The report “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″, 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. High demand for personal care & cosmetic products in countries such as China and India along with the shift in consumer preference towards products having natural additives is expected to drive the palm methyl ester derivatives market.
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• 167 Market data Tables
• 32 Figures
• 166 Pages and in-depth TOC on “Palm Methyl Ester Derivatives Market – Global Forecast to 2027”
Some of the prominent key players are:
· The Procter & Gamble Company (US)
· Wilmar International Ltd (Singapore)
· Musim Mas (Singapore)
· KLK OLEO (Malaysia)
· Emery Oleochemicals (US)
· Hebei Jingu Plasticizer Co., Ltd. (China)
Opportunity: High demand from personal care and cosmetic industry
In recent times, there has been incredible growth in demand for personal care and cosmetic products, and this is projected to increase at a substantial rate in the coming years. Increasing awareness about health, wellness, and personal grooming & appearance among men and women is contributing to the growth of the palm methyl ester derivatives market. Also, the rise in the GDP of emerging economies such as China, India, and Brazil are improving the standard of living in these countries. With the increased income level and changing lifestyles due to urbanization, the demand for cosmetic and personal care products is witnessing significant growth.
The soaps & detergents segment, by end-use, is expected to account for the largest market share during the forecast period
Based on end-use, the palm methyl ester derivatives is classified into soaps & detergents, personal care & cosmetic products, food & beverages, lubricants & additives, solvents, and others. Growing population of countries such as India and China with a significant growth in urban population has given a boost in the demand for soaps & detergents. Thus, usage of palm methyl ester derivatives in the production of soaps & detergents is expected to drive the market.
Asia Pacific region is expected to be the largest and fastest-growing palm methyl ester derivatives market
Asia Pacific is expected to lead the palm methyl ester derivatives market during the forecast period by value. This demand can be attributed to the high growth in emerging economies such as China and India, that has made Asia Pacific a huge market for palm methyl ester derivatives. China is one of the largest markets for palm methyl ester derivatives across the globe and is expected to contribute a major portion to the overall regional demand for palm methyl ester derivatives during the forecast period.
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