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.
Based on type, the global humectants market has been divided
into glycols, glycerol, sugar alcohols, polysaccharides and alpha hydroxy acids
(AHAs), and others. The sugar alcohols segment is expected to gain the largest
revenue share and exhibit the highest growth rate during the forecast period.
This can be attributed to the high efficiency of sugar alcohols such as
glycerol, sorbitol, xylitol, and maltitol. Additionally, sugar alcohols or
sugar polyols are used in diverse applications including animal feed,
pharmaceuticals, nutraceuticals, food & beverages, and cosmetics.
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.
Regional Analysis
The global humectants market has been segmented, by region,
into North America, Europe, Asia-Pacific, and the rest of the world.
Europe is projected to dominate the global humectants market
owing to the presence of prominent manufacturers in the region. In addition,
the growing personal care and animal feed industry in the region is driving the
growth of the European humectants market. However, changing consumer
preferences, growth of application industries, and increasing demand for
low-calorie food are expected to drive the growth of the market in
Asia-Pacific, which is expected to register the highest CAGR during the
forecast period.
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