Palm Kernel Fatty Acids Global Market Report 2024

The palm kernel fatty acids market size has grown strongly in recent years. It will grow from $7.17 billion in 2023 to $7.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed during the historic period can be attributed to various factors, including economic downturns, regulatory changes, shifts in consumer preferences, market competition, cultural changes, geopolitical tensions, industry consolidation, infrastructure developments, and financial crises.

The palm kernel fatty acids market size is expected to see strong growth in the next few years. It will grow to $10.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to several factors, including the emergence of new technologies, demographic changes, geopolitical events, sustainability initiatives, global economic indicators, advancements in healthcare, urbanization trends, and regulatory reforms. Key trends expected during this period encompass a growing demand for bio-based products, an increase in personal care and cosmetics applications, utilization within the food industry, industrial applications, the adoption of sustainable production practices, innovative applications, and ongoing research efforts.

The palm kernel fatty acid market is poised for development, driven by the growth in personal care and cosmetics. Personal care and cosmetics encompass various products aimed at enhancing personal hygiene, grooming, and physical appearance, including skincare, haircare, makeup, and fragrances. The increasing consumer awareness and demand for health-conscious, eco-friendly, and sustainable products contribute to the rising adoption of personal care and cosmetics. Palm kernel fatty acid finds application in these products for its moisturizing properties, as an emulsifying agent, and for improving product texture and stability. For example, sales of beauty and personal care products in China reached $88 billion in 2021, marking a 10% increase from the previous year, as reported by the U.S. Department of Commerce. Consequently, the expansion of personal care and cosmetics industries will propel the growth of the palm kernel fatty acid market.

Key players in the palm kernel fatty acid market are focusing on developing sustainable alternatives to palm kernel oil to address environmental concerns and promote biodiversity conservation while meeting consumer demand for eco-friendly products. These alternatives are produced through methods that minimize environmental impact, avoid deforestation, and support biodiversity. For instance, Agile BioFoundry and C16 Biosciences collaborated in October 2023 to develop pathways to sustainable palm kernel oil alternatives, including mid-chain fatty acids and fatty alcohols, in oleaginous yeast. The collaboration showcased innovative metabolic routes for producing lipids containing mid-chain fatty acids as substitutes for palm kernel oil. This partnership leveraged C16 Biosciences' expertise in strain construction and commercial scale-up alongside Agile BioFoundry's advanced testing platform and multi-omics capabilities to streamline microbial development efficiently.

In April 2023, KLK OLEO acquired Temix Oleo SpA to strengthen their positions in the palm kernel fatty acid market by integrating production capabilities and leveraging synergies for enhanced efficiency and innovation. Temix Oleo SpA, based in Italy, specializes in palm-based fatty acids and derivatives.

Major companies operating in the palm kernel fatty acids market are Cargill Incorporated, Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company, Kao Corporation, Golden Agri Resources Ltd., Musim Mas Holdings Pte Ltd, Mewah Group, KLK OLEO, Fuji Oil Holdings Inc., IOI Corporation Berhad, Croda International Plc, Astra Agro Lestari, Marico Limited, First Resources, Permata Hijau Group, Emery Oleochemicals, Ecogreen Oleochemicals GmbH, Oleon NV, International Oils and Fats Limited, Soon Soon Oilmills Sdn Bhd, Twin Rivers Technologies Inc., Vance Bioenergy Sdn Bhd, Pacific Oleochemicals Sdn Bhd, Timur Oleochemicals, Future Prelude.

Asia-Pacific was the largest region in the palm kernel fatty acids market in 2023. The regions covered in the palm kernel fatty acids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the palm kernel fatty acids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Palm kernel fatty acids are fatty acids derived from palm kernel oil, extracted from the kernels or seeds of oil palm fruits. Composed primarily of saturated and unsaturated fatty acids, they are highly versatile and valued in various industries for their distinctive chemical properties.

The main grades of palm kernel fatty acids include food grade and industrial grade. Food grade palm kernel fatty acids adhere to stringent purity and quality standards suitable for consumption or incorporation into food products. Their applications span across food and beverage emulsifiers, cosmetics and personal care ingredients, metalworking lubricants and greases, bio-based plastics, textile intermediates, cleaning products, and more, serving end-use industries such as food and beverage, cosmetics and personal care, metallurgy, textiles, industrial applications, and others.

The palm kernel fatty acids market research report is one of a series of new reports that provides palm kernel fatty acids market statistics, including palm kernel fatty acids industry global market size, regional shares, competitors with an palm kernel fatty acids market share, detailed palm kernel fatty acids market segments, market trends and opportunities, and any further data you may need to thrive in the palm kernel fatty acids industry. This palm kernel fatty acids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The palm kernel fatty acids market consists of sales of product types such as crude palm kernel oil, refined palm kernel oil, palm kernel fatty acid distillate . Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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