According to Future Market Insights, the global oleic acid market is estimated to be valued at US$ 284.5Million in the year 2022 and is projected to grow at a CAGR of 3.9% from 2022 to 2032. The growing demand for products from various end-use industries, such as cosmetic & personal care, pharmaceutical, and food & beverages, is one of the major factors propelling the market for oleic acids. By the end of the year 2032, the global oleic acid market is projected to reach US$ 417.1 Million.
Market Size (2021)
US$ 275.2 Million
Market Size 2022
US$ 284.5 Million
Market Size 2032
US$ 417.1 Million
Value CAGR (2022 to 2032)
3.9%
Oleic acid, also known as omega-9, is a colorless or pale yellow, odorless, unsaturated fatty acid. It occurs naturally in sources such as animal and vegetable fats and oils. The most common vegetable sources of oleic acid are avocado, palm oil, olive oil, table olives, and canola oil. On the other hand, the usual animal sources are beef tallow, lard, etc.
As the demand for natural and organic products continues to grow, so does the demand for oleic acid. It has been found to have anti-inflammatory properties and has become a popular ingredient in skin care products. This growth is attributed to increasing demand for natural oils and fatty acids, especially from the pharmaceutical and cosmetic industries. Furthermore, growing awareness of the health benefits of MUFAs has increased the demand for foods high in oleic acid. Oleic acid acts as a replacement for saturated fat in the diet, helping to reduce the risk of cardiovascular disease (CVD) in individuals.
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Historic (2017-2021) Vs Forecast (2022-2032) Market Outlook for Global Oleic Acid
The global oleic acid market witnessed a CAGR of 3.5% during the past five years with a market value reaching US$ 275.2 million by the end of 2021. Wide applications of Oleic acid in chemical intermediates, lubricants, detergents, emulsifiers, protective coatings, release agents, sealants, surfactants, and epoxy resin esters have bolstered the demand in recent years.
As per the current survey conducted by FMI, the forecast growth outlook for oleic acid is to remain around 3.9% from 2022 to 2032. The growth of the oleic acid market is supported by the wide availability of raw materials. Withal, increasing demand for personal care and cosmetics will boost the expansion of the industry. The development of kosher and food-grade oleic acid will also support long-term demand for oleic acid over the forecast period.
What are the Various Factors Driving the Global Oleic Acid Market?
Increasing demand from end-use sectors such as food, pharmaceuticals, cosmetics, and personal care is driving the global oleic acid market. An abundant supply of oleic acid also contributes to the expansion of the market. One of the major factors driving the expansion of the oleic acid market is the increasing global demand for cosmetics and personal care products.
Oleic acid demand is rising due to the rising prevalence of chronic disorders like diabetes, cancer, and heart ailments. The body's capacity to adequately handle and utilize food is severely hampered by certain chronic conditions, which may result in a greater requirement for this crucial fatty acid.
The availability of many grades of oleic acid, including food grade, kosher and pharmaceutical grades, has also contributed to the increasing demand for oleic acid. Its demand is increasing in developed countries such as North America and Europe, where laws have been passed encouraging the maximum use of bio-based ingredients in the production of goods. The potential for vaccine usage in the healthcare sector, together with rising consumer spending on food and other FMCG necessities, will present profitable prospects in the near future.
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Which Factors May Hinder the Global Oleic Acid Market Growth?
Changing climate conditions is one of the key retarding factors for the oleic acid market. Adverse effects of climate change can be seen in the availability of natural resources like plants and animals and, in the long run, affect the oleic acid raw materials supply.
Additionally, the availability of substitutes such as lauric and palmitic acid in the cosmetics and personal care industry hinders the growth of the oleic acid market. The high cost of production of oleic acid as compared to other fats has turned the interest of end-users to move towards other economic alternatives for oleic acid. Hence, finding ways to reduce the cost of production is a necessity as the demand for oleic acid continues to grow.
Segment-wise Analysis
Based on sources, the global oleic acid market is split into plant and animal segments. The market for plant-based oleic acid is expanding quickly as environmental and health concerns drive rising consumer demand for ethically-produced goods. Oleic acid is a kind of fatty acid that is mostly found in plants, and it has been shown that producing it has a variety of positive effects on human health. It has been demonstrated to decrease inflammation, lower bad cholesterol levels, and guard against heart disease. Because it doesn't require damaging processing, oleic acid derived from plants also has a number of positive environmental effects.
