Press release
Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market Soaring at 4.5% CAGR During the Period 2016-2024
Global surfactant demand for detergents used in residential or industrial cleaning will boost the global palm kernel oil and coconut oil based natural fatty acids market in the near future. Increasing use of lauric acid based hydrophobes in surfactants will influence the global market positively. Regulations regarding industrial and workplace cleanliness, coupled with the growing number of industries all around the globe will signify the surfactants demand throughout the considered forecast span. Surfactants industry was worth beyond USD 30 billion in 2015 with an estimated growth at a moderate rate from 2016 to 2024.
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Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market size will likely exceed USD 8 billion by 2024; according to a new research report.
Growing concerns regarding the harmful side effects of chemicals present in cosmetics and toiletries will also play a major role in promoting the palm kernel oil and coconut oil based natural fatty acids market throughout the forecast span. Rising awareness about the benefits of naturally derived cosmetic and personal care products will strengthen the market throughout the forecast span. Moreover, increasing number of concept retail stores and showrooms, along with rising demand from departmental stores, beauty product stores, spas, salons, etc. will drive the demand in coming years.
Global organic personal care products market size was above USD 10 billion in 2015. It will likely exceed USD 24 billion by 2024, with a high growth rate of over 10% CAGR. Extensive use of palm kernel and coconut oil based products for moisturizing, makeup, suntan, and hair care will support the rise in palm kernel oil and coconut oil based natural fatty acids market demand. A shifting trend towards organic or bio-based personal care products along with gradual advancements in ethical consumerism will propel the demand for end products derived from natural fatty acids.
The highly inconsistent raw material price trends may hinder global palm kernel oil and coconut oil based natural fatty acids market throughout the forecast span. Rate of change of palm kernel oil price ranged from -15.14% to 21.53% between 2013 and 2015, and that of coconut oil ranged from -10.38% to 28.93% in the same timeframe. Concentration of palm kernel and coconut production in Asia Pacific region will also significantly increase the raw material cost in other parts of the globe.
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Detergents and personal care products are the principal end-user segments for the industry, collectively accounting to more than half of the overall market share. Rising awareness and initiatives for promoting residential, commercial, and industrial cleanliness makes detergents sector a significant end-user with over a third of the overall palm kernel oil and coconut oil based natural fatty acids market size.
In 2015, personal care segment generated over USD 1 billion, and it will likely have a moderate growth rate owing to growing inclination towards natural and organic cosmetics, skin care, and hair care products.
Asia Pacific will dominate palm kernel oil and coconut oil based natural fatty acids market owing to concentration of raw material production in South East Asian countries such as Philippines, Indonesia, India, and Vietnam. The region also has several oleochemical manufacturing industries for development of the end products. Asia Pacific region recorded more than half of the overall global palm kernel oil and coconut oil based natural fatty acids market.
North America has an extremely volatile raw material price trend, making the region slow growing in the near future. High demand for organic personal care products in developed countries of Europe may have a positive impact on the palm kernel oil and coconut oil based natural fatty acids market.
Wilmar International, Musim Mas Holdings, KLK Oleo, P&G, Kao Corporation, Pacific Oleochemicals, Emery Oleochemicals, OLEON, United Coconut Chemicals, Chemical Associates Inc., VVF LLC, Vantage Specialty Chemicals, Twin Rivers Technologies, and. Philippine International are the important market players.
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