According to Future Market Insights (FMI), the global food-grade alcohol market is expected to be worth US$ 4.16 billion in 2023 and US$ 6.16 billion by 2033, expanding at a CAGR of 4.0% during the forecast period.
The food-grade alcohol demand may get fueled by an upward trend in the demand for spirits and beers in various economies. Expansion in the food processing industry, combined with rising ethanol consumption accelerates organic food-grade alcohol market expansion.
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The conventional food-grade alcohol market ought to develop significantly over the forecast years, owing to an increase in the sale of alcoholic drinks, as well as improved alcohol trade across developing economies due to favorable trade rules.
Escalating sophistication in the food and beverage industry is leading to an increase in the use of efficient preservatives, flavorings, and other ingredients. This can contribute to the enhancement of the product’s taste while also improving its shelf-life, which is to fuel the growth of the food-grade alcohol products market in the coming years.
The advancement of the countries, as well as the involvement of ethanol co-products in the feed sector, may provide further prospects for the expansion of the food-grade alcohol market in the approaching years.
Negative Health Effects Dwindling Economic Growth of the Market
The negative health effects of excessive alcohol intake, along with demographic and legal concerns related to alcohol usage, may stymie organic food-grade alcohol market expansion during the predicted years.
In the near future, the volatile raw material prices and rigorous limits on the use of alcohol in food and beverages, health, and personal care products may provide additional challenges to the food-grade alcohol market growth.
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Regional Evaluation
Due to increasing alcohol consumption by end-use industries including food, pharmaceuticals, and cosmetics & personal care across countries in Europe, leading the region with the lion’s share of the conventional food-grade alcohol market and is to maintain its dominance during the forecast years.
The region’s well-established food and beverage sector and significant adoption of food-grade alcohol in the creation of various types of food flavors, vinegar preparation, and other processes are to be the catalyst for the organic food-grade alcohol market expansion.
Key Takeaways:
- Between 2023 and 2033, the United States may command a market share of 3.8%.
- From 2023 to 2033, Germany’s market share may capture 5.2%.
- Japan can boost its share of the market to 3.6% between 2023 and 2033.
- Australia’s market share between 2023 and 2033 is likely to be 2.9%.
- China food-grade alcohol products market is to advance at a 7.7% CAGR between 2023 and 2033.
- Between 2023 and 2033, India market is to register a CAGR of 13.7%.
- The market in the United Kingdom is to blossom at a CAGR of 4.2% between 2023 and 2033.
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Insights into Notable Businesses and Market Dominance
The global market is very competitive, with the leading international brands focused on long-term relationships with end customers. Competition is to raise more in the food and beverage, pharmaceutical, and personal care sectors in the future years.
Sucrogen Bioethanol Pty. Ltd., MGP Ingredients, Inc., Shree Renuka Sugars Limited, AppliChem GmbH, Balrampur Chini Mills Ltd. (Sugar Division), Shanker International, Cargill, Incorporated, Cristalco S.A.S, Grain Processing Corporation, and others are among the food-grade alcohol manufacturers and suppliers of food-grade alcohol products.
Many food-grade alcohol product manufacturers and industrialists have expressed an interest in food-grade ethanol, which may increase food-grade alcohol demand among food makers and consumers in the coming years.
Notable Economic Innovation
· Acquisition
Cargill Incorporated purchased Rogers, Arkansas-based BioBased Technologies, and Agrol, their vegetable-based polyol product line, in May 2017.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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