Global Fatty Acids Market: Snapshot
In March 2017, the Department of Agriculture Cooperation & Farmers Welfare stated that 15.72 million tons of edible oils were produced for domestic consumption in India. Fatty acid acts as an antioxidant in the body, which improves the skin and promotes cell regeneration. Vegetable oils, walnut oil, soya bean oil, and canola oil are some of the major edible oils containing a notable amount of fatty acids. Due to the healthy nutrients and increasing awareness among end users, the fatty acid market is expanding. Moreover, the growing demand for a variety of foods including meat, nuts, seeds, fish, and milk in food and beverages industry has also proved to drive the fatty acids market to a greater extent.
Fatty acid is a carboxylic acid, fairly available as long chains of hydrocarbons in different classes of esters: triglycerides, phospholipids, and cholesterol esters. These are widely used in making various polymers such as short-chain fatty acids, medium-chain fatty acids, long-chain fatty acids and very long chain fatty acids. Among these, Omega-3 is the most profitable product-type in the fatty acids market and is projected to grow at an incredible CAGR of around 55% to 60% during the forecast period 2019-2025 by a recent business intelligence study by IndustryARC. This impetus is due to the increasing usage of omega-3 fatty acid in various flourishing industries such as lubricants, food and beverages, and healthcare industries. On the other hand, fatty acid used as an inactive ingredient in the manufacturing of drugs for lipid formulation in the pharmaceutical industry. These complex lipids are further used in the manufacturing of cosmetics, soaps, and emulsions. These factors altogether is poised to proliferate the demand for fatty acids in the near future.
Analysts at IndustryARC have been studying the market trends of fatty acids market and have estimated the market size in 2018 to be between $20 billion to $24 billion. The market is expected to grow at a standard CAGR of 7.1%-7.7% over the forecast period of 2019-2025. This information is revealed in a recent market research report titled
“Fatty Acid Market: By Bond (Unsaturated Fatty Acid, and Saturated Fatty Acid), By Length of Chain (Short-chain fatty acids (SCFA), Medium-chain fatty acids (MCFA), Long-chain fatty acids (LCFA) and Very long chain fatty acids (VLCFA)) & By Region – Forecast(2019 – 2025).”
North America held a major share of around 55%-58% in 2018. Emphasis on nutritional food has increased the demand for fatty acid products. Obesity, malnutrition and orthopedic problems are rising in this region due to the lack of nutrition supplements in the food. These occurrences can be reduced by the consumption of food with sufficient amounts of fatty acids, which is thereby proliferating the demand of fatty acids in this region.
Global Fatty Acids Market Companies: Recent Developments
- Some of the major players operating in the fatty acids market are BASF SE, FMC Corporation, The Dow Chemical Company, Koninklijke DSM NV, Enzymotec Ltd., Croda International Plc, Omega Protein Corporation, Aker BioMarine AS, Polaris Nutritional Lipids and Cargill Incorporated.
- BASF SE is one of the major key players in the fatty acids market. In February 2019 this company offered a new vinyl monomer- a kind of fatty acid, to improve the smoothness of UV curing equipment. This equipment is further used for the application of liquids, powders, coatings, adhesives, and sealers. Thus, fuelling the demand for fatty acids in paints and coating industry
- In February 2019 The Dow Chemical Company launched three new beauty formulations at China. These formulations are extensively used in various beauty applications such as sun-care, hair-care, skincare and cosmetic products. Due to the huge amounts of fatty acids in these products helps to maintain vibrant and healthy skin.
Fatty acids are the chains of monomers broadly used in the wide range of industries including food and beverage, pharmaceuticals and chemical industries. Omega-3 is the major product type contributing a major share in the market. The advent of technologically advanced fatty acids is expected to make the products, even more, cost-effective and hence increase the fatty acid products demand in the near future.
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