The key factors driving the palm methyl ester derivatives market include the rising usage of palm oil derivatives in personal care and homecare products and the increasing demand for organic cosmetics. The market valued $1,443.4 million in 2018, and it is predicted to advance at a 6.4% CAGR during the forecast period (2019–2024). Oleochemicals processed from palm kernel oil and crude palm oil are referred to as palm methyl ester derivatives. They find application in food and beverages, personal care products and cosmetics, and soaps and detergents.
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The palm methyl ester derivatives market is observing the trend of shifting preference of consumers toward personal care products of organic origin. The shift from chemical-laden beauty products to organic variants is due to multiple factors, such as inclination of consumers toward environment-friendly products, rising awareness about health and wellness and impact of many chemicals contained in traditional cosmetics, and increasing usage of natural products by customers. Many consumer goods companies are now modifying their products by increasing their research and development and rapidly launching them in their existing portfolio.
One of the primary growth drivers for the palm methyl ester derivatives market is the inclusion of palm oil derivatives in the manufacturing of homecare and personal care products. Downstream palm oil specialty chemicals have certain beneficial properties that are promoting their use as humectants, emollients, and viscosity modifiers in personal care and homecare products. Palm oil and its derivatives are enriched with a powerful antioxidant — beta-carotene — which eliminates free radicals. Further, such products also contain vitamins, such as A, C, and E.
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Another factor contributing to the growth of the palm methyl ester derivatives market is the rising demand for personal care products and organic cosmetics. The personal care industry across the globe is expanding due to the introduction of green products and improving economic scenario in developing nations, such as Indonesia, China, and several in Latin America. The rising awareness about the environment is resulting in the growing popularity of products made with organic ingredients that offer long-term skin benefits. Palm oil and its derivatives, including stearin and olein, are a major ingredient of such beauty products.
In 2018, the soaps and detergents category is estimated to hold the largest volume share in the palm methyl ester derivatives market. This is attributable to the high-volume adoption of palm-based derivatives, such as oleates, stearates, palmitates, linoleates, laurates, caprylates, and myristates, in soaps and detergents due to their low cost, high emulsifying power, high froth and lather formation, high dispersibility, and appreciable performance in soft and hard wash conditions.
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