Global Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market size will likely exceed USD 8 billion by 2024, growing by a CAGR more than 4.5%.
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Strong surfactant consumption trends will have a stimulating effect on the global coconut oil fatty acids market. These oleochemicals are used as the primary source for the hydrophobic part of surfactants owing to their versatility, natural origin, and reliable supply. Palm kernel and coconut oil are rich sources of lauric fatty acids and are exclusive due to lack of any other commercially viable plant or animal based source. Distilled palm kernel oil and coconut oil based natural fatty acids, such as isethionates and amidopropyl betaines, are typically used for personal cleansing surfactants.
Growing preference for bio-based environment friendly products, especially in the personal care sector will drive the palm kernel oil and coconut oil based natural fatty acids market. Growing demand for herbal products owing to their natural properties and limited side effects will have a significant impact on the market throughout the forecast spell.
|Market Size in 2015:|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||4.5%|
|2024 Value Projection:||8 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||105|
|Tables, Charts & Figures:||100|
|Segments covered:||End-user and Region|
|Pitfalls & Challenges:|
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Palm Kernel Oil & Coconut Oil Based Natural Fatty Acids Market, By End-User
Detergents industry is one of the most significant end users for global coconut oil fatty acids market. This segment accounted for more than 30% of the overall revenue and will likely gain on the account of high demand of residential as well as industrial detergents and cleaners. Stringent norms regarding industrial cleanliness will enhance the detergents sector notably in the forecast spell.
Rising disposable income, coupled with increasing beauty consciousness of the economically privileged population will also escalate palm kernel oil based natural fatty acids market in personal care products industries. Growing popularity of natural cosmetic products for skin and hair care will act as stimulants for the global market growth in the coming years. The personal care segment recorded over USD 1 billion in 2015 and will experience gain at close to 5% CAGR throughout the forecast period.
Volatility of raw material prices may pose a hindrance to the global Coconut Oil Fatty Acids Market growth in the coming years. Coconut oil prices increased from less than USD 800 per ton in early 2013 to more than USD 1,000 per ton by the end of 2015 and crossed USD 1,500 per ton by mid-2016. Specific climatic conditions to promote the growth of coconut and palm trees may affect the overall market negatively.
Coconut Oil Fatty Acids Market, By Region
Palm kernel and coconut production in Asia, along with the presence of numerous oleochemical manufacturers in the region makes Asia Pacific a significant player for global palm kernel oil based natural fatty acids market. More than three quarters of coconut and palm kernel production is concentrated in this region, of which a noteworthy share is used for oleochemical industry and application in making end products such as soaps, detergents, personal care products, etc. This region accounted for more than half of the overall palm kernel oil based natural fatty acids market share in 2015 and will flourish by more than 5% CAGR up to 2024.
Europe generated more than USD 1 billion for the overall palm kernel oil and coconut oil based natural fatty acids market in 2015. The regional market will grow at more than 4% CAGR in the forecast spell. Increasing personal care products demand in the region will characterize the Europe market for the next eight years.
Competitive Market Share
The competitive landscape for global palm kernel oil and coconut oil based natural fatty acids market is moderately consolidated with the top five market players accounting to over 50% share of the overall market. Major product manufacturers are Wilmar International, Emery Oleochemicals, OLEON, KLK Oleo, and Kao Corporation. Other important market players include P&G, Chemical Associates Inc., Musim Mas Holdings, Pacific Oleochemicals, Philippine International, Twin Rivers Technologies, United Coconut Chemicals, Vantage Specialty Chemicals, and VVF LLC.
Companies depend of strategic acquisitions and collaborations to maintain the hold on the market as well as to expand their reach. A three-party joint venture between Wilmar International, Bunge Limited, and Quang Dung will characterize the Asia Pacific palm kernel oil and coconut oil based natural fatty acids market. Wilmar also declared a partnership deal with ADM and started a joint venture under the name Olenex to market oils and fats in Europe in 2016.
Palm Kernel Oil & Coconut Oil Based Natural Fatty Acids Industry Background
Global coconut oil fatty acids market is heavily driven by the growing awareness about health and cleanliness in houses as well as working spaces. Palm kernel and coconut trees are easily available in the tropical climate and the oil extracted from them serve as raw materials for lauric type surfactant hydrophobes. Partially or completely hydrogenated palm kernel and coconut fatty acids are extensively used in low color and low odor personal cleansing surfactants.
Asia Pacific region will play a major role in the palm kernel oil based natural fatty acids market development owing to favorable cultivating conditions and presence of various small, medium, and large scale industries. Application in detergents industry will also be catalyzed by the growing demand of the ever-increasing population of the region.
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