(MENAFN- EIN Presswire)
Global tallow fatty acid market estimated at $79.82 billion in 2020 & is expected to reach $173.09 billion by 2030, manifesting a CAGR of 6.9% from 2021 to 2030
PORTLAND, OREGON, UNITED STATES, October 29, 2022 / / -- Increase in demand from downstream industries including personal care and detergent industries and rise in demand for tallow fatty acids in the food and beverage industry boost the growth of the global tallow fatty market.
Driver, restrain, and opportunities-
Increase in demand from downstream industries including personal care and detergent industries, rise in demand for tallow fatty acids in the food and beverage industry, and surge in use of fatty acids in pharmaceutical and chemical industries boost the growth of the global tallow fatty market.
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On the other hand, labeling and safety regulations for tallow fatty acid products and rise in concerns regarding the health effects of fatty acid's overconsumption restrain the market to certain extent. Nevertheless, growth in demand from emerging markets and development of applications of fatty acid as trans-fat are expected to provide lucrative opportunities to the market players.
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Leading Market players-
Darling Ingredients, Inc.
Jacob Stern & Sons Tallow
SARIA SE & Co. KG
Ajinomoto Co., Inc.
Australian Tallow Producers
Baker Commodities Inc.
Darling industries,Cailà & Parés
Vantage Specialty Chemicals Inc.
The outbreak of the Covid-19 pandemic massively affected the . This is owing to the factors such as lockdown rules & regulations and declined demand from few fast-moving consumer good (FMCG) products.
However, the government bodies are relaxing the regulations and the market has started to revive. Furthermore, the vaccination drives implemented across various nations are also expected to assist the market to recoup soon.
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Monounsaturated fatty acid segment to lead the trail throughout the forecast period-
Based on type, the monounsaturated fatty acid segment dominated the market with highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. This is attributed to its widespread use in the production of soaps and cosmetics. On the other hand, the saturated fatty acids segment is projected to witness the highest CAGR of 7.9% from 2021 to 2030. Saturated tallow fatty acids have excellent conditioning and moisturizing properties, which are surging their demand in the cosmetic and soap & detergent industries. This factor propels the growth of the segment.
Solid segment to dominate the market throughout the forecast period-
Based on form, the solid segment held the highest market share in 2020, accounting for more than three-fifths of the global tallow fatty market, and is estimated to maintain its dominance throughout the forecast period. Increased demand from downstream industries such as biodiesel, poultry, oleochemicals, and pet food boosts the growth of the segment. On the other hand, the liquid segment is expected to showcase the fastest CAGR of 7.0% from 2021 to 2030. The fact that oils are primarily used for cooking and in biodiesel, where liquid form is preferred over solid form augments the growth of the segment.
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Europe, followed by North America, to dominate by the end of 2030-
Based on region, Europe, followed by North America, accounted for the maximum revenue share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is projected to continue its dominant share by 2030. Tallow fatty acid is widely used in rubber and plastics industries due to its ability to provide stabilizing, lubricating, and gelling properties. This fact drives the demand for tallow fatty acid in the province. However, Asia-Pacific is estimated to showcase the largest CAGR of 8.7% during the forecast period. Personal care and cosmetics manufacturers use tallow-based stearic acids in products such as foundations, face powders, and eyeliners. This factor leads to the growth of the market in this region.
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