As cited by the research report titled ‘Global Oleochemicals Market Size study, by Type (Fatty Acid, Fatty Alcohol, Methyl Ester and Others), Application (Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global oleochemicals market was worth USD 22 billion in 2019 and is projected to grow with a CAGR of 7% over 2021-2027 to accumulate USD 37.80 billion by the end of study duration.
 

Increasing consumption of environment-friendly compounds and bio-based chemicals in several industries such as food & beverages, personal care & cosmetics, and pharmaceuticals is the major factor driving the worldwide oleochemicals market growth.
 

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Moreover, dearly petrochemical products, inclination towards ecofriendly commodities, and favorable rules & regulations are positively swaying the market dynamics. Furthermore, easy availability of raw materials along with awareness regarding green chemicals are generating lucrative prospects for the market scenario.
 

For instance, human health & safety regulatory bodies such as U.S. Food and Drug Administration have approved use of organic products in various personal care products.
 

Notably, oleochemicals are compounds derived from plant or animal fats. They are considered sustainable because of their low toxicity. Oleochemicals can be consumed in various forms such as fatty acids, and are used to produce soaps and detergents, lubricants, surfactants, varnishes, and pharmaceuticals.
 

On the downside, instability in feedstock prices is a major factor restraining the progression of global oleochemicals market.
 

Based on type, the industry is segmented into fatty acid, methyl ester, fatty alcohol, and others. Speaking of application range, the marketplace is divided into pharmaceuticals, food & beverages, and personal care & cosmetics including others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to worldwide oleochemicals industry valuation. Of these, Asia Pacific is projected to be a major growth hub for the market over 2020-2027, owing to increasing geriatric populace, rising usage of sustainable products in several end user industries, along with growing demand for fatty acids and other bio-based polymers in the region.
 

Whereas, North America market is anticipated to showcase profitable growth trends over the forecast timeline, on account of presence of major industries like personal care & cosmetics and pharmaceuticals creating lucrative prospects for the market progression.
 

Notable players in worldwide oleochemicals industry are Chemical Associates Inc., Twin Rivers Technologies, Procter & Gamble Company, IOI Corporation Berhad, Croda International plc, Musim Mas Group, KLK Oleo, Oleon NV, Wilmar International Limited, and Emery Oleochemicals Group.