Increasing Sales of Beauty Products Fueling Sales of Palm Methyl Ester Derivativesby Vijay K. Web Marketing
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.
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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 global 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.
Furthermore, the market is expected to exhibit a CAGR of 6.4% from 2019 to 2024. Crude palm oil (CPO) and palm kernel oil (PKO) are the two main types of palm methyl ester derivatives. Between these, the demand for PKO was found to be higher during the last few years. This oil was used as a raw material in the production of final formulations of foods and beverages, pharmaceuticals, and various other medium-chain fatty alcohol-based substances.
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.
Created on Jul 15th 2021 06:26. Viewed 108 times.
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