Humectants are organic compounds that help in retaining moisture. The global humectants market is expected to garner a revenue of USD 26 billion by 2024 and register a CAGR of 7% during the forecast period of 2019 to 2024. Market players are expected to witness several lucrative opportunities in the coming years owing to the multi-functionality of humectants and humectant products. Apart from retaining moisture, humectants are also used to impart sweetness in food & beverages, increase product shelf life, render a soft texture to products, and function as an antistatic coating for plastics. The increasing demand for natural food ingredients and food products is expected to result in profitable opportunities for market players offering natural humectants. Advancements in food processing technology have enabled the successful use of functional food ingredients such as sugar alcohols, which is paving the way for players active in the global humectants market.
The global humectants market has been segmented on the basis of type, source, and application.
The global humectants market has been segregated, by source, into natural and synthetic. The synthetic segment is expected to gain the larger market share owing to the widespread availability and low cost of synthetic humectants. Moreover, large volumes of synthetic humectants are being consumed in multiple applications such as food & beverages, animal feed, personal care, and pharmaceuticals. However, the natural segment is expected to register the higher growth rate during the forecast period due to the increasing demand for natural food products and food ingredients.
By application, the global humectants market has been classified as food & beverages, personal care, pharmaceuticals, and others. The food & beverages segment has further been segregated into bakery and confectionery, dairy and frozen desserts, beverages, and others. The food & beverages segment is expected to garner the largest market share and register the highest CAGR during the forecast period owing to the surging demand for humectants in the food & beverage industry. Humectants help in increasing the shelf life and efficacy of food & beverage products, along with retaining moisture. The bakery and confectionery sub-segment is expected to be the largest owing to the rising use of humectants to impart sweetness, increase product shelf life, and render a soft texture to confectioneries. In the personal care segment, the increasing demand for moisture-rich humectant products for maintaining natural hair health is driving market growth.
Key Players
Some of the key players in the global humectants market are DowDuPont (US), BASF SE (Germany), Sweeteners Plus Inc. (US), Cargill, Incorporated (US), Ingredion Incorporated (US), Barentz (Netherlands), Brenntag AG (Germany), Archer Daniels Midland Company (US), Roquette Frères (France), Galactic S.A. (Belgium), Batory Foods (US), Fooding Group Limited (China), Lianyungang Dongtai Food Ingredients Co., Ltd (China), Nutra Food Ingredients LLC (US), and Ashland Global Holdings Inc. (US).
Some of the strategies followed by the players operating in the market were innovations, product launches, expansions, and mergers.
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