In 2021, the food grade lubricants market garnered $260.1 million in revenue, and it is expected to grow at a rate of 7.9% from 2021 to 2030, and by 2030, it will hit $516.5 million revenue, attributed to the growing awareness of the foodborne diseases and rising concerns on food safety. In addition, there has been a tremendous rise in foodborne diseases, and on average, 650 million people suffer every year due to such diseases worldwide. Instances such as coming in contact with the lubricants used in the machinery may also result in catching such food-related diseases.
The transforming lifestyle of people has resulted in increased demand for canned food items, attributed to the hectic schedules, shortage of time to prepare meals, and rising urbanization. The emerging economies have witnessed a significant increase in the demand for processed food. The food-grade lubricants are highly used in the food processing and manufacturing units, resulting in food grade lubricants market proliferation.
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Technological advancements have led to a significant increase in automated lubrication systems’ usage. The rising use of such systems minimizes the chances of equipment failure by half, along with the decline in maintenance costs. These systems are beneficial for both static and mobile equipment where the supply of lubricants can be facilitated at equal intervals. It also minimizes the contamination risk. Moreover, manufacturers are focusing on automated units to ensure superior quality products to create astonishing opportunities leading to market boost.
Mineral food-grade lubricants capture a significant food grade lubricants market share, with an estimated revenue of $163 million, and their sales are expected to advance at a rate of 8.3% in the coming years, attributed to the low cost as compared to other products. The demand for mineral foo-grade lubricants is high in the food, cosmetic and beverage industries. In addition, the increase in awareness among customers about mineral oils than synthetic and bio-based oils, including the substantial number of mineral oil producers results in the market propulsion.
The food category contributes significantly to the food grade lubricants market revenue, accounting for a 60% share, and it is predicted to advance at a rate of 8.1% in the coming years. It is attributed to the rising consumption of dairy, bakery, meat, poultry, confectionary, and seafood products. Moreover, the increase in demand for high-quality meat attributes and rising consumer awareness are expected to lead to the expansion of the meat, poultry, and seafood industry.
Moreover, the food-grade lubricants in cosmetic applications are predicted to witness a steady rise during the forecast period, resulting in the expansion of the food grade lubricants market. The rise in the sales of skin care products, including eyeshadow, lipstick, and other personal care or cosmetic items is expected to result in a market boom. In addition, the rise in disposable income, changing lifestyles, rising preference to buy high-quality products, and surge in the spending of the middle-class population leads to the propulsion of the cosmetic sector.
Therefore, the changing lifestyle with an increase in demand for processed food products and expansion of the cosmetic sector leads to the market boom.
