Palm Kernel Fatty Acids Market Key Trends And Forecast Report 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Palm Kernel Fatty Acids Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

The growing volume of corporate conferences and events is expected to propel the growth of the party product rental market going forward. Corporate meetings and events are organized gatherings to facilitate networking, professional development, and knowledge exchange among employees, clients, or industry professionals. Corporate conferences and events are increasingly recognized as they facilitate networking, knowledge sharing, and professional development opportunities for businesses and individuals. Party product rental services at corporate meetings and events provide essential equipment and amenities such as audiovisual gear, furniture, and decor, ensuring seamless event execution and creating a conducive environment for networking and engagement. For instance, in September 2023, according to a survey of 500 professionals published by American Express Global Business Travel, a US-based travel management company, 67% of companies predict an increase in overall event spending in 2024, up from 65% in 2023. Additionally, 10% of these companies anticipate an increase in expenditure of 11% or more. Furthermore, 70% of respondents expect attendee numbers to return to 2019 levels by 2024, compared to 67% in 2023. The growing volume of corporate conferences and events is expected to propel the growth of the party product rental market.

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.

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Major Key Players of the Market:

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

Palm Kernel Fatty Acids Market 2024 Key Insights:

• 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%.
• Surge In Personal Care And Cosmetics Drives Palm Kernel Fatty Acids Market Growth
• Innovative Collaboration For Sustainable Palm Kernel Oil Alternatives
• Asia-Pacific was the largest region in the palm kernel fatty acids market in 2023

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