Palm Methyl Ester Derivatives Market to Reach $2,106.7 Million by 2024

The key factors driving the palm methyl ester derivatives market include the rising usage of palm oil derivatives in personal care and homecare products and the increasing demand for organic cosmetics. The market valued $1,443.4 million in 2018, and it is predicted to advance at a 6.4% CAGR during the forecast period (2019–2024). Oleochemicals processed from palm kernel oil and crude palm oil are referred to as palm methyl ester derivatives. They find application in food and beverages, personal care products and cosmetics, and soaps and detergents.

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The palm methyl ester derivatives market is observing the trend of shifting preference of consumers toward personal care products of organic origin. The shift from chemical-laden beauty products to organic variants is due to multiple factors, such as inclination of consumers toward environment-friendly products, rising awareness about health and wellness and impact of many chemicals contained in traditional cosmetics, and increasing usage of natural products by customers. Many consumer goods companies are now modifying their products by increasing their research and development and rapidly launching them in their existing portfolio.

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One of the primary growth drivers for the palm methyl ester derivatives market is the inclusion of palm oil derivatives in the manufacturing of homecare and personal care products. Downstream palm oil specialty chemicals have certain beneficial properties that are promoting their use as humectants, emollients, and viscosity modifiers in personal care and homecare products. Palm oil and its derivatives are enriched with a powerful antioxidant — beta-carotene — which eliminates free radicals. Further, such products also contain vitamins, such as A, C, and E.

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Palm methyl ester derivatives market competitive landscape

Some of the major players operating in the global palm methyl ester derivatives market are Wilmar International Ltd., The Procter & Gamble Company, IOI Corporation Berhad, Musim Mas Group, KLK Oleo, Emery Oleochemicals Group, VVF LLC, and Oleon NV.

A large number of companies operating in the market have their processing facilities of palm methyl ester derivatives in Indonesia and Malaysia or source their raw materials from these countries as these are the two major palm oil and its derivatives producers in the world. Besides, the palm methyl ester derivatives market has witnessed forward and backward integration among players in recent years, as an effort toward integrating supply chain and increasing their market share. This trend had been primarily indicated by increasing acquisitions of palm oil plantation companies and launch of new palm-based consumer products in the market.

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