Nov 10, 2022   SOURCE: BusinessWire

The Worldwide Palm Methyl Ester Derivatives Industry is Projected to Reach $2.6 Billion by 2027 - ResearchAndMarkets.com

The "Palm Methyl Ester Derivatives Market by Product, Source (Crude Palm Oil, Palm Kernel Oil), End-Use (Soaps & Detergents, Personal Care & Cosmetic Products, Food & Beverages, Lubricants & Additives, Solvents), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global palm methyl ester derivatives market is projected to grow from USD 1.9 billion in 2022 to USD 2.6 billion by 2027, at a CAGR of 6.3% during the forecast period.

Food and beverages, by end-use is expected to grow at the highest CAGR during the forecast period, by value and volume

Palm methyl ester derivatives are used as raw materials for food emulsifiers. It acts as a flavouring agent, flavour stabilizer, and food emulsifier. Palm methyl esters that are used in food and beverages are methyl laurate, methyl myristate, methyl palmitate, and methyl oleate. Growing demand for packaged food as a result of growing urbanization and changing lifestyle is expected to drive the growth of food and beverages segment during the forecast period of 2022 to 2027.

Crude palm oil, by source is expected to be the largest segment during the forecast period, by volume and value

Crude palm oil is an edible oil that is derived from the pulp of oil palms. It has high amounts of beta-carotene. Palm methyl esters are derived through the transesterification process. Some of the palm methyl ester derivatives that are derived from crude palm oil are methyl stearate and methyl oleate. These are used in end-use industries such as cosmetics and personal care products. Thus, growing demand for cosmetic & personal care products in key countries is expected to drive the market.

Europe region is expected to be the second largest segment during the forecast, by value and volume

Germany accounted for the largest market share in the region. The European palm methyl ester derivatives market is growing due to the increasing demand for these in various cosmetic applications, including nail and lip products. The cosmetic and personal care segment is contributing a significant portion to the entire European economy, thus driving the market for palm methyl ester derivatives.

Market Dynamics

Drivers

  • Steadily Growing Soaps & Detergents Industry
  • Shift in Consumer Preference Toward Natural Products

Restraints

  • Concerns About Deforestation and Plant Diversity Loss

Opportunities

  • High Demand from Personal Care & Cosmetic Industry

Challenges

  • Fluctuations in Palm Oil Prices
  • Decline in Malaysian Palm Oil Output due to Labor Shortages in Palm Plantations

Companies Mentioned

  • Acme Synthetic Chemicals
  • Berg + Schmidt
  • Carotino Group
  • Cremer North America, Lp
  • Elevance Renewable Sciences, Inc.
  • Emery Oleochemicals
  • Haiyan Fine Chemical Co. Ltd.
  • Hebei Jingu Plasticizer Co. Ltd.
  • Klk Oleo
  • Musim Mas
  • Oleon Nv
  • Pmc Biogenix, Inc.
  • Shanghai Qianwei Oil Science & Technology Co. Ltd.
  • Tci Chemicals (India) Pvt. Ltd.
  • The Procter & Gamble Company
  • Vantage Specialty Chemicals
  • Wilmar International Ltd

For more information about this report visit https://www.researchandmarkets.com/r/awsg31