World Oleochemicals Trade to Grow 6.5% Between 2021 and 2027

India-based analytics and advisory company Astute Analytica forecasted that the value of the global oleochemicals market will grow at a CAGR of 6.5% from USD27.3 million in 2021 to USD39.8 million in 2027, PR Newswire reported.  Volume-wise, the study said, the market was expected to grow at a CAGR of 6.2% in the forecast period.

The report added that the growing adoption of oleochemicals in the pharmaceutical and cosmetic industries, increasing demand for sustainable and biodegradable products and increasing government regulation regarding the use of environmentally friendly products are drivers in the oleochemicals market. The fatty acid segment with its 42.2% market share dominated the market last year, driven by increasing demand from pharmaceutical and personal care product companies for the manufacture of soaps and detergents, lubricants, surfactants, and other products.

Asia-Pacific is projected to have the largest market share in the global oleochemicals market, the study said, due to the positive outlook for the pharmaceutical and personal care sectors in China, India, and Indonesia.  Europe is estimated to have the next largest share of the market in the forecast period.