Market Overview
Glycerol monostearate is an ester formed by combining glycerol and stearic acid. It is a white, odorless powder with a sweet taste. Glycerol monostearate can be found naturally in animal fats and oils but can also be synthesized. Glycerol monostearate is an organic compound used in various industries, including food and beverage, cosmetics, and pharmaceuticals. The expansion of these industries is expected to drive demand for glycerol monostearate over the anticipated period. Besides, it acts as an emulsifier and thickener in food products, increasing its use in the food and beverage industry. It is also resistant to freezing and high temperatures, making it ideal for ice cream and other desserts. This is expected to drive demand for glycerol monostearate over the upcoming years. Another factor driving the market growth is the use of it as an anti-caking agent in powdered food products. The fast-food industry has experienced rapid expansion, which is further expected to benefit the global glycerol monostearate market. On the other hand, the proliferation of alternatives might restrain the market for glycerol monostearate expansion.
Key Trends
- The rapidly increasing monostearate glycerol demand in the cosmetics industry is one of the major trends that Credence Research Inc. anticipates in the global glycerol monostearate market. Glycerol monostearate is used in cosmetics to combine oil and water-based ingredients and keep them from separating. Many creams, lotions, and other products contain it to help give the skin a healthy glow. Additionally, glycerol monostearate functions as a thickener, helping to give shampoos and conditioners a creamier texture. According to Loreal Paris data, the cosmetic market increased by 5.5% in 2019, with skincare accounting for roughly 40% of the total. This indicates that the cosmetic industry is rapidly expanding, which will drive demand for glycerol monostearate in the projection period.
Economic Impact Analysis
The global economy certainly impacts every industry. This is not unique to the chemicals and materials sector. The global glycerol monostearate market report, 2022-2028, investigates the expected effects of the economic downturn and the ongoing decline in the growth rate of demand for chemical material products. Industry macroeconomic indicators, such as volatile raw material prices, higher end-user costs, and the fracturing of trading patterns, indicate global economic uncertainty.
- Recession
As per the Credence Research Inc. market report, the recession will have a major impact on the global glycerol monostearate market. The past two years have been challenging for the chemicals and materials sector. Chemical firms and producers of glycerol monostearate materials have reached their breaking point owing to the global pandemic, significant supply chain disruptions, and the ongoing war in Europe. Overall, the effects of a global recession on chemical companies will differ depending on the location. Europe, for example, is expected to struggle as import restrictions on Russian raw materials limit production. The gas supply is noticeable, with 35% of it going to the chemical industry as an energy source and a feedstock for chemicals.
- Ukraine-Russia War Impact
Commodity prices will inevitably rise further due to the geopolitical crisis that has emerged due to the conflict between Russia and Ukraine, which will continue to increase inflationary pressure. Several countries directly or indirectly rely on Russia and Ukraine for various commodities, which has significantly impacted food prices, oilfield chemicals, agrochemicals, cosmetics, pharmaceuticals, and other supplies. Ukraine and Russia are the largest raw material exporters to global markets. Before the war, Ukraine had a thriving chemicals and materials sector that produced thousands of novel compounds. Approximately 80% of all screening compounds used in drug R&D were manufactured in Ukraine or Russia. As the Russia-Ukraine conflict intensifies, the rift between the two countries has snowballed into causing major global economic turmoil.
- China COVID Outburst December 2022
The current COVID-19 in China is expected to negatively affect the global glycerol monostearate market in 2023. The overall long-term implications of COVID-19 are determined by several factors, including the pandemic’s global distribution and duration, various governments’ responses, and the disease’s severity. When China abruptly changed its Covid Zero policy in December 2022, its economy shrank rapidly. These restrictions have severely disrupted the distribution network for large end-use companies that use glycerol monostearate. The COVID-19 situation in China has also prompted many other economies to start enacting restrictions, which will significantly impact the global glycerol monostearate market.
Regional Analysis
North America accounted for a large revenue share of the global glycerol monostearate market in 2022 due mainly to the region’s rapidly increasing demand for processed foods and rising beauty and personal care requirements. The regional food and beverage industry’s growing need for glycerol monostearate (GMS) powder as an emulsifier and stabilizer contributes to this expansion. Besides, the Asia Pacific region is expected to grow the fastest in the global glycerol monostearate market in the coming years. The growth of the food and beverage sectors in developing countries like China and India, where interest in western fast-food trends is on the rise, can be credited with the expansion in the region. Furthermore, due to the region’s growing population, the pharmaceutical industry, which uses glycerol monostearate as a stabilizer, is expected to drive regional growth.
STAR Analysis
- Situation
In 2022, our client, a major glycerol monostearate market supplier, wanted to understand market trends as glycerol monostearate is used in various industrial and commercial application verticals. The client was interested in studying recent market trends to develop a new glycerol monostearate product type in the global market.
- Task
The client wanted a glycerol monostearate market report with actionable insights on the latest trends and challenges that would assist them in evaluating and developing new product types. Also, a comprehensive analysis of the existing products in the global market, such as the features and benefits offered by these products and their geographic presence.
- Action
The client contacted Credence Research Inc., which helped the client understand the current global market scenario, key trends, and recent developments. Credence Research Inc. provided the client with detailed and comprehensive information on all aspects, including new product launches, market sizing, specific regional product type demand and supply, and import/export statistical data for the major regional countries. In addition, detailed competitor profiling of market products was performed, along with the provision of product features.
- Result
Credence Research Inc.’s extensive analysis of the global glycerol monostearate market helped the client better understand the characteristics of the products already on the market and, in turn, narrowly focused on their development activities. With a detailed review, they could concentrate on developing new and improved product types that can be utilized in various commercial and industrial applications.
