by The Global Glycerol Market is estimated to be valued at US$ 2.91 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glycerol, also known as glycerin, is a colorless, odorless, and viscous liquid that is commonly used in various industries such as personal care, pharmaceuticals, food and beverages, and chemical. In the personal care industry, glycerol is utilized as a moisturizer, humectant, and solvent in skincare and hair care products. It helps in retaining moisture, reducing dryness, and improving the texture of the skin. In the pharmaceutical industry, glycerol is used as an excipient in the formulation of oral and topical medications. It also finds applications in food and beverages, primarily as a sweetener and preservative.
Market Dynamics:
The growth of the global glycerol market can be attributed to two key drivers. Firstly, the increasing demand for personal care and cosmetic products, driven by rising disposable incomes and growing focus on personal grooming, is expected to propel the market growth. Glycerol’s ability to moisturize and enhance the aesthetic properties of skincare products makes it a desirable ingredient for consumers. Secondly, the expanding pharmaceutical industry, especially in emerging economies, is driving the demand for glycerol. It is used as a pharmaceutical excipient, providing stability and improving the bioavailability of drugs. The increasing prevalence of chronic diseases and the growing aging population are further contributing to the demand for glycerol in the pharmaceutical sector.
SWOT Analysis:
Strength: The Glycerol Market Scope is expected to exhibit high growth, with a CAGR of 7.4% over the forecast period. This can be attributed to the increasing demand for glycerol in various industries such as cosmetics, pharmaceuticals, and food and beverages. Glycerol’s unique properties, such as its moisturizing and emollient characteristics, make it a valuable ingredient in these industries.
Weakness: One weakness of the glycerol market is its vulnerability to fluctuations in raw material prices. Glycerol is derived from fats and oils, and any price fluctuations in these commodities can impact the overall cost of production. Additionally, glycerol faces competition from synthetic substitutes in certain applications, which may limit its market growth.
Opportunity: The glycerol market presents opportunities for growth in emerging economies, particularly in Asia Pacific. Rapid industrialization, increasing disposable income, and changing consumer preferences in these regions are driving the demand for glycerol-based products. Moreover, the growing trend towards sustainability and the preference for natural ingredients in various applications offer further opportunities for the glycerol market.
Threats: One significant threat to the glycerol market is the stringent regulations regarding glycerol production and usage. Environmental regulations, safety standards, and labeling requirements can create challenges for manufacturers and limit their market potential. Additionally, the availability of alternative solutions and substitutes poses a threat to the glycerol market, as consumers and businesses may opt for more cost-effective or innovative alternatives.
Key Takeaways:
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period. This growth can be attributed to increasing demand in industries such as cosmetics, pharmaceuticals, and food and beverages. Asia Pacific is expected to be the fastest growing and dominating region in the glycerol market, driven by rapid industrialization and changing consumer preferences. The key players operating in the glycerol market include Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International, and Sofiprotéol Group.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
