Glycerin Market By Grade (Technical, USP), By End-User Industry (Personal Care, Food & Beverages, Pharmaceuticals, Chemical, Tobacco), & Region For 2024-2031

Glycerin Market Valuation – 2024-2031

The growing demand for glycerin in the food and beverage industry, where it is an essential humectant and preservative, as well as its growing uses in personal care and pharmaceuticals as a result of growing consumer awareness of health and wellness, are the main factors propelling the Glycerin Market. According to the analyst from Verified Market Research, the Glycerin Market is estimated to reach a valuation of USD 3.96 Billion over the forecast subjugating around USD 2.71 Billion valued in 2023.

The growing use of glycerin in a variety of industries, especially in food and drink, personal care, and pharmaceuticals, is driving the market. This demand is mostly driven by rising customer preferences for natural and environmentally friendly products, as well as increased production of biodiesel, which produces glycerin as a by product. It enables the market to grow at a CAGR of 5.34% from 2024 to 2031.

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Glycerin Market: Definition/ Overview

Glycerin, or glycerol, is a colorless, odorless, viscous liquid having the chemical formula C?H?O?. It is a simple polyol compound that is both hygroscopic and non-toxic, generated primarily from fat and oil breakdown. Glycerin’s unique qualities make it useful in a variety of sectors. In the food industry, it is used as a sweetener, humectant, and preservative, assisting in the retention of moisture in baked goods and candies. In personal care, it is prized for its moisturizing properties in lotions and creams, while in medicines, it serves as a solvent and sweetener in drugs. Glycerin is also utilized in the production of antifreeze and as a constituent in e-liquids for vaping, demonstrating its adaptability across different fields.

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What are the Factors that Surge the Demand for the Glycerin Market?

The rising usage of glycerin in personal care products and cosmetics is a major market driver. According to the US Department of Commerce, the US cosmetics and beauty business was worth USD 93.5 Billion in 2021, with an annual growth rate of 5.1% projected through 2027. According to the European Commission, the EU cosmetics and personal care market was worth €76.7 billion in 2020, making it the world’s largest cosmetics market. Glycerin’s moisturizing characteristics make it an important ingredient in many of these products, fueling demand in this burgeoning market.

Glycerin’s use as a sweetener, preservative, and moisture-retaining ingredient in food products is fueling market expansion. The Food and Agriculture Organization (FAO) of the United Nations estimates that worldwide food production will need to expand by 60% by 2050 to fulfill the demands of the growing population. According to the US Department of Agriculture, the food and beverage manufacturing industry accounts for 15% of the total value of shipments from all US manufacturing plants. As the food industry grows and diversifies, the need for glycerin as a food ingredient is likely to rise proportionally.

Furthermore, glycerin’s use in pharmaceuticals, particularly cough syrups, capsules, and suppositories, is fueling market expansion. According to the IQVIA Institute for Human Data Science, global pharmaceutical spending is expected to reach USD 1.8 Trillion by 2026, increasing at a 3-6% compound annual growth rate. According to the World Health Organization (WHO), the global market for generic drugs was worth USD 395 Billion by 2020, up from USD 260 Billion in 2012. Many of these pharmaceutical products use glycerin as an excipient or active ingredient, which contributes to the rising demand for glycerin in the sector.

What Factors Hinder the Growth of the Glycerin Market?

The availability of synthetic substitutes, such as propylene glycol and butylene glycol, presents a significant challenge to the Glycerin Market. These alternatives are less expensive and can efficiently replace glycerin in a variety of applications, particularly in the pharmaceutical and cosmetic industries. As consumers and manufacturers increasingly prefer cost-effective alternatives, demand for glycerin falls, restricting its market development potential.

Furthermore, despite being considered a natural product, the production of glycerin presents environmental concerns, especially regarding the sustainability of the feedstock sourcing. Intensive farming for vegetable oils causes deforestation and biodiversity loss. Also, regulatory monitoring of environmental externalities raises glycerin producers’ operational costs, altering market dynamics and perhaps limiting demand in environmentally conscious sectors.

Category-Wise Acumens

How Do the High Purity Requirements of USP Grade Glycerin Contribute the Market Growth?

According to VMR analysis, the USP-grade segment is estimated to hold the largest market share during the forecast period. USP-grade glycerin has a purity level that exceeds 99.5% and meets regulatory quality criteria. This high purity level is required for use in pharmaceuticals, food, and personal care products, where safety and efficacy are critical. As enterprises prioritize quality and compliance, the need for USP-grade glycerin continues to increase.

The pharmaceutical industry is a major driver of the USP grade segment since glycerin is used as a solvent, sweetener, and excipient in numerous formulations. With the growth of the global pharmaceutical market and rising consumer health consciousness, the demand for high-quality components such as USP-grade glycerin is likely to rise, cementing its leading position.

Furthermore, the growing customer desire for natural and organic goods has boosted demand for USP-grade glycerin in the personal care industry. As businesses embrace “clean beauty” trends that emphasize transparency and ingredient integrity, USP-grade glycerin’s plant-derived origin and high purity make it an appealing option for formulators trying to meet customer expectations for safe and effective products.

