Press release
Fatty Acid Market Current Scenario 2020 | Size, Share, Trend, Comprehensive Research Study, Global Analysis, Product Category and Business Opportunity by Forecast to 2024
Fatty Acid Market
The Global Fatty Acid Market is projected to grow at a significant rate of 5.25% from 2019 to 2024 to reach a market value of USD 21.5 billion by the end of 2024. Increasing demand for functional food products and dietary supplement are expected to boost the market growth of fatty acid during the assessment period. The rising demand for fatty acids from the application industries such as food processing, nutraceuticals, animal feed, and beverages, is anticipated to drive this market. Fatty acids are widely used by the cosmetics manufacturers where it is used as lubricants. Several creams and lotions for skin and hair contain fatty acids.
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Segmentation
The global fatty acid market has been segmented based on source, type, application, and region.
The global fatty acid market has been classified, based on source, as animal and plant source.
The global fatty acid market has been segregated, based on type, into saturated, monounsaturated, and polyunsaturated.
The global fatty acid market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American fatty acid market has further been bifurcated into the US, Canada, and Mexico.
The European fatty acid market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
The fatty acid market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific.
The fatty acid market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Key Players
Vantage Oleochemicals (US), BASF SE (Germany), Wujiang Jinyu Lanolin Co. (China), Ferro Corporation (US), Akzo Nobel N.V (Netherlands), Aker BioMarine AS (Norway), Arizona Chemicals (US), Ashland Inc. (US), Eastman Chemical Company (US), Oleon N.V. (Belgium), Godrej Industries (India), Colgate-Palmolive Ltd (India), Ferro Corporation (US), Eastman Chemical Corporation (US), Longyan Zhuoyue New Energy Co. Ltd. (China) are some of the key players in the global fatty acid market.
Regional Market
The market in Asia-Pacific is expected to dominate the global fatty acid market during the forecast period. This market in Asia-Pacific is driven by the factor such as abundant availability of vegetable sources of fatty acid in countries such as China, India, and Indonesia. Increasing application scope in textile industries and in animal feed is also fueling the market for fatty acid in this region. With the growing population, there is an increasing demand for food and beverages in this region, which is again expected to boost the market for fatty acid during the forecast period.
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The North America market is expected to generate the highest CAGR in the global fatty acid market in the near future. The growth of this market is anticipated by the factor such as growing demand for fatty acids from various end-use industries such as food processing, beverage making, pharmaceutical, and personal care. The presence of prominent market players including Vantage Oleochemicals, Arizona Chemicals, Ashland Inc., and Eastman Chemical Corporation are offering different types of fatty acids, which is further driving this market in this region.
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