Oct 23, 2020
Oleic Acid Market to Reach US$ 400 Mn in 2030; Covid-19 Outbreak to Moderately Impact Sales in Near Term
by Team Fact.MR
Oleic acid, also known as omega-9, is a common unsaturated fatty acid, which normally occurs in plants and animals. This material is a popular additive in a wide range of industries, and can find a role as sealants, lubricants, protective coatings, surfactants, chemical intermediates, and detergents. Growing consumption of oleic acid, particularly in the cosmetics and personal care sector, is expected to bolster market growth during the forecast period (2020 – 2030). Also, high potential for applications in functional food, supplements, and textile production will aid demand for oleic acid in the long term.
The global oleic acid market is estimated to expand at over 3% CAGR from 2020 and 2030, crossing a valuation of US$ 400 million by the end of the same period.
Key Takeaways from Oleic Acid Market Report
- In terms of origin, oleic acid is largely sourced from animal sources, owing to cost benefits and abundance of raw materials. However, plant-based alternatives are gaining ground with changes in consumer preferences.
- On the basis of grade, pharmaceutical grade products accounted for a notable market share on the back of extensive application in the personal care and cosmetics sector.
- Food & beverages and personal care end uses are projected to account for most sales in the oleic acid market through 2030.
- Asia Pacific is a prominent oleic acid market, and will account for over 50% of the global share through the forecast period, supported by high production of palm and palm kernel oils.
- Lockdown restrictions arising from the COVID-19 outbreak are projected to moderately impact the oleic acid market, with restrictions on manufacturing facilities and reduced applications in industrial settings. However, potential for use in the healthcare sector, in terms of vaccines, coupled with increased consumer expenditure on food and other FMCG essentials, will provide lucrative opportunities for the short term.
“Growth of the oleic acid market is supported by widespread availability of raw materials. Further, rising demand for personal care and cosmetic products will aid industry expansion. Development of oleic acid in kosher and halal grades will also support demand in the long term,” says a Fact.MR analyst.
Research and Development Efforts to Drive Expansion of Oleic Acid Market
The moderately fragmented global oleic acid market is characterized by a number of major manufacturers, who hold significant market share in terms of value and volume. Prominent market players are directing their resources towards research on expanding potential applications of oleic acid, which would open up new, sustainable avenues of revenue in the foreseeable future.
- Clover Biopharmaceuticals, for instance, has been conducting trials with oleic acid and linoleic acid for the development of vaccine culture mediums to combat the COVID-19 virus, with positive results in terms of stability.
- The European arm of Croda International Plc, has pushed for research into applications of oleic acid in cosmetic product manufacturing. This includes the development of oil and wax additives to mitigate syneresis, in addition to improvements in terms of pigment wetting and durability, which will drive growth in the near future.
More Valuable Insights on Oleic Acid Market
In its latest report, Fact.MR has provided an unbiased analysis on the global oleic acid market, comprising data on historical statistics (2015-2019) and forecast of demand for the period of 2020 to 2030. The report discusses critical insights on the oleic acid market in terms of origin (animal and plant), grade (food, pharmaceutical, and technical), and end use (food & beverages, textiles & leather, cosmetics & personal care, pharmaceuticals, chemical intermediates, automotive, paints & coatings, and others), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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