Triacetin Market - Forecast(2023 - 2028)

Triacetin Market Overview 

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.

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)) 

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. 

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.