How Does the Demand in the Personal Care Industry Propel the Growth of the Glycerin Market?

The personal care segment is estimated to dominate the Glycerin Market during the forecast period. Consumers are increasingly preferring natural and environmentally friendly personal care products. Glycerin, a naturally derived humectant, fits perfectly with this trend, making it a popular ingredient in skincare, haircare, and cosmetic formulations. This shift toward sustainability and health-conscious products greatly increases glycerin demand in the personal care market.

Glycerin’s multipurpose qualities make it suitable for use in a variety of personal care products, such as moisturizers, shampoos, and soaps. Its ability to retain moisture and improve texture makes it a must-have ingredient for businesses looking to boost product performance and customer happiness. Because of its versatility, glycerin will continue to be used in the manufacture of a wide range of personal care products.

Furthermore, as disposable incomes rise worldwide, particularly in emerging nations, people are more prepared to invest in high-end personal care items. This trend is fueled further by a growing middle class that seeks high-quality skincare and cosmetic products. The subsequent spike in demand for glycerin-based goods reinforces the segment’s dominance in the Glycerin Market.

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Country/Region-wise Acumens

How Does the Rapid Growth in the Cosmetics Industry Influence the Market Growth in Asia Pacific?

According to VMR analyst, the Asia Pacific region is estimated to dominate the Glycerin Market during the forecast period. The Asia Pacific region is experiencing tremendous growth in the personal care and cosmetics sectors, which is increasing demand for glycerin. According to the Japan Cosmetic Industry Association, the Japanese cosmetics market was worth 2.51 trillion yen (about USD 23 Billion) in 2020. According to China’s National Bureau of Statistics, retail sales of cosmetics in China reached 340 billion yuan (approximately USD 52.3 billion) in 2020, up 9.5% over the previous year despite the epidemic. This expansion in the cosmetics business directly contributes to increased demand for glycerin, which is an important ingredient in many personal care products.

Furthermore, the food and beverage industry in Asia Pacific is quickly expanding, raising demand for glycerin as a food additive. The Food and Agriculture Organization (FAO) of the United Nations predicts that by 2030, Asia will account for 60% of global food demand growth. In India, the Ministry of Food Processing Industries says that the food processing sector is growing at an average annual rate of 8.41% and accounted for 8.98% of manufacturing’s Gross Value Added (GVA) in 2018-19. This expansion in the food business is pushing up demand for glycerin, which is utilized as a sweetener, preservative, and moisture-retaining agent in a variety of food products.

What Factors Contribute to the Potential Opportunities in the European Region?

Europe region is estimated to exhibit substantial growth within the Glycerin Market during the forecast period. Europe is at the forefront of the shift to sustainable and bio-based products, increasing demand for glycerin sourced from renewable sources. According to the European Commission, the bioeconomy in the EU generates €2.4 trillion in revenue and employs 18.6 million people. As part of its Bioeconomy Strategy, the EU intends to reduce reliance on non-renewable resources in a variety of industries, including chemicals. This program is driving up demand for bio-based glycerin, which is commonly produced as a byproduct of biodiesel production. The European Biodiesel Board reports that biodiesel production in the EU reached 15.7 million tonnes in 2020, indirectly contributing to increased glycerin availability.

Furthermore, the pharmaceutical and healthcare industries in Europe consume a substantial amount of glycerin, which is utilized in numerous medical compositions. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the European pharmaceutical market is estimated to be worth €236.5 billion by 2020. Also, the European Commission reports that the EU’s health industry contributes 10% of regional GDP and employs 8% of the overall European workforce. The rising healthcare sector, combined with an aging population (Eurostat predicts that 29% of Europe’s population will be 65 or older by 2050), is boosting demand for pharmaceutical products, many of which contain glycerin as an excipient or active ingredient.

Competitive Landscape

The Glycerin Market has a competitive landscape that includes both established firms and several smaller entities, especially in Southeast Asia. Technological improvements, production capacity, and regulatory regimes that differ by area all have an impact on market dynamics.

Some of the prominent players operating in the Glycerin Market include:

Emery Oleochemicals, Wilmar International Ltd, Godrej Industries, Cargill Incorporated, P & G Chemicals, IOI Oleo GmbH, Procter and Gamble.

Latest Developments

• In May 2023, BASF SE reported that ORLEN Poludnie successfully converted glycerol to BioPG within a year. ORLEN Poludnie uses BASF technology to convert glycerol to BioPG.
• In December 2022, Argent Energy announced the opening of a new glycerin refinery. Argent Energy is planning a refinery with an output capacity of 50,000 tons near the Amsterdam port.

Report Scope

Glycerin Market, By Category

Grade:

• Technical Grade
• USP Grade

End-User Industry:

• Personal Care
• Food and Beverages
• Pharmaceuticals
• Chemical
• Tobacco
• Others

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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