The global food grade lubricants market to grow at a CAGR of 6.65% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global food grade lubricants market for 2017-2021. To calculate the market size, the report presents top vendors in the market have been selected based on our perception of their importance in the development of the global food grade lubricants market. The report also includes a discussion of the Key vendors operating in this market.
One trend in market is growing use of automatic lubrication systems. The implementation of advanced technology solutions can result in lowering costs, reducing downtime, and increasing productivity. Improper lubrication can account for more than 50% of bearing failures, which can result in equipment downtime and high maintenance cost.
According to the report, one driver in market is risk of contamination of food. Health and safety have always been major concerns in the food industry. The contamination of food products, besides causing major damage to the revenue, also hampers the image of the company. Lubricant contamination is one of the sources of food contamination. The machinery used in the food industry need to be lubricated from time to time for its proper functioning. This gives rise to the chance of food contamination in the industry.
Further, the report states that one challenges in market is health risks associated with consumption of processed meat and carbonated drinks. As more customers become aware of the negative effects associated with carbonated drinks, due to a high sugar content, carbonated drinks manufacturers have also been holding back on launching new products due to the slow growth.