Fortune Business Insights offers a detailed overview of the global market in a report, titled “Palm Oil Derivatives Market” Size, Share and Global Trend by Type (RBD Palm Oil, RBD Palm Olein and Stearin, Oleo chemicals, Palm Kernel Fatty Acid Distillates, Palm Kernel Meal, Others), By Application (Food, Cosmetics and Personal Care, Pharmaceuticals, Biofuel, Animal Feed, Other Applications) and Geography Forecast 2019-2026.” The report primarily encompasses different dynamics of the market including drivers, opportunities, restraints, and threats faced by the industry.
Palm oil derivatives are widely used in cosmetics, food, personal care, and biodiesel. This shows that the demand for palm oil derivatives products is expected to increase, thereby driving the palm oil derivative market. These derivatives have superior functional properties and favourable composition. Spurred by this, the market size is expected to increase in the forthcoming years.
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The report profiles some of the leading companies functioning in the global market. These include:
- Wilmar International Ltd.
- Golden Agri-Resources Ltd.
- London Sumatra
- Astra Agro Lestari
As per research studies, around 65% of the global population consumes palm oil derivatives. Abundant availability of raw materials associated with these derivatives is the primary factor responsible for such high consumption. Moreover, the amount of oil produced from palm plants is the highest in comparison to other oil sources. People are increasingly becoming conscious about their health, shifting food preference towards a healthy diet.
The rising consciousness about consumption of trans fat is expected to drive the market growth. This, along with the increasing inclination towards bio-based chemicals, will significantly contribute to the growth of the market during the forecast years.
Analysts narrow down the data by using primary and secondary sources along with other analytical tools to arrive at a favourable growth rate and other market values. Furthermore, the report offers a deep-dive assessment of qualitative and quantitative estimation of different market elements.
North America to Witness the Highest Demand from Personal Care and Cosmetics Sectors
North America is expected to lead the global palm oil derivatives market during the forecast period. The growth is attributable to the strong consumption of palm oil derivatives products in the region. Among different applications, the demand for these derivatives is the highest from cosmetics and personal care applications.
This, as a result, is anticipated to increase the consumption of palm oil derivatives, thereby stimulating growth in the market in this region. The value-addition offered by these derivatives along with the low cost associated with production is projected to register higher growth in the market in this region. Following North America, the market in Europe is prophesized to exhibit a higher CAGR over the projected horizon.
The market in Asia Pacific is expected to create huge growth opportunities during the forecast period. Malaysia and Indonesia are the highest contributors to the market as they are the biggest producers of palm oil. The palm fields in these countries produce more oil than any other crop. The market’s growth in this region is also attributable to the increasing palm oil consumption in countries such as China and India. However, the consumption of palm oil and palm oil derivatives is way less than western countries. Nonetheless, several companies are planning to come up with initiatives that can increase the consumption rate in these countries.
Ubiquitous Nature of Palm Oil to Fetch Attention of Manufacturing Companies
Palm oil is one of the most popular vegetable oils and is so ubiquitous in nature that manufacturing companies are using it as a material base to produce products. Among different derivatives of palm oil, palm kernel oil and crude palm oil are leading the global market place owing to their superior functionalities. These derivatives are widely used in processed foods, which will eventually fuel their demand.
Companies such as BASF are planning to offer sustainable palm-based derivatives for the cosmetic industry. The company has made a major switch from personal care to cosmetics and some customers have already implemented the change. Such initiatives are likely to create immense growth opportunities for the market in the foreseeable future.
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