In recent years, the demand for organic personal care and organic products has increased massively. Moreover, with the surging disposable income of people and the growing public awareness about the benefits of organic products and skincare, this trend will continue in the coming years, thereby driving the expansion of the personal care industry, especially in the emerging economies of Latin America and Asia-Pacific. As palm oil derivatives are used as humectants, viscosity modifiers, and emollients in these cosmetic products, the boom in the personal care industry is causing a sharp surge in the sales of palm methyl ester derivatives.
Additionally, palm oil and its various derivatives such as stearin and olein, are used as precursors in the production of beauty products. These products are not only available in abundance but also ideal for use as feedstock for various organic personal care products. Besides this, the growing usage of palm oil-based biodiesel, on account of its eco-friendliness, is also creating immense growth opportunities for palm oil producers across the world.
In recent years, exhaustive research has been conducted in the production of biodiesel from palm oi derivatives and it has been found that the commercial usage of palm oil-based biodiesel is possible, due to its low price, high performance attributes, and the abundant availability of feedstock. Due to these factors, the usage of palm methyl ester derivatives is soaring, which is, in turn, propelling the growth of the palm methyl ester derivatives market. According to the estimates of the market research company, P&S Intelligence, the market revenue will grow from $1,443.4 million in 2018 to more than $2,106.7 million by 2023.
Because of the presence of antioxidants, kernel oil contains various nutrients such as healthy unsaturated fats, vitamin K, and vitamin A. Across the globe, the sales of palm methyl ester derivatives are predicted to surge sharply in the Asia-Pacific (APAC) region in the coming years. This will be because of the expansion of production facilities, on account of the soaring demand for personal care and beauty products, and the booming requirement for various end-formulation products in the region.
The demand for these products is also expected to explode in Latin America, Middle East and Africa, and North America in the coming years. This will be because of the extensive usage of palm methyl ester derivatives in personal care products, industrial chemicals, and foods and beverages in these regions. The U.S. is predicted to dominate the North American palm methyl ester derivatives market in the forthcoming years, on account of the fact that these derivatives are required in large quantities in several end-use industries such as agricultural formulations and industrial chemicals, in the country.
Hence, it can be said without any hesitation that the demand for palm methyl ester derivatives will rise enormously in the coming years, mainly because of the booming sales of personal care and beauty products all over the world.
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