The Triacetin Market size is forecast to reach US$200 million by 2027, after growing at a CAGR of 5.1% during 2022-2027, owing to the rising demand from various end-use industries such as food and beverage, pharmaceuticals, plastics, and more. Triacetin is one of the glycerin acetate compounds known as glycerin triacetate. It is the triglyceride of glycerol acetylating agents, such as acetic anhydride and acetic acid. The triacetin market is fueled by an increase in demand for flavorings and fragrances from the food and beverage industry. Furthermore, the rapid growth of the cosmetics industry is accelerating the demand for the triacetin industry growth. All these factors are driving the growth of the triacetin market and is anticipated to drive the growth in the future forecast period.
COVID-19 Impact
The triacetin market was affected by the COVID-19 pandemic in 2020, due to the strict imposition of lockdown. Because of the COVID-19 pandemic, the supply chain was disrupted, production was hindered and exports declined. The exports of beverages saw a global level decline in the year 2020. For instance, according to International Trade Centre (ITC), in 2019 the global level exports of beverages were valued at US$123.49 billion, and in 2020 it was valued at US$117.22 billion, a decline of 5.35%. This decline in exports resulted in losses for the triacetin industry. However, in the starting months of 2021 when the COVID-19 cases increased, governments across the nations imposed strict lockdown but the production was allowed with less number of laborers as a result of this the triacetin market growth was not adversely affected as it was affected in 2020. The impact of COVID-19 is expected to be reduced by mid-2022, resulting in triacetin market growth.
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Report Coverage
The report: “Triacetin Market–Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Triacetin Market.
By Grade: Food Grade, Industrial Grade, and Tobacco Grade.
By Function: Binder, Emulsifier, Solidifier, Plasticizer, Humectants, Solvent, and Others.
By Application: Adhesives& Sealants, Agrochemical, Food Additive, Flavourings and Fragrance, Cigarette Filters, Paints and Coatings, Animal Feed, Printing Ink, Antifungal Drugs, and Others.
By End-Use Industry: Tobacco, Chemical, Food and Beverage (Bakery Products, Dairy Products, Confectionery, Beverages, and Others), Personal Care (Nail Care, Perfume, Skin Care, and Others), Pharmaceuticals, Agriculture, Metal & Foundry, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa))
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Key Takeaways
- Asia Pacific region dominates the triacetin market, owing to its increasing food processing industry in the region. For instance, according to Invest India, it is forecasted that by 2025-26 the output of the food processing industry will reach US$535 billion.
- Triacetin is used in the production of cigarette filters by the tobacco industry as a solidifier. The tobacco industry's increasing need for triacetin is propelling the triacetin market growth.
- Triacetin is employed as an ingredient in animal feed and as an agrochemical for pest management in the agriculture industry, which is accelerating the triacetin market growth.
- However, there are certain safety concerns regarding the use of triacetin, which is posing as a roadblock for the triacetin market growth.
Figure: Asia-Pacific Triacetin Market Revenue, 2021-2027 (US$ Million)
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Triacetin Market Segment Analysis – By Grade
The food-grade segment held the largest share in the triacetin market in 2021. The United States Food and Drug Administration (USFDA) has allowed the use of triacetin in food, and it is included in the Good Food Manufacturing Practices list (GFM). The food-grade of triacetin is used as an ingredient in many foods and beverage products and cosmetics products. Triacetin is a suitable solvent and fixative for many flavourings and perfumes because of its strong solvency and low volatility. As a result of these benefits, the food-grade triacetin is being used more frequently in the food and beverage industry, which propelling the triacetin market growth.
Triacetin Market Segment Analysis – By Function
The plasticizer segment held the largest share in the triacetin market in 2021, owing to its increasing use in tobacco, personal care products, pharmaceuticals, and more. Triacetin is often used as a plasticizer because its cellulosic resin plasticizer is compatible with cellulose acetate, nitrocellulose, and ethyl cellulose in all concentrations. The plasticizer capabilities have been utilized for the synthesis of biodegradable oils, which have been used in the manufacturing of pharmaceutical products. Furthermore, due to its chemical properties, the cosmetics industry employs plasticizer in nail and skin care products. Plasticizers are also used in the tobacco industry as it gives the good hold on the cigarette filters. Thus, the increasing use of plasticizers in various end-use industries is anticipated to drive the growth of the triacetin market.
Triacetin Market Segment Analysis – By Application
The flavourings and fragrance segment held the largest share in the triacetin market in 2021 and is growing at a CAGR of 4.9% during 2022-2027. Triacetin gives the advantage of enhancing the flavourings, which results in improving the taste of food and beverage products, as the market for food and beverages is increasing and leading to the growth of the triacetin industry. In the personal care industry, it is used in skin care products and perfumes for enhancing the fragrance. The global demand for unisex fine fragrances is increasing, which is accelerating the demand for flavourings and fragrances. For instance, according to the Cosmetics Toiletry and Perfumery Association (CTPA), in 2019, the global sales of unisex fine fragrance was at €38.69 million (US$43.31 million) and in the year 2020, it increased to approximately €50 million (US$51.11 million), with an increase of 29.1%. Due to these factors, the demand for flavourings and fragrances is increasing which is anticipated to drive the growth of the triacetin market in the forecast period.
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Triacetin Market Segment Analysis – By End-Use Industry
The food and beverage segment held the largest share in the triacetin market in 2021 and is growing at a CAGR of 6% during 2022-2027. When compared with other food-grade triacetin has better texture, moisturizing, emulsifying, and stabilizing qualities, making it ideal for use in the food and beverage industry. As the global demand for dairy products is increasing, it is leading to the growth of the food and beverage industry. For instance, U.S Department of Agriculture (USDA), in the year 2019 the total production of US dairy products was 18,844 (million Ib) and in 2020 it increased to 19,414 (million ib), an increase of 3.02%. Moreover, higher growth in the food and beverages industry was seen in the UK according to Food and Drink Federation of UK (FDF), the total manufacturing in the year 2018 for food and beverages was €28 billion (US$33.07 billion) and in 2019 it was €29 billion (US$32.47 billion) with a total increase of 3.6%. Thus, the increasing demand for the food and beverage industry is anticipated to drive the growth of the triacetin market in the forecast period.
Triacetin Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the triacetin market in 2021 up to 31% owing to its increasing use in the end-use industries such as food and beverage, pharmaceuticals, agriculture, and personal care. The population of the countries is increasing across the Asia Pacific region and the burden of food is increasing, which has resulted in more production in the food industry. For instance, according to, Indian Brand Equity Foundation (IBEF), the packaged food demand in India is forecasted to reach US$70 billion by 2025. Moreover, the Asia-Pacific cosmetics sector has seen growth, which is leading to the growth of the triacetin market, For instance, according to International Trade Administration (ITA), in 2018 the South Korean Cosmetics market was US$9.37 billion and in 2019 US$9.43 billion the market is seeing a steady growth rate. Thus, the food and beverage and personal care industry of the Asia-Pacific region will increase the demand for triacetin and it is anticipated to drive the growth of the Triacetin market in the future forecast period.
