Global Food Grade Lubricants Market Size, Outlook, and Revenue Report 2022-2028: Strict Government Rules and Regulation on Mandating the Usage of Food-grade Lubricants Bodes Well for the Market

DUBLIN, April 14, 2023 /PRNewswire/ -- The "Global Food Grade Lubricants Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Grade, Application, and Region" report has been added to ResearchAndMarkets.com's offering.

Global Food Grade Lubricants Market - which grew from approximately US$ 200 Million in 2017 to approximately US$ 300 Million in 2022 - is forecasted to grow further into approximately US$ 500 Million opportunities by 2028, owing to the strict government rules and regulation on mandating the usage of food-grade lubricants.

Food Grade lubricants are categorized under oil and grease, acceptable for use in meat, poultry, and other food processing equipment, application, and plants. Lubricants are broken into different categories on the likelihood they will contact food. As of now, food-grade lubricants are designated as H1, H2, and H3. The approval and registration of new lubricants into one of these categories are based on the ingredient used in the formulation.

Surging the food and beverages industry, is likely to propel the growth of the food-grade lubricants market. For instance, as per Germany Trade & Invest, Germany is Europe's largest food producer and the food & beverages industry represents the fourth largest industry sector in Germany.

Exports of processed foods and agricultural commodities generated sales of US$ 70.21 Million in 2018, making Germany the third largest exporter of food and beverages worldwide. Rising health concerns regarding food safety among consumers, Government food safety regulations, and healthy investment in the food and beverages sector, are all those factors driving the food-grade lubricants market.

Lack of technical knowledge about the Food-Grades such as H1, H2, and H3 among the manufacturers, is likely to cause a restraint for this market. NSF International, an American health organization, mentioned that lubricants registered as H1 or certified to ISO 21469 are considered food-grade. Manufacturers used conventional lubricants in food processing units or plants because of lower costs, which can degrade the quality of food.

COVID-19 has decelerated the growth of the Food Grade Market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing activities, and decline in the number of export and import of various food product types.

But as the market is recovering and people are getting more aware of food safety, it is estimated that the food-grade lubricants market will grow significantly in the forecasted period.

Major Players Mentioned in the report

• CITGO
• Lanxess
• Exxon Mobil
• Eni
• SKF
• FUCHS PETROLUB SE
• Dow Chemical Company
• Total Energy
• ENEOS Corporation
• Phillips 66
• Cocoon Biotech
• ADBioplastics
• BioMed Element
• XAMPLA
• Cypris Materials

Scope of the Report

Time Period Captured in the Report

• Historical Period: 2017-2021
• Forecast Period: 2022-2028F

By Product Type

• Mineral
• Synthetic
• Bio-Based
• Others

By Grade

• H1
• H2
• H3

By Application

• Food
• Beverages
• Pharmaceuticals
• Others

For more information about this report visit https://www.researchandmarkets.com/r/jabh0n

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SOURCE Research and Markets