For the Quarter Ending September 2025
North America
• In the United States, the Polyglycerol Ester (PGE) Price Index rose quarter-over-quarter in Q3 2025, driven by increased production costs.
• PGE production costs increased due to sharply rising palm oil feedstock and a 2.6% year-over-year PPI increase in August 2025.
• PGE demand outlook was mixed; strong retail sales (5.42% year-over-year in September 2025) contrasted with declining consumer confidence.
• Industrial production's marginal 0.1% year-over-year increase in September 2025 indicated sluggish industrial demand for PGEs.
• Personal care and food and beverage sectors exhibited expanding and strengthening demand for PGEs in Q3 2025.
• Refined glycerine supply tightened in Q3 2025, partly due to reduced crude glycerol availability and US import reliance.
• Fatty acid prices softened then modestly increased in September 2025, with industry inventories tightening due to restocking.
• The 3.0% year-over-year CPI increase in September 2025 indicated ongoing consumer-level inflation, impacting purchasing power.
Why did the price of Polyglycerol Ester (PGE) change in September 2025 in North America?
• Rising palm oil feedstock and 2.6% year-over-year PPI in August 2025 elevated production costs.
• Strong retail sales (5.42% year-over-year in September 2025) supported demand, offsetting confidence decline.
• Tightened refined glycerine supply and shifting trade flows influenced Q3 2025 market dynamics.
APAC
• In China, the Polyglycerol Ester (PGE) Price Index rose quarter-over-quarter, driven by strong glycerol import price increases.
• PGE production costs faced upward pressure from strongly rising glycerol import prices leading up to October 2025.
• Fatty acid production costs eased in July and August 2025, with a modest price index increase in September.
• PGE demand outlook is mixed, with industrial production increasing 6.5% year-on-year in September 2025.
• Retail sales increased 3.0% year-on-year in September 2025, supporting consumer goods sectors.
• The Manufacturing Index contracted in September 2025, indicating weaker overall industrial activity.
• Deflationary pressures (CPI -0.3%, PPI -2.3%) and low consumer confidence (89.6) in September 2025 dampened demand.
• Strengthening demand for food additives and cosmetics retail growth supported PGE consumption in Q3 2025.
• Ample soybean oil inventory and seasonal fatty acid restocking influenced feedstock availability.
Why did the price of Polyglycerol Ester (PGE) change in September 2025 in APAC?
• Strongly rising glycerol import prices increased Polyglycerol Ester (PGE) production costs in Q3 2025.
• Industrial production expanded 6.5% in September 2025, supporting downstream PGE demand.
• The Manufacturing Index contracted in September 2025, signaling weaker industrial activity.
Europe
• In Germany, the Polyglycerol Ester (PGE) Price Index remained stable in Q3 2025, influenced by mixed macroeconomic signals.
• PGE production costs benefited from a 1.7% YoY decrease in producer prices in September 2025, driven by lower energy.
• CPI rose 2.4% YoY in September 2025, indicating increased operational costs and consumer demand pressure.
• Consumer-facing PGE demand was supported by a 0.2% YoY rise in retail sales in September 2025.
• Industrial demand for PGE weakened as Germany's Manufacturing Index contracted throughout Q3 2025.
• Overall industrial production declined 1.0% YoY in September 2025, reducing demand for industrial PGE.
• High-purity refined glycerol demand grew in Q3 2025, supporting PGE production despite tight regional supply.
• German cosmetics market showed robust growth in 2025, driven by consumer awareness and beauty trends.
• PGE price forecast suggests stability, balancing glycerol cost pressures with recent lower energy expenses.
Why did the price of Polyglycerol Ester (PGE) change in September 2025 in Europe?
• Producer prices fell 1.7% YoY in September 2025, reducing PGE costs from lower energy.
• Industrial production declined 1.0% YoY in September 2025, dampening PGE industrial demand.
• Retail sales rose 0.2% YoY in September 2025, supporting consumer PGE demand.
