APAC Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market to drive the regional landscape, Global revenue to surpass USD 8 billion by 2024

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Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids Market is witnessing an escalating commercialization with the increasing strong surfactants consumption rate across the globe. Growing inclination toward lauric acid based hydrophobes in surfactants has reflected a positive light on the overall market growth. In spite of a large number of hydrophobes’ availability in the market, these natural origin basedoleochemicals are winning an edge over its other counterparts taking into account its global popularity.  Reliable supply, versatility are the two major factors that caters the market’s huge demand.  Additionally, spreading consumer awareness related to the harmful effects of chemical cosmetics is also providing lucrative avenues to palm kernel oil and coconut oil based natural fatty acids market to widen its business horizon. Concept of retail stores, increasing number of departmental stores, and natural beauty product showrooms is expected to leave an influential impact on the market outlook. As per a report by Global Market Insights, Inc., “Palm Kernel Oil and Coconut Oil Based Natural Fatty Acids industry is projected to exceed USD 8 billion by 2024, with an estimated CAGR of 4.5% over 2016-2024.”

Germany Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market size, by end-user, 2013 – 2024 (USD Million)
Germany Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market size, by end-user, 2013 - 2024 (USD Million)

Geographically, Asia Pacific is one of the most potential players in the global market.   With an expanding production and manufacturing base, APAC palm kernel oil and coconut oil based natural fatty acids market dominated the overall industry share in 2015, by accounting for more than 50% of the total volume.  Statistics depict that almost three fourth of the global production is centered around APAC belt. This region is slated to chart a lucrative growth path in the years ahead also, at a projected annual rate of 5% over 2016-2024. Philippines, India, Vietnam will be the major revenue contributors of the regional market share owing to several oleochemical manufacturing units in these countries.

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Europe palm kernel oil and coconut oil based natural fatty acids market also held a billion-dollar business in 2015. The growth of the regional industry can be credited to the Increasing adoption of natural origin based personal care products across European regions. As per estimation, Europe palm kernel oil and coconut oil based natural fatty acids industry will grow substantially at a CAGR of 4% over 2016-2024.

Personal care and detergents are the two attractive end-use sectors that account for more than 50% of the overall palm kernel oil and coconut oil based natural fatty acids industry share. Taking into account the strong demand for natural fatty acid based cleaners in industrial as well as domestic applications, detergent sector is one of the most significant application domain thriving the palm kernel oil and coconut oil based natural fatty acids market. In addition to this, government regulatory impositions related to industrial cleanliness is further promoting the market expansion. Detergent applications covered more than 30% of palm kernel oil and coconut oil based natural fatty acids market in past years, and is projected to continue its prominence over the application landscape. Personal care sector, which consumed a revenue of USD 1 billion in 2015, will also register steady gains of more than 5% CAGR over 2016-2024.

Volatile raw materials price trends may act as a deterrent in the growth path of palm kernel oil and coconut oil based natural fatty acids market. However, growing awareness regarding cleanliness and hygiene in the workplace as well as the domestic front is expected to stimulate the market outlook. Prominent palm kernel oil and coconut oil based natural fatty acids industry participants include Wilmar International, KLK Oleo, Musim Mas Holdings, P&G, Kao Corporation, and Pacific Oleochemicals.

Author Name :Satarupa De

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