The global food-grade alcohol market is projected to grow at a CAGR of 7% during the forecast period (2019-2028), on the account of increasing consumption of alcoholic beverages among younger demographic at a global level. Food grade alcohol is utilized in various sectors, for instance, personal care, pharmaceutical, food and beverages, and others. As indicated by Future Market Insights (FMI)’s recent report, worldwide sales food-grade alcohol accounted for revenues worth US$ 3.2 Billion in 2019. Demand for food-grade ethanol is projected to increase, owing to wider availability and it’s comparatively multiple uses which have made it the preferred product among customers.
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Key Takeaways of the Food Grade Alcohol Market Study
- The need for ethanol & polyol as a food-grade alcohol product will boost at a remarkable CAGR of 7% and 6% respectively towards 2028-end.
- The global food-grade alcohol market is projected to reach a valuation of US$ 5.8 Bn by 2028.
- In contrast to developing regions, sales of food-grade alcohol are anticipated to be higher in nations of MEA and Latin America.
- Certain adverse effects or limitations of food-grade alcohol are projected to record its market development in the present scenario.
- Food grade ethanol has long stayed the preferred kind or main component for alcoholic beverages and keeps on to gain a remarkable share in the novel market landscape.
- The beverage sector accounts for the intense potential for food-grade alcohol makers to aid the bigger industry and expand more innovative beverages.
- The rising need for natural ingredients in personal care and cosmetic products amid customers ensued in the higher acceptance pace of food-grade alcohol in the personal care and cosmetic sector.
- Development in the need for food-grade ethanol is boosted by the increasing need for ready-to-eat food products since it has the property to blow up the product shelf life.
“Increasing utilization of alcoholic beverages resulted in its high trade, globally. As per WHO, close to 2.3 billion individuals are consuming alcohol in the overall worldwide populace and the figure is rising. Beer is the subsequent most-consumed type of beverage amid customers that is one of the final food grade alcohol products. These aspects are moreover fueling the need for food-grade alcohol in the food & beverages industry.” says the FMI analyst.
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Food Grade Alcohol Market: Competitive Landscape
A few of the key players in the food-grade alcohol market are MGP Ingredients (US), Archer Daniels Midland Company, Cargill Incorporated, Roquette Freres S.A, Sigma-Aldrich, Cristalco SAS, Fonterra Co-operative Group, Wilmar International Limited, Manildra Group, Grain Processing Corporation, and many others. These top participants are centering on R&D for product innovation because of extending their product portfolio to achieve the rising need for innovative beverages all over the globe from customers. Additionally, makers are centering to expanding their footholds worldwide by optimizing the mergers and acquisitions strategy, partnership and joint ventures with small food-grade alcohol makers.
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