
· Expand market presence in emerging economies with high growth potential.
· Collaborate with food processing equipment manufacturers and distributors.
*Recent Developments in the Food Grade Lubricant Market*
· Balmerol introduced its line of food-grade lubricants, certified by NSF International and the United States. These are categorized as H1 lubricants (under NSF - Nonfood Compounds Registration Program). An appealing Balmerol Food Grade Lubricant flyer has been created as well.
· A fresh line of premium food-grade lubricants from Hydrotex was introduced. A robust additive package is incorporated into the Ultra-Kleen XPL series to enhance corrosion protection and increase fluid life. The wide working temperature ranges of the lubricants in this series make them perfect for food processing*.*
*Key Companies Profiled in the Food Grade Lubricant Market*
· Fuchs Petrolub SE
· Illinois Tool Works Inc.
· Kluber Lubrication Munchen
· SE & Co. Kg
· Petro-Canada Lubricants Inc.
· Total S.A.
· AB SKF
· BP PLC
· Chemtura Corporation
· Exxon Mobil Corporation
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*Food Grade Lubricant Market Key Segments*
*By Base Oil:*
· H1 Lubricants
· H2 Lubricants
· 3H Lubricants (releasing agents)
· H3 Lubricants (soluble oils)
· Others*By End-use Application:*
· Food-Bakery
· Sugar
· Dairy
· Meat, Poultry, and Seafood
· Others
· Beverages
· Pharmaceuticals & Cosmetics
· Others
*By Region:*
· North America
· Latin America
· Eastern Europe
· Western Europe
· Asia Pacific excluding Japan
· Japan
· Middle East and Africa (MEA)*Author*
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration, and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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· In the year 2023, the worldwide food preservatives market trend is expected to be worth US$ 2,965.62 million. The market is predicted to grow at a 6.8% CAGR to $5,725.70 million by 2033.*About Future Market Insights (FMI) *
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