Food Grade Lubricants Global Market Report 2022: Rising Demand for Packaged and Processed Food Fueling Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Food Grade Lubricants Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global food grade lubricants market is expected to grow at a CAGR of 5.48% during 2022-2027.
Food grade lubricants are those oils used in industrial machines (such as conveyor belts, pumps, tanks, mixers, hoses and pipes, and chain drives) for the smooth functioning of the devices. It plays a vital role in protecting the devices from rust, corrosion, oxidation, breakdown, and heat. Furthermore, the food industry prevents health hazards in case of incidental or accidental contact with food.
In the food & beverage industry, food-safe machine lubricants are crucial. The production of food, beverages, and related products such as packaging puts the strictest requirements on lubricants used in the manufacturing process, says Giles Cutter, Lubritech Divisional Manager, FUCHS Lubricants South Africa.
Food grade lubricants are more regulated than other lubricating oils because they are highly used in the food & beverage industry and cosmetic and medicine processing plants. These products are highly prone to microbial contamination, reducing their nutritional value. If the safety standards are not met during processing, storage, and packaging, it can lead to microbial contamination. Henceforth, several regulatory bodies such as US FDA, Canadian Food Inspection Agency (CFIA), and ISO 21469 have set the regulations and standards to specify the hygiene requirement for the formulation, manufacturing, and handling of lubricants. Thus, the regulatory landscape is a significant hindrance to scaling up operations by small and medium enterprises. But at the same time, it is driving the market because these standards and regulations ensure the customer regarding the product's safety, quality, and hygiene.
MARKET TRENDS & DRIVERS
Rising Demand for Packaged and Processed Food
The increasing urbanization, changing lifestyles, a time constraint for preparing food, expanding population, and the growing purchasing power, especially in the economies of China and India, is stimulating the demand for processed and packaged food worldwide. According to the study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), India, and Grant Thornton, UK, by 2024, India's food processing sector is likely to attract USD 33 billion investment as the total food production in India is estimated to be double by 2024. This growth is creating a demand for food-grade oils. The food grade oils are primarily used in the food processing machines to reduce the friction & heat between mechanical components, prevent the breakdown of devices, and, most importantly, prevent the food from entering contaminated. However, the food grade lubricants market is highly fragmented, and product differentiation is essential, with several brands competing for attention.
Increasing Food Grade Regulation
The increasing concern for reducing foodborne illness and promoting hygiene factors in food processing facilities positively impacts the food grade lubricants market growth. The U.S. Food and Drug Administration (FDA), National Sanitation Foundation (NSF), the European Food Safety Authority (EFSA), and the Canadian Food Inspection Agency (CFIA) are the regulatory bodies that monitor the use of components in food grade lubricants to mitigate the risk of cross-contamination from both biological agents such as a microorganism, and chemical agents, such as toxins, mutagens, or carcinogens, to avoid foodborne disease, and ensures customers about the safety of the food product.
MARKET SEGMENTATION OVERVIEW
Segmentation by Base Oil
Segmentation by Grade
Segmentation by Application
Segmentation by Region
The competitive scenario in the global food grade lubricants market is currently intensifying. The rapidly changing technological environment and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The market is fragmented, with several players providing products with high functionality.
- Exxon Mobil Corporation
- Petro Canada Lubricants
Other Prominent Vendors
- Valvoline Inc.
- Kluber Lubrication
- Renewable lubricants
- Cortec Corporation
- Haynes Lubricants
- DuBois Chemicals
- Lubriplate Lubricants Company
- Carl Bechem Lubricant India Private Limited
- Mosil Lubricants
- Petrelplus Inc.
- Vinayak Oil
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
7 Market at a Glance
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Base Oil
17 North America
18 Latin America
19 Middle East & Africa
22 Competitive Landscape
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
26 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/65jp6c
Laura Wood, Senior Press Manager
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