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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Food Grade Mineral Oil Market Outlook
The global food grade mineral oil market is expected to grow at a CAGR of 3.50% in the forecast period of 2024-2032.
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Rising Demand for the Product from the End User Industries to Aid the Food Grade Mineral Oil Industry
The global market for food grade mineral oil is being driven by the rising demand for the product from the end user industries in the emerging economies of Latin America and the Asia Pacific like Malaysia, Singapore, India, Brazil, and China. These countries have organized many opportunities for the expansion of food grade mineral oil industry. The market is further expected to be pushed by the maturing use of high-end mineral oil in the production of biomedicine over the forecast period. This is further expected to be accelerated by the rising medical services within countries like Singapore, India, and Hong Kong.
Currently, North America is the predominant market for food grade mineral oil industry. This can be attributed to the rising demand of food grade mineral oil from the food industry. The market is further experiencing an upward thrust due to the WHO’s and FDA approval of the product to be used in the food industry, consequently enhancing the demand for the product and its market expansion.
Food Grade Mineral Oil: Market Segmentation
Food grade mineral oil refers to an oil which has no colour or odour and is basically used as a lubricant, moisturizer, and laxative. It is also used in the production of numerous petroleum-based products associated with food, pharmaceuticals, biomedicine, and cosmetics.
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On the basis of application, the market is divided into:
- Food and Beverages
- Feed
- Dietary Supplements
- Pharmaceuticals
- Cosmetics and Personal Care
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Diversified Approach and High Demand for Food Grade Mineral Oil to Aid the Market Growth
The market for food grade mineral oil is driven by the diversified approach and high demand of it across the global market. This is expected to gain momentum during the forecast period. The market is further encouraged by the enhancing demand for the revision of food products as a result of rising disposable income and shifting lifestyle of a large population globally. Moreover, approval by World Health Organisation / WHO and Food and Drug Administration/ FDA for the use of food grade mineral oil in the preparation of food is predicted to fuel the market expansion of food grade mineral oil in developing countries.
Key Industry Players in the Global Food Grade Mineral Oil Market
The report gives a detailed analysis of the following key players in the global food grade mineral oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Apar Industries Ltd.
- Sonneborn LLC
- Phillips 66 Company
- Eastern Petroleum Private Limited
- Petro-Canada Lubricants
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 3.5% between 2024 and 2032.
The major drivers of the market are rising disposable incomes, increasing population, and growing demand from the developing regions.
The key trends guiding the growth of the market includes the WHO’s and FDA approvals of food grade mineral oil to be used in the food industry and changing lifestyles.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading applications in the market are food and beverages, feed, dietary supplements, pharmaceuticals, and cosmetics and personal care, among others.
The major players in the global food grade mineral oil market are Apar Industries Ltd., Sonneborn LLC, Phillips 66 Company, Eastern Petroleum Private Limited, and Petro-Canada Lubricants, among others.
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