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(MoneyNewsWire.Net, April 11, 2018 ) The food-grade alcohol market is projected to grow at a CAGR of 3.9%, in terms of value, from 2017 to reach a projected value of USD 12.86 Billion by 2022. The market is largely driven by the demand from the Asia-Pacific region. Increase in demand for food-grade alcohols from various industries such as food & beverages and health care & pharmaceuticals is driving the food-grade alcohol market globally. Increase in global trade of alcohol and increased demand for ethanol to increase the production of alcoholic beverages is also fueling growth of the food-grade alcohol market, especially for ethanol.
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The global market has been segmented by type, source, application, functionality, and region. Based on type, the market is segmented into ethanol and polyols. The ethanol segment dominated the market as it is used as a main ingredient in the manufacturing of a wide range of alcoholic beverages as well as various food and pharmaceutical applications.
Based on source, the sugarcane & molasses segment is estimated to account for the largest market share in 2017. The global demand for food-grade alcohol from sugarcane & molasses is higher than other sources. Sugar cane and sugar beet plants are the most abundant sources of sucrose, which is fermented to produce alcohol. Molasses is the by-product in the sugarcane industry and contains 50% to 55% concentration of sugar in the form of sucrose. The continuously low production price of raw sugar in the global market has led to the increase in the production of ethanol from sugarcane and molasses.
The food-grade alcohol market has been segmented on the basis of application into food, beverages, health care & pharmaceutical. Food-grade alcohol has been gaining importance in the beverages segment for the increasing consumption of alcoholic beverages. New developments and wide applications provide a platform for the development of food-grade alcohol. Polyols or sugar alcohols are largely used in a wide range of food and health care & pharmaceutical applications due to its low calorie content as compared to sugars.
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The North American region is estimated to account for the largest share, in terms of value, in the global food-grade alcohol market, in 2017. Factors such as a large population and the consequent increase in demand for food, beverages, and the rapid adoption rate of advanced technologies are driving the growth of the food-grade alcohol market in this region.
Rising awareness among the consumers about the harmful effects of alcohol consumption restrains the total market for food-grade alcohol.
The leading players that dominated the food-grade alcohol market include Archer Daniels Midland Company (U.S.), Cargill (U.S.), MGP Ingredients (U.S.), Sigma-Aldrich (U.S.), and Roquette Freres S.A. (France).
The key players have been exploring the market in new regions by adopting acquisitions, expansions, joint ventures, new product launches, and agreements & joint ventures as their preferred strategies. Key players have been increasing their technical expertise through intensive R&D investments enabling them to enhance their product offerings and capture a larger market share, thus increasing the demand for food-grade alcohol.
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