New York, June 23, 2022 (GLOBE NEWSWIRE) -- People across the world have become more conscious of their skin health owing to higher awareness about the adverse effect of UV rays on skin, along with the growing cases of skin cancer and other skin diseases globally. 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 worldwide each year. Moreover, 1 in 3 cancers diagnosed is a skin cancer. The strong potential for growth in consumer demand is also driven by the rise of the middle- and upper-income classes, as well as the expanding urban population. As per the data by the World Bank, 56% of the total population lived in urban settlements in 2020.
Research Nester has 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 being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions, 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 garner a notable revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022-2031. The market is estimated to grow on the back of increased use of distilled fatty acids among various industries, such as, food & beverages, and cosmetic industry. Moreover, as cosmetics industries are more quality-focused, they ensure that their products are of high quality, meet the stated needs, and have no side effects. As a result, the increased focus on quality enhancement of cosmetic products is attracting not only female but also male customers. Additionally, most of the cosmetic industries are making use of natural compounds derived from plants in their product manufacturing. For instance, in 2019, natural skin-care products held approximately 30% share of the global natural beauty industry. This is estimated to promote the use of distilled fatty acids in cosmetic products. Such factors are estimated to encourage notable growth in distilled fatty acids market in the future.
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Furthermore, growth in the cosmetic industry is expected to positively influence the demand for distilled fatty acids. In fact, the total revenue generated by the skin care industry touched approximately USD 140 billion in 2019, which reached over USD 148 billion in 2020. Along with this, people are becoming more aware regarding skin care and are spending heftily in cosmetic products, which is further projected to boost the market growth.
Regionally, the global distilled fatty acids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is anticipated to garner the largest market share across the forecast period on the back of increased demand for self-hygiene and cosmetics products, increased investments by major companies, and high import & export of chemicals across the region. The skin care industry in the region of United States is largest in the world, and the market gained the revenue of approximately USD 135 billion in 2021. Moreover, nearly USD 90 billion revenue was generated by the U.S. cosmetic industry, in 2018. Also, the rising prevalence of skin cancer and other diseases are estimated to boost the market growth in the region. According to Skin Cancer Foundation Statistics, one in every five Americans is likely develop skin cancer in their lifespan.
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On the other hand, the global distilled fatty acids market in the Asia Pacific region is estimated to witness a notable growth during the forecast period owing to an increasing disposable income, and improved lifestyle of middle-class people across the Asia-Pacific region. Furthermore, presence of major beauty care companies and the advancement in cosmetic technology in the countries such as China, South Korea, Japan, Malaysia, and Thailand, is also projected to drive the market growth in the future. According to the Ministry of Economy, Trade and Industry (METI), Japan’s cosmetics and personal care products industry held a revenue of USD 35 billion in 2019, making it the world’s third largest after the U.S. and China.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & 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 Middle East and Africa).
The global distilled fatty acids market is segmented on the basis of application into PVC stabilizer, lubricant, food additives, cosmetics, animal feed, and others, out of which, the cosmetics segment is anticipated to witness a substantial growth in the market across the forecast period. This can be attributed to an increased use of distilled fatty acids in cosmetics, for their desirable features of like low odor, colorlessness, high purity, and excellent emollient properties. Distilled fatty acids are used for manufacturing cosmetic products such as soaps, lotions, body wash, and other similar products. As a result, increased demand for soaps, body wash and other cleansers in the past few years, due to the spread of Covid virus, is estimated to boost the market growth in the future as well. According to the UNICEF data, since 2015, the population with access to basic hygiene services has increased by over 500 million, from 5.0 billion (67 per cent) to 5.5 billion (71 per cent), at a rate of 300,000 people per day. Moreover, in 2020, 7 out of 10 people are using basic hygiene services.
Furthermore, on the basis of source, the market is segmented into palm kernel, coconut, and palm oil, out of which, palm kernel segment is predicted to garner the largest share of the market during the forecast period, owing to its excellent emollient properties, and other favorable features, such as, low natural odor and absence of color. In 2019, skincare products garnered about 40% of the total global cosmetics market. Moreover, people are more skin conscious than ever before, backed by increasing influence of social media, growing focus on looking well-groomed, and higher disposable income. This factor is also anticipated 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.
Global Distilled Fatty Acids Market; Segmentation by Type
Some of the prominent 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 S.A. Kraton Performance Polymers, Inc, and Chemol Company Inc.
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