Fatty Acid Market Insights
The Global Fatty Acid Market is projected to grow at a significant rate of 5.25% from 2019 to 2024 to reach a market value of USD 21.5 billion by the end of 2024.
Growing demand for functional foods and nutritional supplements is expected to increase the Fatty Acid Market growth during the reporting period. This market is expected to grow as demand for fatty acids increases in application industries such as food processing, nutrition, animal nutrition, and beverages. Fatty acids have many uses due to the long-term use of derivatives. Fatty acids are widely used in cosmetic manufacturers where they are used as lubricants. Many skin and hair creams and lotions contain fatty acids. Fatty acids are also used as emulsifiers, texturizers, wetting agents, defoaming agents or as stabilizers. These factors are likely to increase the Fatty Acid Market over the period considered.
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Moreover, government regulations promoting the use of eco-friendly is one of the key drivers motivating the growth of the global market.
Developments in consumer lifestyles in rising income markets, increasing consumption of toiletries and cosmetics through urbanization, and growing awareness of the importance of hygiene have led to strong growth in demand for household products, cosmetics, and personal care products.
The availability of raw materials and changing consumer trends will influence the market during the forecast period. market restrictions include the deficit that generates biological effects which is expected to limit market growth.
Industry Updates
According to study, omega-3 fatty acids said to have ability to keep thinking profound as they get older, and new research seems to support this idea in some heart patients. The study found that intake of omega-3 fatty acid supplements was associated with improved brain function in people with coronary artery disease, which increases the risk of dementia.
Key Competitors
Market players dealing in the fatty acids production have adopted various advanced strategies to stay competitive in the global market. The leading giants contributing with their product and services include Vantage Oleochemicals (US), BASF SE (Germany), Wujiang Jinyu Lanolin Co. (China), Ferro Corporation (US), Akzo Nobel N.V (Netherlands), Aker BioMarine AS (Norway), Arizona Chemicals (US), Ashland Inc. (US), Eastman Chemical Company (US), Oleon N.V. (Belgium), Godrej Industries (India), Colgate-Palmolive Ltd (India), Ferro Corporation (US), Eastman Chemical Corporation (US), Longyan Zhuoyue New Energy Co. Ltd. (China)
Market Segmentation
The global Fatty Acid Market is majorly classified based on type, source, and application.
Based on sources, the global market is divided into plant and animal.
By Type, the global Fatty Acid Market is divided into saturated, monounsaturated, and polyunsaturated.
Based on the application the global market is also split into pharmaceuticals & nutraceuticals, personal care, food & beverages, and animal feed.
Regional Outlook
The Asia Pacific market is predicted to dominate the global Fatty Acid Market over the forecast period. This Asia Pacific market is driven by the high availability of fatty acid sources in countries such as China, India, and Indonesia. The growing volume in the textile and feed industry will also increase the Fatty Acid Market in this area. As the population grows, demand for food and beverages in this area will increase, and the Fatty Acid Market is expected to grow further over the forecast period.
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The US market is expected to generate the highest CAGR in the world Fatty Acid Market soon. Growth in this market is expected, among other things, due to the demand for fatty acids from various end-use industries such as food preparation, beverage processing, medicines, and personal care. The presence of major players in the market for the delivery of various types of fatty acids, continue to drive this market.
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