Food Grade Lubricants Market Will Touch USD 516.5 Million by 2030

The food grade lubricants market will touch USD 516.5 million, propelling at a 7.9% compound annual growth rate, by 2030.

The growth of the industry is attributed to the increasing concern for food safety across the globe, as well as the surging number of foodborne illnesses.

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Over the past few years, there is a surge in the number of foodborne illnesses, and approximately 650 million people are suffering from these illnesses across the globe every year. Several food-related illnesses are caused due to accidental contact with lubricants being utilized in manufacturing machinery. Therefore, the requirement for food-grade lubricants is rapidly increasing to avoid contamination of both raw materials and finished products.

In recent years, the mineral category, based on product, accounted for the largest share of the industry, and it will further advance at an 8.3% CAGR in the years to come. This is because of their low cost as compared to other products, and their high requirement in industries such as food, cosmetics, and beverage.

Furthermore, nowadays, consumers have become more conscious regarding mineral oils as compared to synthetic & bio-based oils. In addition, the existence of numerous mineral oil producers will further boost the advancement of this category.

In recent years, the food category, based on application, held the largest food grade lubricants market share, and it will further propel at an 8.1% CAGR in the years to come. This is attributed to the increasing consumption of products such as dairy, confectionery, bakery, meat, seafood, and poultry.

Additionally, the rising consciousness of customers, along with the fondness for high-quality attributes of meat will further boost the progression of this category.

Whereas, the cosmetics category will advance at a steady rate in the years to come. This can be because of the positive outlook toward personal care or cosmetic items, along with the increasing sales of lipstick, eyeshadow, and several other skincare products.

Europe dominated the industry in recent years, and it will continue to advance at an 8.1% CAGR in the years to come. This is primarily attributed to the existence of developed and well-established manufacturing industries in the continent.

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Furthermore, the recovery of post-recession of the overall economy, as well as the mounting requirement for lubricants and grease in modern machinery will further boost the advancement of the regional industry.

APAC will witness the fastest growth, propelling at an 8.4% CAGR, in the years to come. This is because of the changing and increasing trend in the food sector, along with the rising acceptance of processed food in India, Japan, and China.

With the increasing food safety concerns, coupled with the rising prevalence of foodborne illnesses, the food grade lubricants industry will continue to advance in the years to come.

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