Continued from page 12
FGLs are used across various industries, including food and beverage processing and manufacturing, pharmaceuticals, agriculture, cosmetics and packaging.
Naturally, the vast majority of FGLs are used in food processing, of which bakeries use the greatest proportion.
Agriculture makes up a significant share of the demand for FGLs in Europe, however less so in other territories.
Impact of COVID-19 on food-grade lubricant market
While the overall lubricants market was severely affected by the COVID-19 pandemic, seeing drops in demand across the board, the outbreak of the pandemic did not have a severe negative impact on FGL consumption.
To a certain extent, this was a largely predictable state of affairs. While other areas were curtailed by COVID-19 restrictions internationally, food processing (accounting for the lion’s share of FGL demand) fulfilled a basic human need, and as such remained at more-or-less usual capacity throughout 2020.
Food-grade lubricants demand forecast The overall market for FGLs is forecast to grow between 4% and 5% over the next five years; a very respectable growth rate, particularly compared to the forecast for other industrial lubricants. Some areas, such as process oils, may even see a higher Compound Annual Growth Rate during this period due to its versatility and prominence in fast-growing markets such as China.
As far as application is concerned, all industries are expected to grow in this period, with pharmaceutical and personal care leading with the highest expected growth rate, again due to increasing awareness in India and China.
In the future, formulators will need to consider the perennial consideration of balancing competitive costs to the necessary high quality demanded in the production of these materials.
Any company looking to move into FGLs will need to invest not only in the correct equipment and
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materials, but also the correct certification required to market their products. Furthermore, greater demand will also inevitably lead to greater market competition internationally.
However, whilst FGLs constitute a small market, it is also a market with much untapped potential. Growing international trade of food products will necessarily have a positive impact on demand for FGLs, and the specialised nature of such products will allow suppliers to charge higher prices relative to other commodities on the lubricants market. As demand has shown during the difficult period of 2020, FGLs can practically be seen as “recession proof.”
LINK
https://klinegroup.com/reports/food-grade- lubricants-analysis-of-major-markets/
Sources: Food-Grade Lubricants: Analysis of Major Markets, Base Year: 2020, Published 3rd quarter 2021.
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