Distilled Fatty Acids Market size is poised to cross USD 37.18 Billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of distilled fatty acids was over USD 17.75 Billion. The growth of the market can be attributed to its growing use in cosmetic as an emulsifier or emulsification. Emollient fatty acids improve skin hydration by retaining the moisture in the skin and lowering evaporation into the environment. Whereas, the emulsification abilities of fatty acids act as a thickening factor for skin care products. Hence they are extensively used in cosmetic products. Additionally, since the cosmetics industry places a greater emphasis on quality, it makes sure that its products are of the finest quality, satisfy the needs of the customer, and have no negative consequences. As a result, the growing emphasis on cosmetic items' quality enhancement is drawing in both male and female customers. Around 70% of South Korean men reported using lotion in 2021. In that year, men used an average of 6 cosmetic and beauty items.
In addition, the majority of the cosmetic industry use natural substances obtained from plants in the production of their goods owing to its growing preference. Nearly 39% of American consumers believe that organic personal care and cosmetics goods are healthier than conventional personal care and cosmetics products. As a result, about 27% of men and approximately 21% of women in the country would primarily use organic skin care products. Further, growing prevalence of skin cancer is estimated to boost the demand for sunscreen, hence also anticipated to drive the market growth. The majority of skin malignancies are brought on by excessive UV (ultraviolet) light exposure. According to the World Health Organization, over 1.5 million skin cancer cases were diagnosed worldwide in 2020, and over 120 000 fatalities owing to skin cancer were recorded. Additionally, every year, more than 79,000 new cases of skin cancer are found in Canada. Since UV radiation is thought to cause about 70%-90% of skin cancers, the utilization of sunscreen — that filters ultraviolet radiation — is touted as an essential way to prevent skin cancer.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
7.0% |
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Base Year Market Size (2022) |
USD 17.75 Billion |
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Forecast Year Market Size (2033) |
USD 37.18 Billion |
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Regional Scope |
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The global distilled fatty acids market is segmented and analyzed for demand and supply by source into palm, coconut, rapeseed, soybean, and others. Out of which, the palm segment is anticipated to hold the largest market revenue of USD 12,271.2 Million by the end of 2033, up from a revenue of USD 5,917.5 Million in the year 2022. The growth of this segment can be attributed to rising demand for palm as the primary raw material for industrial applications given to its availability in abundance. For instance, in Malaysia, oil palm was planted on about 4 million hectares of land in 2021. After Indonesia, Malaysia is the second-largest producer of palm oil in the world. Also, palm oil is chosen over other vegetable oils including soybean, canola, and sunflower since it produces oleochemicals with the largest percentage yield and is similarly effective in this regard. However, soybean segment is anticipated to grow at a highest CAGR of 7.5% over the forecast period.
The global distilled fatty acids market is also segmented and analyzed for demand and supply by application into cosmetics, plastics & polymers, lubricants, paints & coatings, soaps & detergents, and others. Amongst these segments, the soaps & detergents segment is anticipated to generate the largest revenue of USD 13,412.5 Million by the end of 2033, up from a revenue of USD 6,418.8 Million in the year 2022. However, the cosmetics segment is estimated to grow at a highest CAGR of 7.8% over the forecast period, backed by growing people’s concern for skin health. Additionally, a surge in incidence of skin cancer and other skin illnesses, as well as increased knowledge of the damaging effects of UV radiation on skin is also estimated to boost the segment growth. Further, the majority of cosmetic industries are using natural ingredients obtained from plants in the production of their cosmetics products. Hence, it is predicted that this would encourage the use of distilled fatty acids derived from vegetable oils in cosmetics.
Our in-depth analysis of the global distilled fatty acids market includes the following segments:
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By Source |
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By Application |
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Asia Pacific Market Forecast
The Asia Pacific distilled fatty acids market, amongst the market in all the other regions, is projected to hold the largest market revenue of USD 19,028.6 Million by the end of 2033, up from a revenue of USD 8,833.4 Million in the year 2022. Further, the market in this region is estimated to grow at a highest CAGR of 7.3% over the forecast period, backed by its growing use in sectors such as lubricants, detergents, soaps, paints & coatings, and personal care products, along with surge in government programmes and regulations to entice capital from several multinational businesses. Additionally, Asia-Pacific is the world's greatest producer of items including soap, rubber, and plastics. For instance, Asia was the world's greatest producer of plastic materials in 2019, making up over 50% of all plastic materials produced worldwide. As a result, even this factor is expected to encourage market growth in this region.
JEEN International Corporation and BotanicalsPlus, Inc. (collectively, "JEEN") were acquired by Vantage Specialty Chemicals ("Vantage" or the "Company"), further expanding its leadership in personal care.
Cargill, Inc., disclosed plans to construct a new soybean processing plant in Pemiscot County, Missouri, close to Hayti and Caruthersville, to meet the rising domestic and international demand for oilseeds, which is being driven by the food, feed, and fuel industries. With an annual production capacity of 62 million bushels of soybeans, the plant would be the first of its kind for Southeast Missouri.
Author Credits: Smruti Ranjan, Rajrani Baghel
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