Palm Kernel Fatty Acids Market Insights, Forecast, Growth, and Trends 2024-2033

Global palm kernel fatty acids market size is expected to reach $10.14 Bn by 2028 at a rate of 7.2%, segmented as by grade, food grade, industrial grade

Jul 19, 2024 - 11:43

Palm Kernel Fatty Acids Market Insights, Forecast, Growth, and Trends 2024-2033

The palm kernel fatty acids from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Palm Kernel Fatty Acids Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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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Scope Of Palm Kernel Fatty Acids Market

The Business Research Company's reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Palm Kernel Fatty Acids Market Overview

Market Drivers -

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.

Market Trends -

Major companies operating in the palm kernel fatty acid market are focusing on developing sustainable palm kernel oil alternatives to reduce environmental impact and promote biodiversity conservation while meeting consumer demand for eco-friendly products. Sustainable palm kernel oil alternatives are substitutes for palm kernel oil produced through methods that minimize environmental impact, avoid deforestation, and promote biodiversity. For instance, in October 2023, Agile BioFoundry, a U.S.-based consortium of national laboratories, and C16 Biosciences, a U.S.-based biotechnology company, collaborated to develop pathways to sustainable palm kernel oil alternatives, both mid-chain fatty acids and fatty alcohols, in oleaginous yeast. The collaboration demonstrated novel metabolic routes to produce lipids containing mid-chain fatty acids as an alternative to palm kernel oil. The partnership combined C16 Biosciences' expertise in strain construction and commercial scale-up with ABF's advanced testing platform and multi-omics capabilities to streamline the design-build-test-learn (DBTL) cycles, fostering an efficient cooperative dynamic for microbial development.

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

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Regional Insights -

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.

Key Companies -

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

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