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 (20192024). 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.
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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.
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.
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The palm methyl ester derivatives market is segmented by region, type, application, and product. Based on product, the categories of the market are methyl caprylate, methyl linoleate, methyl laureate, methyl oleate, methyl myristate, methyl stearate, methyl palmitate, and others. In 2018, the largest revenue generator was the methyl oleate category. This is attributed to the high demand for oleates in numerous end-use industries. For instance, it is employed as a surfactant in personal care products, solvent and defoamer in the production of inks and coatings, and lubricant in precision metal cleaning.
The classifications of the type segment of the palm methyl ester derivatives market are palm kernel oil (PKO) and crude palm oil (CPO). Owing to its high application base, PKO was the larger market share accumulator both in terms of volume and value during the historical period (20142018), and it is expected to witness faster growth during the forecast period too. PKO is used as a raw material in food and beverages, pharmaceuticals, medium-chain fatty alcohol-based substances, and detergents. PKO offers a range of comprehensive health benefits which are transferred to the products it is mixed in.
Therefore, the market for palm methyl ester derivatives is slated to witness significant growth during the forecast period due to their growing demand in cosmetics and personal care products industry.
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