Glycerine is an odorless and non-toxic compound widely approved in pharmaceutical, cosmetic, and personal care products. The Mexico glycerine market report by Market Research Future (MRFR) looks at the economic conditions of the country as well as investments opportunities for growth. It highlights and explores drivers, restraints, and opportunities for the period of 2022 to 2030 (forecast period).
Market Scope
The glycerine market is projected to exhibit 5.10% CAGR during the forecast period. It stood at USD 82.9 million in 2022. The market is predicted to touch a valuation of USD 106.4 million by 2030. The increasing population in East Mexico and the demand from personal care, cosmetics, and food industries will drive the market growth. According to the United Nations Population, the population of Mexico can reach 148 million by 2030. Exemptions provided to manufacturers of personal care products during the current pandemic of COVID-19 are projected to fuel the Mexico glycerine market growth. Investment in Mexico by major industry players can provide the industry a much-needed impetus. This is exemplified by the investment to the tune of USD 500 million by Unilever Indonesia for constant production of food refreshments and personal care products.
However, the application of glycerine in the production of biodiesel may hamper the market growth.
Segmentation
The glycerine market is segmented by source, grade, and application.
By source, it is divided into natural and synthetic. The natural glycerin manufacturers segment accounted for 90% share in 2016 and will display the highest growth rate during the forecast period. Applications in foods, personal care, and cosmetics products can spur the segment growth.
By grade, it is segmented into crude and refined. The crude grade is expected to produce high returns for the market owing to the production of biodiesel. But the uncertainty of raw material prices can deter the segment growth.
By application, it is segmented into tobacco, pharmaceutical, cosmetics personal care, alkyd resins, food, polyurethane, and others. The pharmaceutical application can be lucrative for the Mexico glycerine market owing to the need of glycerine in foods and feed additives. Its use as a substitute for alcohol in herbal and botanical preparations can drive the glycerine demand during the forecast period.
Regional Analysis
North Mexico, South Mexico, East Mexico, and West Mexico are regions discussed in the Mexico glycerine market.
East Mexico accounted for the largest share of the market followed by West Mexico. It can showcase a CAGR of 5.39% during the forecast period owing to the large population and high consumption of glycerine in pharmaceuticals and food beverages. The demand for personal care products such as mouthwashes, skincare creams, and toothpastes will drive the demand for glycerin derivatives such as glycerol mono-stearate and the glycerine market in turn.
Competition Outlook
Cargil Inc., Kao Chemicals, Quimic SA de CV, Quimica Delta, Pemex, Oxiteno Mexico SA de CV are key players of the glycerine market. Acquisitions and production expansions are key strategies of players in the market.
Glycerine producers have decided to aid during the widespread pandemic of COVID-19. It has supplied glycerine to hand sanitizer manufacturers for faster production of personal care products.
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