July 29, 2019
Global fatty acid market is anticipated to reach a valuation of $45.45 billion by the end of 2026, according to the latest research available at Market Study Report, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
For the uninitiated, fatty acids are carbon compounds of the carboxylic group with a large number of derivatives. The fatty acid market is primarily fueled by its application in the food & beverage and healthcare sector. These compounds also find extensive uses as an intermediate in the development of other chemical compounds and are increasingly used across different applications due to their renewable raw materials.
Fatty acids are produced from various vegetable oils like tallow, coconut, sunflower, palm kernel, and soybean. The concentration of types of fatty acids differs based on the type of oil. For example, coconut oil is high in lauric acid, while palm kernel oil is rich in palmitic acid and stearic acid.
As per the report, one of the major application segments for fatty acids is the food & beverage sector. This can be credited to the burgeoning disposable income and high spending on bakery and fast food products in the developed as well as developing economies has caused significant growth within the food industry. Over the last few years, there has been a rise in consumer awareness and spending on healthcare products, resulting in increased use of fatty acids for dietary supplements.
Omega-6 and Omega-3 based dietary supplements are used by a huge chunk of the population since they have been known to reduce the risk of chronic disorders. Rapid growth in urbanization in the middle-income nations and increasing use of personal care products in such nations has also surged consumption of fatty acids within toiletries and personal care applications.
Moreover, increasing initiatives by the government and health agencies in a bid to enhance human well-being, primarily among lower-income groups have also favored the growth of dietary supplements. Additionally, advancements in materials technology, renewable-based raw materials, and speedily growing applications are the significant driving forces behind global fatty acids market, cites the study.
In terms of geographical development, Asia Pacific is the chief regional market for fatty acids, driven by nations like India, Malaysia, Indonesia, and the Philippines. This is attributable to the profuse availability of raw materials for fatty acids within these regions. In addition, India and China are also the major consumers of fatty acids, which will positively impact the Asia Pacific fatty acid market share, cites the report.
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The eminent players operating in the competitive landscape of the global fatty acids market include Eastman Chemical Corporation, BASF SE, Vantage Oleochemicals, Ashland Inc, Oleon, Godrej Industries, Arizona Chemicals, and Akzo Nobel. These producers consistently launch new products and often join forces with other market leaders to innovate new products that meet the rising consumer demands, thereby augmenting the fatty acid market size.
The report also delivers a comprehensive analysis of the fatty acid market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.