Humectants Market Analysis: Revenues Projected, Trends, Key Companies & Growth 2027
Market Highlights
Humectants are organic compounds that help in
retaining moisture. The global humectants
market is expected to garner a revenue of USD 26 billion by 2024 and register a CAGR of 7% during the forecast period of 2019 to 2024. Market
players are expected to witness several lucrative opportunities in the coming
years owing to the multi-functionality of humectants and humectant products.
Apart from retaining moisture, humectants are also used to impart sweetness in
food & beverages, increase product shelf life, render a soft texture to
products, and function as an antistatic coating for plastics. The increasing
demand for natural food ingredients and food products is expected to result in
profitable opportunities for market players offering natural humectants.
Advancements in food processing technology have enabled the successful use of
functional food ingredients such as sugar alcohols, which is paving the way for
players active in the global humectants market.
The global humectants market has been segmented on
the basis of type, source, and application.
Based on type, the global humectants
market analysis has been divided into glycols, glycerol, sugar alcohols,
polysaccharides and alpha hydroxy acids (AHAs), and others. The sugar alcohols
segment is expected to gain the largest revenue share and exhibit the highest
growth rate during the forecast period. This can be attributed to the high
efficiency of sugar alcohols such as glycerol, sorbitol, xylitol, and maltitol.
Additionally, sugar alcohols or sugar polyols are used in diverse applications
including animal feed, pharmaceuticals, nutraceuticals, food & beverages,
and cosmetics.
The global humectants market has been segregated,
by source, into natural and synthetic. The synthetic segment is expected to
gain the larger market share owing to the widespread availability and low cost
of synthetic humectants. Moreover, large volumes of synthetic humectants are
being consumed in multiple applications such as food & beverages, animal
feed, personal care, and pharmaceuticals. However, the natural segment is
expected to register the higher growth rate during the forecast period due to
the increasing demand for natural food products and food ingredients.
By application, the global humectants market has
been classified as food & beverages, personal care, pharmaceuticals, and
others. The food & beverages segment has further been segregated into
bakery and confectionery, dairy and frozen desserts, beverages, and others. The
food & beverages segment is expected to garner the largest market share and
register the highest CAGR during the forecast period owing to the surging
demand for humectants in the food & beverage industry. Humectants help in
increasing the shelf life and efficacy of food & beverage products, along
with retaining moisture. The bakery and confectionery sub-segment is expected to
be the largest owing to the rising use of humectants to impart sweetness,
increase product shelf life, and render a soft texture to confectioneries. In
the personal care segment, the increasing demand for moisture-rich humectant
products for maintaining natural hair health is driving market growth.
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Regional Analysis
The global humectants market has been segmented, by
region, into North America, Europe, Asia-Pacific, and the rest of the world.
Europe is projected to dominate the global
humectants market owing to the presence of prominent manufacturers in the
region. In addition, the growing personal care and animal feed industry in the
region is driving the growth of the European humectants market. However,
changing consumer preferences, growth of application industries, and increasing
demand for low-calorie food are expected to drive the growth of the market in
Asia-Pacific, which is expected to register the highest CAGR during the
forecast period.
Key Players
Some of the key players in the global humectants
market are DowDuPont (US), BASF SE
(Germany), Sweeteners Plus Inc. (US), Cargill, Incorporated (US), Ingredion
Incorporated (US), Barentz (Netherlands), Brenntag AG (Germany), Archer Daniels
Midland Company (US), Roquette Frères (France), Galactic S.A. (Belgium), Batory
Foods (US), Fooding Group Limited (China), Lianyungang Dongtai Food
Ingredients Co., Ltd (China), Nutra Food Ingredients LLC (US), and Ashland
Global Holdings Inc. (US).
Some of the strategies followed by the players
operating in the market were innovations, product launches, expansions, and
mergers.
Key Developments
- In January
2019, Ashland Global Holdings Inc. appointed Barentz as its
distributor of personal care ingredients which include humectants. The
partnership was aimed at expanding Ashland Global Holdings Inc.’s
footprint in Germany and Austria.
- In October
2018, DuPont Tate & Lyle Bio Products Company, LLC, a joint
venture between DowDuPont and Tate & Lyle, opened a new warehouse and
distribution channel in Loudon, Tennessee (US), to cater the increasing
demand for preservatives and humectants Susterra and Zemea propanediol.
NOTE:
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