The global distilled fatty acids market is expected to grow by a CAGR of
New York, June 23, 2022 (GLOBE NEWSWIRE) — People around the world have become more aware of their skin health due to greater awareness of the harmful effects of UV rays on the skin, as well as increasing cases of skin cancer and other diseases of the skin. skin in the world. According to the World Health Organization (WHO), approximately 2.5 million cases of non-melanoma skin cancers and 132 million cases of melanoma skin cancers are recorded each year worldwide. In addition, 1 in 3 cancers diagnosed is skin cancer. The strong growth potential of consumer demand is also driven by the rise of the middle and upper classes, as well as the expansion of the urban population. According to World Bank data, 56% of the total population lived in urban settlements in 2020.
Research Nester published a detailed market report on ‘Global Distilled Fatty Acids Market‘ for the forecast period, i.e., 2022-2031, which includes the ongoing industry innovations and recent trends adopted by major industry players to achieve their business goals. Apart from this, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for market players along with global analysis on five major regions, to namely North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global distilled fatty acids market is estimated to generate notable revenue by growing at a CAGR of roughly 7% over the forecast period, i.e., 2022-2031. The market is estimated to grow due to the increased use of distilled fatty acids in various industries, such as food and beverage and cosmetics industry. Also, as cosmetic industries are more quality oriented, they ensure that their products are of high quality, meet stated needs and have no side effects. As a result, the increased emphasis on improving the quality of cosmetics attracts not only women but also men. Additionally, most cosmetic industries use natural compounds derived from plants in the manufacture of their products. For example, in 2019, natural skincare products held around 30% share of the global natural beauty industry. This is believed to promote the use of distilled fatty acids in cosmetics. These factors are estimated to encourage notable growth in the distilled fatty acids market in the future.
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Furthermore, the growth of the cosmetics industry is expected to positively influence the demand for distilled fatty acids. In fact, the total revenue generated by the skincare industry reached around USD 140 billion in 2019, which reached over USD 148 billion in 2020. Along with this, people are becoming more skincare conscious and spending a lot on cosmetics which is further expected to boost the market growth.
Regionally, the global distilled fatty acids market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America region market is expected to acquire the largest market share over the forecast period owing to the increased demand for self-hygiene and cosmetics products, increase in investments by large companies and high imports and exports of chemicals in the region. The skincare industry in the United States region is the largest in the world and the market had a revenue of approximately USD 135 billion in 2021. Additionally, almost USD 90 billion in revenue were generated by the US cosmetics industry in 2018. Additionally, rising prevalence of skin cancer and other diseases is expected to drive the market growth in the region. According to statistics from the Skin Cancer Foundation, one in five Americans will likely develop skin cancer in their lifetime.
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On the other hand, the global distilled fatty acids market in Asia-Pacific region is estimated to witness notable growth during the forecast period owing to increasing disposable income and improving lifestyle. middle classes in the Asia-Pacific region. Additionally, the presence of major beauty care companies and advancements in cosmetic technology in countries such as China, South Korea, Japan, Malaysia, and Thailand are also expected to boost the market growth in the future. coming. According to the Ministry of Economy, Trade and Industry (METI), Japan’s cosmetics and personal care products industry had a turnover of $35 billion in 2019, making it third in the world after the United States and China.
The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
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The global distilled fatty acids market is segmented on the basis of application into PVC stabilizers, lubricants, food additives, cosmetics, animal feeds, and others, among which the cosmetics segment is expected to witness substantial growth of the market through forecasts. period. This can be attributed to increased use of distilled fatty acids in cosmetics, for their desirable characteristics such as low odor, colorless, high purity and excellent emollient properties. Distilled fatty acids are used to make cosmetic products such as soaps, lotions, body washes and other similar products. Accordingly, the increased demand for soaps, body washes and other cleansers over the past few years due to the spread of the Covid virus is also expected to boost the market growth in the future. According to UNICEF data, since 2015, the population with access to basic sanitation services has increased by more than 500 million, from 5.0 billion (67%) to 5.5 billion (71%), at the rate of 300,000 people a day. Moreover, in 2020, 7 out of 10 people use basic hygiene services.
Further, based on source, the market is segmented into palm kernel, coconut, and palm oil, among which the palm kernel segment is expected to garner the largest market share during the forecast period, owing to its excellent emollient properties. , and other favorable characteristics, such as low natural odor and absence of color. In 2019, skincare products accounted for approximately 40% of the total global cosmetics market. Additionally, people are more skin-conscious than ever, buoyed by the growing influence of social media, growing attention to groomed appearance, and higher disposable income. This factor is also expected to drive the market growth in the future.
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The global distilled fatty acids market is also segmented on the basis of type.
World market for distilled fatty acids; Segmentation by type
Some of the key players in the global distilled fatty acids market mentioned in the report include Croda International plc, Agarwal Industries Private Limited, ExcelVite Sdn. Bhd., KLK OLEO, Wilmar International Limited, Oleon NV, Timur Oleochemicals, Lascaray SA Kraton Performance Polymers, Inc and Chemol Company Inc.
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