Stringent food safety regulations coupled with growth of processed food market to boost global food grade lubricants market through 2024
According to a report released at TechSci Research, “Global Food Grade Lubricants Market By Base Oil, By Application, By Region, Competition, Forecast & Opportunities, 2024” global food grade lubricants market is anticipated to witness healthy growth during forecast period, with a projected revenue of $ 265 million by 2024. Anticipated growth in the market can be attributed to stringent food safety regulations coupled with growth of processed food market. Food grade lubricants are specialized lubricants that are acceptable for food processing applications, equipment and plants. These lubricants include FM greases, USP white oils and synthetic FM gear oils.
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High awareness among lubrication engineers about food grade lubricants coupled with stringent food safety laws is further expected to steer growth in the market during forecast period. Global food grade lubricants market is broadly segmented into base oil, application and region. Based on base oil, the market is categorized into bio-based, synthetic, mineral, others. Among these, synthetic oil-based food grade lubricants are anticipated to grow at the highest CAGR during the forecast period, on account of their advanced properties such as better performance in extreme temperatures, oxidation stability, and durability compared to conventional mineral oil lubricants.
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“Regionally, global food grade lubricants market is segmented as North America, South America, Europe, Asia-Pacific and Middle East and Africa. Among these, Asia-Pacific region is anticipated to be the fastest growing market for food grade lubricants on account of high growth in the food and beverages industry, along with auxiliary industries in the region. Additionally, rising awareness among the end users is pushing them to voluntarily use food grade lubricants in order to follow best practices which is further anticipated to drive the demand for food grade lubricants in the region.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Food Grade Lubricants Market By Base Oil, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global food grade lubricants market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global food grade lubricants market.
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