In 2021, the food-grade lubricants market was worth around USD 260.1 million, and it is projected to advance at a 7.9% CAGR from 2021 to 2030, hitting USD 516.5 million in 2030, according to PS Intelligence.
In the past few years, there is a surge in the burden of foodborne illnesses. And approximately 650 million individuals are suffering from such diseases throughout the world every year. Several food-associated illnesses are caused by unintentional contact with lubricants being used in machinery. Thus, there is a requirement for food-grade oils, in order to safeguard raw materials and also finished items from impurities.
In the past few years, the food category held the largest revenue share, of over 60%, and it is projected to develop at a CARG of 8.1% during the forecast period. This can be ascribed to the increasing consumption of dairy, confectionery, bakery, meat, poultry, and seafood items.
Get More Insights: Food Grade Lubricants Market Revenue Estimation and Growth Forecast Report
In the coming few years, the APAC industry is estimated to witness the fastest development, growing at a CAGR of 8.4%. This can be credited to the surging and changing trend in the food sector, and growing customer adoption of processed food in nations like India, China, and Japan.
Hence, the increasing food safety awareness throughout the globe along with the growing incidence of foodborne illnesses are the major factors driving the food-grade lubricants market.
