Fatty Acid Market Overview
The global fatty acid market is expected to reach over USD 34.2 MN by 2030. In its recently published industry analysis, MRFR also asserts that the market would register approximately 5.73% CAGR throughout the review period (2023 - 2030). Additional factors expected to propel the growth of the market include changing lifestyles, improved economy, and growing population.
The global fatty acid market outlook is garnering colossal traction. The market gets traction from rising applications of fatty acid in nutrition supplement, animal feeds, cosmetic personal care products, and in the drug manufacturing as carriers for lipid formulation. Fatty acid also finds its huge usages in paints varnishes, rubber compounding formulations, textile chemicals, insecticides, plastic fabrication, and paper products.
Additionally, this versatile chemical finds its usages in many industrial applications such as in rubber manufacturing and plastic production owing to its coagulating quality. The agriculture industry is considered as the largest user of fatty acid globally owing to the extensive consumption of these materials in insecticides and in fodders animal feed to increase its nutritional value.
Owing to its varied applications, fatty acids enjoy huge market prominence. Consequently, the market for fatty acids perceives excellent traction worldwide. The rapidly improving standard of living is another major factor fostering the growth of the fatty acid market, driving the consumption of meat, and the demand for animal feed. Also, rapid industrialization and urbanization drive the growth of the market, predominantly. Conversely, changing climatic conditions in some regions is impeding the growth of the market, affecting the application industries such as animal feed, rubber industry, and others. Nevertheless, product diversification and technology advances in feed additive would support market growth, providing substantial opportunities to the market players.
Global Fatty Acid Market - Competitive Analysis
Highly competitive, the global fatty acid market appears to be fragmented due to the presence of many well-established players. To gain a substantially larger market share, players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, partnership, and product technology launch.
These also make high investments to expand their distribution network, production capacity, and supply chain in emerging countries. These players strive to reduce the cost of their products by adopting cost-effective manufacturing methods.
Major Players:
Players leading the global fatty acid market include BASF SE (Germany), Akzo Nobel N V (Netherlands), Arizona Chemicals (US), Eastman Chemical Company (US), Ashland Inc. (US), Croda (India), Godrej Industries (India), Oleon N V (Belgium), Colgate-Palmolive Ltd (India), and Ferro Corporation (US), among others.
Global Fatty Acid Market: Segmentation
MRFR has segmented the fatty acid market outlook into three main dynamics to widen the scope of understanding,
By Type : Saturated, Monounsaturated, Polyunsaturated, Trans fats, and others.
By Application : Health Care, Food Industry, Lubricants, Agrochemicals, Textile Industry, and others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Fatty Acid Market: Regional Analysis
The Asia-Pacific region would retain its dominance over the global fatty acid market. The largest market share attributes to the presence of the largest producer and consumers of fatty acid in the region. Countries such as China, Malaysia, Indonesia, and India play a vital role in Asian fatty acid production. Indonesia, China, Malaysia, and India are the worlds leading palm oil producers and have raw material advantages.
Moreover, the raw material advantage and the cost-competitive workforce in these countries are encouraging foreign investors and manufacturers to shift their production bases to the region. Factors such as growing industrialization, the presence of an extensive production base, and minimal regulatory norms foster the growth of the market to an extent.
The fatty acid market insights in the European region account for the worlds second-largest market, globally. Factors such as the growing demand in the cosmetic industry and the increasing consumption of medicines are key forces driving the demand for fatty acids in Europe. Moreover, the presence of major manufacturers in the region impacts the growth of the regional market positively by offering superior quality products.
Stringent regulatory norms in Europe and North America have been diverting the demand for fatty acids to emerging countries like China and India.
Industry/ Innovation/ Related News:
July 15, 2019 ----- Altimmune, Inc. (ALT the US), a clinical-stage biopharmaceutical company, announced the completion of its acquisition of Spitfire Pharma, Inc. (the US), a leading provider of RD services. The deal includes the product candidate ALT-801, a potent GLP-1/Glucagon receptor co-agonist for the treatment of non-alcoholic steatohepatitis (NASH).
Altimmune is largely focused on developing liver disease and immune-modulating therapies. Spitfire Pharma offers drug development and research services to improve the pharmaceutical properties of peptide drugs. This is an important milestone for ALT as it marches towards moving ALT-801 to the clinic expeditiously and generating proof of concept data in man
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