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Global Food Grade Mineral Oil Market Expected to Grow at a CAGR of 3.5% During 2021-2026, Driven by the Rising Awareness for Personal Care and Hygiene

According to a new report by EMR titled, 'Global Food Grade Mineral Oil Market Report and Forecast 2021-2026', the global market for food grade mineral oil is expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026.

The market for food grade mineral oil is being driven by the rising demand for baby oils and lotions in the emerging countries like China, India, Denmark, and Canada, due to the escalated awareness for personal care. The market is also witnessing rising demand from the Asia Pacific region. This can be attributed to the rising disposable incomes, changing lifestyles, and rapid urbanisation. The region also offers great opportunity for the growth of companies in the food grade mineral oil industry.

The food grade mineral oil industry is being driven by the rising competition among the industry key players like Phillips 66 Company (NYSE: PSX) and Sonneborn LLC. The latter offers a range of products to the food industry, with health and safety measures, and applications that require high-level purity and excellent performance. The food grade mineral oil provided by the company, apart from having same technical functions as a lubricant, also complies with all food/health and safety regulations, internationally approved, and are physiologically inert, odourless, and tasteless. Sonneborn offers a low cost, low-volatility, and oxidation-stable viscosity enrichment for food grade lubricant inventions. The ongoing developments in the industry are expected to aid the market growth over the forecast period.

Market Analysis by Application and Region:

  • The food grade mineral oil industry, on the basis of application, is divided into food and beverages, feed, dietary supplements, pharmaceuticals, and cosmetics and personal care, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for food grade mineral oil is driven by the inflating disposable income of the population.
  • The rising demand for revision of food products as a result of changing lifestyles is also enhancing the market growth of food grade mineral oil.
  • The market is further facilitated by the approvals given by the World Health Organisation/WHO and Food and Drug Administration/ FDA for the application of food grade mineral oil in the food preparation.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for food grade mineral oil for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the applications and major regions of food grade mineral oil. 
  • It gives an in-depth look at the regional price trends in the global market for food grade mineral oil.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Apar Industries Ltd., Sonneborn LLC, Phillips 66 Company, Eastern Petroleum Private Limited, and Petro-Canada Lubricants, among others, are the key players in the global food grade mineral oil market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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