New York
City, 23 January 2019: The Global Fatty Acid Market is estimated to reach USD 45.45 Billion
by 2026 according to a new report published by Polaris Market Research. Fatty
acids are carboxylic group-carbon compounds with large number of derivatives.
The global fatty acid market is mainly driven by its application in healthcare
and food & beverage industry. These are also used widely as an intermediate
in the formation of other chemical compounds and is used increasingly in
different applications due to its renewable raw materials.
Fatty acids are obtained from different
vegetable-based oils such as coconut, tallow, palm kernel, sunflower, and
soybean. Among these raw materials, different oils have distinct concentration
of types of fatty acids. Such as coconut oil has higher content of lauric acid,
whereas palm kernel oil has higher concentration of stearic and palmitic acid.
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Food & beverage is one of the major
application segments for the fatty acids. Rising disposable income and
increased spending on fast food & bakery products in the both the
developing and developed nations has led to significant growth of the food
industry. Consumer awareness and spending on the healthcare products have also
risen sharply in the recent past. This has led to increased usage of fatty
acids in the dietary supplements.
Omega-3 and Omega-6 based dietary
supplements are consumed by substantial portion of the population as these are
known to lower risk for the chronic diseases. Rapidly growing urbanization in
the middle-income countries and growth of personal care products due to the
large demand from such countries has also resulted in increased consumption of
fatty acids in personal care products & toiletries.
The initiatives taken by the government
and health agencies to improve human nutrition, especially among the
lower-income group has been a supportive measure for the growth of dietary
supplements. Renewable-based raw materials, advancements in materials
technology, and rapidly growing applications are the major driving factors for
the global fatty acids market.
Competitive Landscape and Key Vendors:
Asia Pacific is the
largest regional market for the fatty acids. Indonesia, Malaysia, Philippines,
and India are the major contributing nations towards its growth. These
countries have abundant availability of the raw materials for fatty acids.
China and India are among the major consumers of the fatty acids. North America
and Europe are the second and third largest fatty acid markets respectively.
The global fatty acids market is highly
competitive and moderately consolidated. High degree of vertical integration is
a significant phenomenon in the fatty acids market. Some of the key fatty acids
market players include BASF SE, Eastman Chemical Corporation, Ashland Inc,
Vantage Oleochemicals, Godrej Industries, Oleon, Akzo Nobel, and Arizona
Chemicals.
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