Global Palm Flake Market to Register Stellar Compound Annual Growth Rate Through 2015-2021
Palm flake is a solidified form of palm kernel oil which is odorless and is more stable in high temperature. Palm flake is commonly known as palm kernel flake throughout the world and is obtained from the kernel of cracked palm. Palm flakes are used in wide range of cosmetic products, owing to its moisturizing properties. Approximately 80% of palm flake is saturated fat and 20% is unsaturated fat. Palm flake are produced majorly in Malaysia and Indonesia. Palm flakes are ideal for use in heavy creams, candles, lotions, soap bars, liquid soaps and lip balms. The shelf life of palm flake usually varies from one year to one an half year, although refrigeration can extend the shelf life. In Asia Pacific region, the palm flakes are old in 500-gram, 2.2-Kilogram and 22- Kilogram boxes only.
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Increasing Consumer Spending On Personal Care
Improving living standards and rising GDP are expected to increase the uptake of beauty and personal care products, resulting in higher demand for palm flake across the globe. Moreover, consumer sophistication towards food, personal property including clothing, personal care, jewelry, transport and communication, among others is increasing rapidly owing to change in consumer groups from basic to affluent consumers across the globe. This is further expected to widen opportunities for non-established or emerging markets such as ASEAN and BRIC which are expected to account for nearly one third of the world's spending on consumer goods. For instance, according to the gross domestic national savings statistics by World Bank, Singapore, Malaysia, Indonesia, and Vietnam have been ranked among the top 20 countries in terms of gross domestic savings (% of GDP). Globally, there has been a rapid increase in aspiring consumers due to penetration of luxury brands offering products at affordable prices. This is expected to enhance product purchase decisions leading to demand for customized products, especially in the cosmetics segment. All these factor is anticipated to boost the demand for palm flake over the forecast period.
Global Palm Flake: Market Segmentation
On the basis application, the global palm flake market has been segmented as –
On the basis nature, the global palm flake market has been segmented as –
Organic Palm Flake
Conventional Palm Flake
On the basis end use, the global palm flake market has been segmented as –
Global Palm Flake Market: Key Players
Some of the major manufacturers and suppliers operating in the global palm flake market are Olio Skin & Beard Co., Shay and Company, Inc., Mile High Soap, Wild Herb Soap Co.LLC., Bramble Berry Inc., Cranberry Lane., Zhengzhou Qiangjin Science and Technology Trading Co., Ltd., Purple Citrus Palm Flakes, and H&B Oils Center Co. among others. Apart from the above mentioned companies, many other manufacturers are showing a keen interest in palm flake, owing to its wide application in the cosmetic industry, resulting in high demand for palm flake over the forecast period.
Opportunities for Market Participants
Currently, the lack of standardized regulations is resulting in confusion between legitimate organic products and falsely labelled ones, thus restraining the growth of the global palm flake market. USDA certifications help to eliminate this doubt and aid consumers to distinguish between the various products available in the market. The growing organic personal care industry has witnessed the emergence of many organizations being authorized to regulate and certify organic palm flake products. Standards have been defined by regulatory bodies in various countries to ensure the authenticity of organic palm flake products available in the respective markets. Introduction of standardized regulations across all countries in major regions of the world will open up potential opportunities to launch new and enhanced palm flake products in recently untapped markets, expand the geographical footprint, and expand consumer base. Companies operating in the global palm flake market could also focus on offering palm flake in bulk quantities in order to enhance its consumer base.
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