Palm Methyl Ester Derivatives Market Is Driven by Growing Demand for Personal Care Products

The global palm methyl ester derivatives market is witnessing growth. The APAC region is projected to experience the fastest development in the market during the projection period. This can be credited to the surge in manufacturing services, to high need for beauty and personal care items in the continent, along with high-volume need for end-formulation items by the increasing middle-class populace.   

The main trend witnessed in the palm methyl ester derivatives industry is the growing shift to consumer preference for natural personal care items from chemically synthesized items because of the long-term skin advantages. This has to the augmented manufacturing of organic items in the personal care sector and the increasing use of palm oil derivatives in hair care, skin care, and other beauty items.    

In the past few years, the personal care industry has experienced fast development, mainly in emerging nations of APAC and LATAM regions in the palm methyl ester derivatives industry. This can be credited to the growing per-capita income, surging knowledge regarding skin care, and acceptance of organic items. Palm oil derivates are utilized as humectants, emollients, and viscosity modifies in such items. 

In recent years, the palm kernel oil category accounted for the higher income share in the palm methyl ester derivatives industry. Palm kernel oil caters as a raw material for manufacturing the final formulation of medications, detergents, food and beverages, and other medium-chain fatty alcohol-based substances. It is because of the presence of antioxidants, vitamin K vitamin A, and other nutrients in the kernel oil.   

Palm Methyl Ester Derivatives Market

 To download a free sample copy of this report@ https://www.psmarketresearch.com/market-analysis/palm-methyl-ester-derivatives-market/report-sample

The APAC region dominated the market in recent years and the region is also projected to dominate the market in the future as well. This is mainly credited to the region’s existence of high-volume of high-volume feedstock, armed with low making prices, and a surge in demand for beauty and personal care items. During the projection period, China is projected to dominate the APAC industry, producing revenue worth USD 389.6 million in 2024.   

In the palm methyl ester derivatives market, significant industry players have implemented various strategic initiatives in recent years to enhance their competitive position. For example, in August 2018, New Britain Palm Oil Limited (NBPOL), a subsidiary of Sime Darby Plantation Berhad, purchased Markham Farming Company Limited, an agricultural land company in Papua New Guinea focused on palm oil plantations. This acquisition is anticipated to enhance NBPOL's production of palm oil products and streamline its supply chain operations. 

Furthermore, a few years back, BASF SE publicized a shift in its personal care items portfolio with the introduction of palm-based forte chemicals, including personal care items and detergents, cosmetics and soaps, and food and beverages. 

SOURCE: P&S Intelligence