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.
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.
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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