According to Future Market Insights (FMI), the global Food Grade Alcohol market size is estimated to be valued at USD 4.0 billion in 2022 and is projected to reach USD 6.0 billion by 2032, recording a CAGR of 4.0% during the forecast period. The global food grade alcohol market is expected to register substantial growth during the forecast period 2022-2032, driven primarily by its application as preservatives in foodstuffs. The surging popularity of instant foods is providing immense scope for ethanol application across the food & beverages domain. Amid the COVID-19 crisis, the global food grade alcohol market is poised to experience minor deceleration in the short-run, attributed to gaps in the demand-supply equation due to government mandated lockdowns. Food grade alcohol has been acquiring surging popularity across numerous application areas, ranging from food preservation t pharmaceutical formulations, cosmetics & fragrances manufacturing and spirits. Alcoholic beverages have long abandoned their premium tag, becoming more of a necessity than desire in various households. Get | Download Sample Copy with Graphs & List of Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-11155 Rising disposable incomes have led consumers to demand specialized food and beverage products, compelling manufacturers to introduce innovative formulations across the market. This is touted to be a primary growth accelerator in the coming years. Key Takeaways from the Report
Asia-Pacific likely to emerge as the fastest growing market through 2032
Growing demand for clean-label products to accelerate organic food grade alcohol market
By function, food preservation to remain lucrative, pharmaceutical usage gaining traction
Sugarcane-sourced alcohol demand to remain consistent, fruit-based alcohol acquires momentum
Spirits production to remain a key food grade alcohol application area
“Abundant availability of raw materials such as fruits and sugarcane in emerging economies is enhancing their profitability, compelling alcohol producers to expand their presence in these regions,” comments an FMI analyst. COVID-19 Impact Insights The novel coronavirus pandemic has drastically altered the global economic landscape. Several industries are relegating growth projections to much lower levels than the pre-pandemic levels. The food grade alcohol market has made similar adjustments. According to experts, the near-term forecast appears to be quite sluggish. Growth is being stifled due to strict curbs on logistics, rendering procurement of ingredients required for the production process quite difficult. This is expected to last until the latter half of 2021. At the same time, uptake across the pharmaceutical and personal care industries is sustaining demand. Since the pandemic’s onset, hand sanitizer sales have spiked exponentially, with consumers hoarding vast quantities of sanitizer sachets and bottles. Most of these use ethanol in conjunction with other alcohol variants.