According to a new report published by Allied Market Research, titled, Global Humectants Market by Type and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the global humectants market size was worth $17,800 million in 2016, and is projected to reach $29,500 million by 2023, registering a CAGR of 7.2% from 2017 to 2023. The food & beverages segment garnered more than one-third share of the global market in 2016.
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Humectant is a substance, which are produced using natural and synthetic sources for absorbing moisture from the air into the skin. Most of the skin care product manufacturers prefer using synthetic humectants due to their low cost as compared to natural ones. However, synthetic humectants help in preventing moisture loss to some extent, but they do not offer real nutrients to the skin and can damage skin over time. Natural humectants help attract water to the surface of the skin, and also deliver hydration and nutrients to the deeper layers of the skin. Thus, these help the skin to keep itself hydrated for a certain period.
The demand for humectant has increased in the recent years, owing to rise in use of humectant for extending product shelf life, retaining moisture, and increasing product's effectiveness. Moreover, increase in demand from food & beverages application along with rise in demand from cosmetics & change in lifestyle drives the global humectants market. Moreover, technological changes in the food & cosmetic industry along with rise in population fuels the market growth. A few of the humectants are derivatives of petroleum products; thus, volatility in crude oil prices could hamper the growth of the global market.
The sugar alcohol segment accounted for more than one third share of the global market in 2016, owing to the increase in demand from the skin care and food & beverage segment. Sugar alcohols are the active ingredients used in personal care products, and have a significant role in modern cosmetic formulations. Moreover, it is a popular choice among people on dieting, who prefer sugarless foods, due to the lower calorie content as compared to sugar.
Key Findings of the Humectants Market:
- In 2016, sugar alcohol segment contributed the maximum revenue to the global humectants market, accounting for more than one third share.
- The oral & personal care segment is expected to register the highest growth rate, registering a CAGR of 9.1% during 2017-2023.
- In 2016, food & beverage application segment dominated the global market with more than one third share.
- LAMEA is expected to account for the highest growth rate, registering a CAGR of 12.0% during 2017-2023.
- In 2016, North America dominated the global humectants market, accounting for nearly half of the global market share.
The key companies profiled in the report are Archer Daniels Midland Company, Ashland Global Holdings Inc., BASF SE, Barentz, Brenntag AG, Cargill Incorporated, E. I. Du Pont De Nemours and Company, Ingredion Incorporated, Roquette Freres, and The DOW Chemical Company.