Glycerin Market - Growth, Trends, and Forecasts (2023 - 2028)

Glycerin Market - Growth, Trends, and Forecasts (2023 - 2028)

The Global Glycerin Market is expected to register a CAGR of over 6% during the forecast period (2022-2027).

The COVID-19 pandemic impacted the beauty industry, which is one of the major industries of glycerin consumption. As a result of months of lockdowns, international travel bans, and retail business closures, sales, purchases, and usage fell across many beauty segments. However, the demand for glycerin increased for end-user industries like pharmaceutical and personal care during the pandemic, owing to its increased usage in hand sanitizers, soaps, handwash, and detergents.

• In the short term, strong demand from the pharmaceutical industry and increasing usage in the personal care and cosmetics industries are expected to drive the market studied.
• On the flip side, the availability of substitutes is expected to hinder the market's growth. Some substitutes include diethylene glycol, ceramides, oils, and butter. ​
• Asia-Pacific is likely to dominate the market during the forecast period owing to the rapid growth of countries, like China, India, and Japan.

• Glycerin is used safely in numerous personal care and cosmetics, such as toothpaste, soaps, shaving creams, and skin and hair products, to provide smoothness and lubrication. It helps prevent the loss of moisture from products. Thus, glycerin is used as denaturants, fragrance ingredients, oral care agents, hair conditioning agents, skin protectants, and viscosity-decreasing agents.
• Glycerin is very good for the human skin. It helps repair the skin barrier, reduce transepidermal water loss, and restore the lipid’s water barrier function. Glycerin is the most popular among the humectants used in personal care products.
• According to the 2020 data by FDA’s Voluntary Cosmetic Registration Program (VCRP), glycerin is the third most frequently used ingredient in cosmetics after water and fragrance. It has been reported that the item is used in more than 23,366 products, which include lipsticks, bath soaps, detergents, hair dyes and colors, skincare products, baby products, suntan preparations, and eye care products.
• Glycerin is listed in the EU’s Inventory of Cosmetic Ingredients and is not restricted. However, glycerin derived from raw materials of animal origin must comply with the European Union animal by-products regulations.
• Some global cosmetics manufacturers such as Unilever, Johnson & Johnson, and P&G are significantly adopting natural glycerol as raw material to meet the growing demand.
• It is also used in spray products, such as hair sprays (in pump spray products up to 30% and propellent spray products up to 10%), suntan products (in pump spray products up to 10% and propellent spray products up to 6%), face and neck products (up to 10%), body and hand products (up to 5%), and moisturizing products (up to 3.3%).
• The personal care and cosmetic industry has been growing at a robust rate worldwide, which is majorly fueled by the increasing hygiene awareness, increased demand for products with growing women employment, significant addition in demand from the young generation in Asia-Pacific and the Middle-Eastern countries, the growing aging population in United States, Canada, and China, and growing income levels.
• Furthermore, the demand for glycerin in soaps, handwash, and detergents increased owing to the COVID-19 pandemic, particularly in the personal care industry.
• Hence, such factors are expected to continue driving the application of glycerin in personal care and cosmetic products during the forecast period.

• Asia-Pacific accounted for the major share of the overall glycerin market, owing to emerging countries like China, India, and Japan.
• China is one of the largest consumers of glycerin. Cosmetics and personal care are one of the fastest-growing sectors in the country. Covering various industries, such as makeup, skincare, haircare, personal hygiene, fragrances, etc., the Chinese cosmetics and personal care market experienced positive growth.
• The cosmetics industry in China has experienced steady growth in recent years, driven by rising demand for premium products and an increasing number of working women. The retail sales value of cosmetics in China reached CNY 402.6 billion in 2021, making it one of the largest beauty and personal care product markets.
• The food processing industry is expected to expand at a lucrative rate in the Chinese glycerin market. The country has over 35,000 processing and manufacturing plants that manufacture food products for its residents.
• China also has the world’s second-largest and fastest emerging market for pharmaceuticals. The country has a large and diverse domestic drug industry, comprising around 5,000 manufacturers. Many of these manufacturers are small- or medium-sized and base their businesses on generics, active pharmaceutical ingredients (APIs), or traditional Chinese medicine.
• Government initiatives such as the Swachh Bharat Mission promote health and hygiene in India. Such initiatives, along with the growing usage of soaps and detergents, have led to the growth of the soap manufacturing industry, further boosting the demand for glycerin in the country.
• Furthermore, with the increase in demand for soaps, detergents, and sanitizers in the region, the demand for glycerin increased owing to the COVID-19 pandemic.
• Hence, due to the above-mentioned factors, Asia-Pacific is likely to dominate the market during the forecast period.

The glycerin market is consolidated, with top players accounting for the major share. The major players (in no particular order) include Emery Oleochemicals, IOI Corporation Berhad, Wilmar International Ltd, Cargill Incorporated, and Kao Corporation.

• The market estimate (ME) sheet in Excel format
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