Increasing awareness toward consumption of sustainable products on the back of growing health consciousness is expected to fuel the demand of fatty acids and their natural counterparts in the forthcoming years. The global fatty acids market is likely to remain influenced by the growing concerns revolving around the occurrence of chronic diseases worldwide. Increasing incidences of chronic diseases have made it imperative for individuals to focus on preventive health measures. This has created awareness among individuals regarding consumption of healthy food. Fatty acids favor health and have proven vital against fighting chronic disorders including but not limited to coronary heart diseases, ulcerative colitis, rheumatoid arthritis, renal diseases, chronic obstructive pulmonary disease and type-2 diabetes. This aspect continues to fuel the demand for fatty acids, in turn influencing sales fatty acids across various healthcare applications on the global front.
Rising cosmetics and personal care products to influence growth in consumption of fatty acids
Demand for fatty acids is likely to spur modestly in the coming years, given their effective antifungal, antiviral and antifungal properties. This has fuelled the demand for fatty acids across a multitude of applications particularly in the personal care and cosmetics market. In addition, fatty acids provide consistency and an opacifying effect that enhances the thickness quotient of the product. This characteristic of fatty acids has made them popular among various products such as cosmetic creams and balms, liquid detergents, shampoos, body lotions and fabric softeners. This aspect coupled with the steady growth in the cosmetic sector is expected to pave potential growth avenues for players involved in the manufacturing of fatty acids, contributing to the growth in valuation of the fatty acids globally. Moreover, increasing GDP per capita of individuals in the developed as well as emerging economies is likely to exert an indirect influence on the growth of the fatty acids market. Rise in GDP per capita or disposable income has triggered sales of personal care and cosmetic products in turn supporting the growth in sales of fatty acids.
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Asia Pacific to account for a major share in the global fatty acids market in the coming years
The growth in demand of fatty acids in Asian countries is expected to maintain their growing status quo. This is mainly attributed toward increasing use of fatty acids across various applications circling personal care, cosmetics, soaps and detergents, and lubricants. The emerging economies in the Asia Pacific such as China and India have a major consumer pool for cosmetic products on the back of a growing ageing population. According to IAAPS (International Association for Asia Pacific Studies), China is expected to witness a higher ageing population by the end of 2050 with India to follow suit. By 2050 end, it is expected that more than one-third of China will be over 60 years of age. This factor continues to fuel the demand for anti-ageing creams, in turn paving potential avenues for the demand and supply of fatty acids. Besides cosmetics, Asian countries are large producers of soaps, plastics and rubber. Fatty acids have their share in the production of rubber and plastics as they provide adhesion and internal lubrication. This aspect is likely to contribute to the growth of the fatty acids market in the Asia Pacific in the years to follow.
Global Fatty Acids Market Players are: Wilmar, KLK, IOI, Musim Mas, Oleon, KAO, Permata Hijau Group, Pacific Oleochemicals, Ecogreen, Teck Guan, PT.Cisadane Raya, Emery Oleochemicals, Southern Acids, PT.SUMI ASIH, Bakrie Group, SOCI, Godrej Industries, Shuangma Chemical, Dongma Oil, Zhejiang Zanyu, Cambridge Olein, Shanghai Soap, Akzonobel(Shandong base), Sichuan Tianyu, Jinda Shuangpeng
Other regions’ modest contribution to the growth of the global fatty acids market
Market scenario of fatty acids across Western European countries is expected to showcase uncertain yet slow growth on the back of price fluctuations of raw material, and market saturation. On the other hand, North America is projected to reflect moderate consumption of fatty acids. Other regions including South and Central America, Eastern and Central Europe, Africa (South Africa and Nigeria), and Middle East (Turkey) are expected to witness considerable demand for various end-use applications of fatty acids, albeit a slow moving market for the latter.
Overall the market scenario of fatty acids continues to remain optimistic on the back of their growing end-use consumption coupled with robust growth of supply of oleochemicals worldwide. Stakeholders in the global fatty acids market can expect a steady stream of opportunities, especially from emerging economies of the Asia Pacific in the years to follow. In addition, demand for fatty acids in surfactant as well as the nutrition space is yet another factor expected to impact the global market.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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