Overview and Scope
Palm kernel fatty acids refer to the fatty acids derived from palm kernel oil, which is extracted from the kernels or seeds of oil palm fruits. These fatty acids are predominantly composed of saturated and unsaturated fatty acids and are widely used in various industries due to their unique chemical properties and versatility.
Sizing and Forecast
The palm kernel fatty acids market size has grown strongly in recent years. It will grow from $7.17 billion in 2023 to $7.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to economic downturns, regulatory changes, consumer preferences, market competition, cultural shifts, geopolitical tensions, industry consolidation, infrastructure developments, and financial crises.
The palm kernel fatty acids market size is expected to see strong growth in the next few years. It will grow to $10.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to emerging technologies, demographic shifts, geopolitical events, sustainability initiatives, global economic indicators, healthcare advancements, urbanization trends, and regulatory reforms. Major trends in the forecast period include growing demand for bio-based products, a rise in personal care and cosmetics, food industry applications, industrial applications, sustainable production practices, innovative applications, and research.
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Segmentation & Regional Insights
The palm kernel fatty acids market covered in this report is segmented –
1) By Grade: Food Grade, Industrial Grade
2) By Application: Food And Beverage Emulsifier, Cosmetics And Personal Care Ingredients, Metal Working Lubricants And Greases, Bio-Based Plastic, Textile Intermediates, Cleaning Products, Other Applications
3) By End Use Industry: Food And Beverage, Cosmetics And Personal Care, Metallurgy, Textile, Industrial, Other End-Use Industries
Asia-Pacific was the largest region in the palm kernel fatty acids market in 2023. The regions covered in the palm kernel fatty acids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth in personal care and cosmetics is expected to propel the development of the palm kernel fatty acid market going forward. Personal care and cosmetics encompass a variety of products aimed at maintaining and enhancing personal hygiene, grooming, and physical appearance, including skincare, haircare, makeup, and fragrances. There is a rising adoption of personal care and cosmetics due to increasing consumer awareness and demand for health-conscious, eco-friendly, and sustainable products. Palm kernel fatty acid is used in personal care and cosmetics for its moisturizing properties, as an emulsifying agent, and to improve product texture and stability. For instance, in July 2023, according to the U.S. Department of Commerce, a U.S.-based governmental organization, in 2021, sales of beauty and personal care products in China reached $88 billion, reflecting a 10% increase from the previous year. Therefore, the growth in personal care and cosmetics will drive the growth of the palm kernel fatty acid market.
Key Industry Players
Major companies operating in the palm kernel fatty acids market are Cargill Incorporated, Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company, Kao Corporation, Golden Agri Resources Ltd., Musim Mas Holdings Pte Ltd, Mewah Group, KLK OLEO, Fuji Oil Holdings Inc., IOI Corporation Berhad, Croda International Plc, Astra Agro Lestari, Marico Limited, First Resources, Permata Hijau Group, Emery Oleochemicals, Ecogreen Oleochemicals GmbH, Oleon NV, International Oils and Fats Limited, Soon Soon Oilmills Sdn Bhd, Twin Rivers Technologies Inc., Vance Bioenergy Sdn Bhd, Pacific Oleochemicals Sdn Bhd, Timur Oleochemicals, Future Prelude
The palm kernel fatty acids market report table of contents includes:
1. Executive Summary
2. Palm Kernel Fatty Acids Market Characteristics
3. Palm Kernel Fatty Acids Market Trends And Strategies
4. Palm Kernel Fatty Acids Market – Macro Economic Scenario
5. Global Palm Kernel Fatty Acids Market Size and Growth
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32. Global Palm Kernel Fatty Acids Market Competitive Benchmarking
33. Global Palm Kernel Fatty Acids Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Palm Kernel Fatty Acids Market
35. Palm Kernel Fatty Acids Market Future Outlook and Potential Analysis
36. Appendix
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