Based on value, the global oleic acid market is anticipated to expand at a CAGR of 3.5% from 2020 to 2030 and cross value of US$ 400 Mn by 2030. In terms of production and consumption, Asia Pacific led the global oleic acid market in 2019. This trend is expected to continue from 2020 to 2030. Rise in global consumption of palm-based oleochemical products and increase in demand for oleic acid in processed food and demand for oleic acid in personal care products are estimated to boost the overall demand for oleic acid during the forecast period.
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Oleic Acid Market: Key Drivers and Restraints
Consumer acceptance for high oleic oil has been rising across the globe. In November 2018, the U.S. Food and Drug Administration (FDA) approved qualified health claims for oleic acid, which suggests that consuming oleic acid in edible oils, such as canola oil sunflower oil or olive oil, may reduce the risk of coronary heart disease. This is likely to significantly boost the adoption of oleic acid in the food & beverages industry in the near future.
Fortification of processed food with oleic acid provides lucrative opportunities to industry participants in the oleic acid market. The rise in demand for functional food and dietary supplements is projected to propel the demand for oleic acid in the food & beverages industry in the near future. Overcapacity is likely to remain an issue in the oleic acid market. This is expected to restrain the oleic acid market during the forecast period, as new user base for oleic acid is anticipated to expand at a moderate pace over the next few years.
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Oleic Acid Market: Major Segments
Based on end use, the global oleic acid market has been classified into cosmetics & personal care, pharmaceuticals, paints & coatings, textiles & leather, automotive, chemical intermediates, food & beverages, and others. The cosmetics & personal care industry is likely to be the prime end user of oleic acid by 2030. Oleic acid is widely employed in the manufacture of lotions, lipsticks, creams, and moisturizers. Significant rise in expenditure on cosmetics by women and increase in consumption of grooming products for men are anticipated to propel the demand for oleic acid in the personal care industry. The demand for oleic acid as emulsifying agent and surfactant is expected to be high in cosmetics and personal care products in the near future. Oleic acid is found to regulate insulin secretion and minimize blood sugar spikes. The increase in amount of olive oil in the diet can reduce the risk of developing type-2 diabetes. The benefit of oleic acid in promoting insulin sensitivity is estimated to drive the demand for oleic acid in food & beverages and pharmaceutical industries in the near future.
Asia Pacific to be Highly Lucrative Region of Oleic Acid Market
In terms of value, Asia Pacific held more than 50% share of the global oleic acid market in 2019. The preference for specialty products over commodity products has increased in Asia Pacific, due to the rise in awareness about the use of specialty products in the region. The personal care industry in Asia Pacific is estimated to surpass market value of US$ 120 Bn by 2025. The global demand for oleic acid in the cosmetics & personal care segment is likely to rise at a CAGR of more than 4% from 2020 to 2030. China’s early containment of the pandemic is projected to support the overall recovery of demand for oleic acid in the immediate future.
The global oleic acid was fragmented in 2019. This trend is likely to continue during the forecast period. Major manufacturers of oleic acid include Emery Oleochemicals (M) Sdn Bhd., VVF L.L.C., Klk Oleo Sdn. Bhd., Wilmar International Limited, Godrej Industries (Chemicals), and Oleon NV.
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