Food Grade Lubricants Market To See Record Break Revenue $406.6 Million By 2030

Food Grade Lubricants Market

Kosher and halal certified food grade lubricants are gaining high traction to meet the customary and dietary regulations of various regions and cultures.

PORTLAND, OR, UNITED STATES, August 31, 2021 / — Food Grade Lubricants Market by Type, Form, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030. The food grade lubricants market size was valued at $230.4 million in 2020, and is projected reach $406.6 million by 2030, registering a CAGR of 5.9% from 2021 to 2030.

Rapid growth of food & beverage and pharmaceutical industries, strict government policies, and availability of food grade lubricant in aerosol and foam drive the growth of the global food grade lubricants market. However, petroleum-based food grade lubricants and low product awareness and regulations regarding manufacturing in developing regions coupled with product misconceptions hinder the market growth. On the contrary, bio-based food grade lubricants and adoption of synthetic-based food grade lubricants are expected to open new opportunities for the market players in the future.

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Covid-19 scenario:
• The pandemic negatively affected the food grade lubricant industry due to disrupted supply chain and restrictions on international trade.
• During the first few months of the pandemic, several countries imposed strict regulations regarding production of cosmetics, food, and beverages among others.
• However, shift in consumer purchasing habits and adoption of food grade lubricates are expected to help recover some losses.

The report segments the global food grade lubricants market on the basis of form, application, and geography.
Based on form, the oil segment held the lion’s share in 2020, accounting for nearly 90% of the market. Moreover, the segment is projected to register the highest CAGR of 6.0% during the forecast period. The research also analyzes the grease segment.

On the basis of application, the food segment held the largest share in 2020, contributing to nearly half of the market. Moreover, the segment is anticipated to manifest the highest CAGR of 6.9% from 2021 to 2030. The report also analyzes the segments including beverage, pharmaceuticals, and others.

The global food grade lubricants market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, accounting for more than two-fifths of the market. However, Asia-Pacific is estimated to portray the highest CAGR of 7.5% during the forecast period.

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Some of the major players profiled for in the food grade lubricants market analysis include Brit-Lube, Clearco Products Co., Inc, Freudenberg Group, Fuchs Group, HollyFrontier Corporation, Hydrotex Lube, Interflon, Lubriplate Lubricants Company, Metalube, and SKF Group. Other prominent players analyzed in the report are BP PLC, International Products Corporation, David Weber Oil Co, Exxon Mobil Corporation, Total Specialties, Condat, and Repsol.

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Source: EIN Presswire