Based on grades, the global market is broken down into the food, pharmaceutical, Kosher, and regular grades. Food-grade oleic acid dominates the market owing to its increasing use by food manufacturers to replace harmful saturated and polyunsaturated fats. For instance, Oleic acid can be utilized as a fat alternative in goods like ice cream and margarine since it has a lower melting point than unsaturated fats. This high demand by the food and consumer sector leads to a scarcity of food-grade oleic acid in the market.
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Region-wise Analysis
Why has Asia emerged as a prime market for Oleic Acid?
Asia accounts for the largest share of the oleic acid market. Growth in this region is affected by the presence of large sources of natural raw materials such as vegetable oils and fats. Additionally, the growth of the cosmetics and personal care, pharmaceutical, and food industries in the region, especially in China and India, has increased the demand for oleic acid. Other countries driving the market growth in South Asia are Malaysia, Thailand, and Indonesia.
How Oleic Acid Market will grow in North America?
North America, which is the second largest consumer of oleic acid, will follow the growth of the Asia region. To support sustainability and encourage the use of bio-based compounds, various government regulations are increasing the demand for oleic acid in the North American region. Due to the rising demand for cosmetics and natural food ingredients, the market for pharmaceutical and food-grade oleic acid is projected to grow at a significant CAGR over the forecast period.
Similarly, the demand for oleic acid from Europe is expected to grow with the development of value-added oleic acid derivatives and growth in investment in downstream applications of oleic acid. The availability of kosher-grade oleic acid has driven market growth in Latin America, the Middle East, and Africa regions and is expected to register steady growth over the forecast period.
Market Competition
Prominent players operating in the Global Oleic Acid market include Eastman Chemical Company, Berg + Schmidt, VVF L.L.C., Emery Oleochemicals (M) Sdn Bhd, Berg + Schmidt, VVF L.L.C., Wilmar International Limited, Wilmar International Ltd., Oleon NV, Klk Oleo Sdn. Bhd., Croda International Plc, White Group Public Co., Ltd., Godrej Industries (Chemicals), and others.
Numerous different competitors compete to become the market leaders in the highly competitive environment of the worldwide oleic acid industry. Due to the huge demand for this vital fatty acid and the fierce rivalry, companies must ensure they create oleic acid items of the finest quality to stay ahead of their rivals. Also, many players are investing in research and development activities related to oleic acid for novel and undiscovered applications and end-uses.
In 2019, the Indian Council of Agricultural Research developed 2 varieties of oleic acid-rich peanuts.
In 2020, Wilmar International Ltd has published a study using an oleic acid supplement in the formulation of animal feed products to improve milk yield in lactating cows.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 3.9 % from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in Tons, and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered
Sources
Grade
Application
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)
Key Countries Covered
The US
Canada
Mexico
Brazil
Germany
The UK.
France
Italy
Spain
Russia
China
Japan
India
ASEAN
GCC Countries
Australia
Turkey
South Africa
Key Companies Profiled
Eastman Chemical Company
Berg + Schmidt
VVF L.L.C.
Klk Oleo Sdn. Bhd.
Emery Oleochemicals (M) Sdn Bhd
Wilmar International Limited
Oleon NV
White Group Public Co., Ltd
Godrej Industries
Customization & Pricing
Available upon Request
Key Segments Profiled in the Oleic Acid Market Report Oleic Acid Market
By Sources, Oleic Acid Market is segmented as:
Plant
Animal
By Grade, Oleic Acid Market is segmented as:
Food
Pharmaceutical
Kosher
Regular
By Application, Oleic Acid Market is segmented as:
Emulsifying Agent
Lubricating Agent
Surfactant
Chemical Intermediate
Others
By Region, Oleic Acid Market is segmented as:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)
Frequently Asked Questions
What was the value of the Oleic Acid market in 2021?
In 2021, the value of the Global Oleic Acid market reached over US$ 275.2 Million.
At what rate is the Global Oleic Acid market projected to expand during the forecast period?
During the forecast period, the Global Oleic Acid market is estimated to expand at a CAGR of 3.9% from 2022 to 2032.
By 2032, what will the value of the Global Oleic Acid market be?
The Global Oleic Acid market is projected to reach US$ 417.1 Million by the end of 2032.
Which region/country is set to lead the Global Oleic Acid market?
Indonesia is projected to lead the Global Oleic Acid market in the forecast period.
Which are the top players in the Global Oleic Acid market?
The key players operating in the Global Oleic Acid market are Eastman Chemical Company, Berg + Schmidt, VVF L.L.C., Klk Oleo Sdn. Bhd., Emery Oleochemicals (M) Sdn Bhd, Wilmar International Limited, and Godrej Industries.
