TALLOW FATTY ACIDS MARKET ANALYSIS (2020-2027)
Definition of Market/Industry:
Tallow fatty acids belong to the family of the fatty acids derived from animal fats. These fatty acids are widely used across wide range of applications such as resins, personal care products, oil field consumption, rubber, and textile production. It is also used in the production of soap and animal feed.
Statistics:
Drivers:
Driver 1
The growing demand for fatty acids from personal care industry is augmenting the market growth of the tallow fatty acids. In personal care industry it is mainly used to produce shaving creams and other gel. Rising demand for personal care products due to growing personal care hygiene awareness among consumers and increasing disposable income of the consumers is again anticipated to accelerate the market growth of the tallow fatty acids.
Driver 2
High demand for tallow fatty acids from the soap & detergent making industry is primarily fueling the market growth. Growing awareness regarding health and hygiene coupled with the increasing population is propelling the demand for soap and detergent. The cleaning & detergents market accounts for the largest consumer of tallow fatty acids. Changing lifestyle and growing modernization are other major factor augmenting the demand for soaps &detergent which in turn is accelerating the market growth.
Statistics:
Europe region dominated the global tallow fatty acids market in 2019, accounting for 43.35% share in terms of value, followed by North America, among other regions
Market Restraints
Restraint 1
Increasing use of vegetable oil in place of fatty acids majorly in the production of soap & detergent is expected to hinder the market growth. The product is facing stiff competition from palm oil products. This factor is hampering the demand for tallow fatty acids.
Restraint 2
The fluctuating price of raw materials used in the manufacturing of the fatty acids due to political scenarios and slow down of economy is expected to inhibit the market growth.
Market Opportunities
Opportunity 1
The growing use of fatty acids from the pharmaceutical industry is expected to offer lucrative market opportunities over the foreseeable period. Magnesium and calcium stearates are majorly used across the pharmaceutical industry as a lubricant in the formulation of tablets and dietary supplements. Growing geriatric population is creating need for healthcare services such as drugs and medicines, thus augmenting the market growth pharmaceutical industry this is in turn propelling the market growth of tallow fatty acids.
Opportunity 2
Increasing production of lubricants coupled with the rapid growth in the various manufacturing industries is projected to provide enormous market growth opportunities. Also, rising demand for lubricants from the automotive industry for effective and smooth functioning of the components is again expected to foster the market growth of the fatty acids. Moreover, increasing investment in the chemical industry by key manufacturer is further projected to augment the market growth of the tallow fatty acids.Â
Market Trends/Key Takeaways
Trend 1
Saturated tallow fatty acids are gaining traction in the market. It is majorly used in the manufacturing of plastic, cosmetics, rubber, and oilfield chemicals. Growing demand for cosmetic products due to a rising sense of fashion and aspire to look presentable is again fueling market growth. Saturated tallow fatty acids have excellent conditioning and moisturizing properties which is creating their demand from cosmetic and soap & detergent industry.
Trend 2
Robust growth in the food & beverage industry due to increasing consumer’s spending on the food and rising demand for food is propelling the market growth of the fatty acid. It is used as a harder in the production of candies. Moreover, it is also used as an additive in the preparation of various food products. Thus growth in the food &beverage industry around the globe is fostering the market growth of the tallow fatty acids.
On the basis of application, others dominated the global tallow fatty acids market in 2019 with around 37.59% of market share in terms of revenue, followed by soaps & detergents and plastics, respectively
Value Chain Analysis:
Global Tallow Fatty Acids Market - Impact of Coronavirus (Covid-19) Pandemic
There have been unprecedented variations in the global sales of tallow fatty acids owing to the changes in purchase patterns among consumers. Rising trends of bulk buying and stockpiling of products such as tallow fatty acid products has led to certain products being in very limited supply, which in turn has led to price fluctuations in global tallow fatty acids market. This scenario is expected to hinder the growth rate the market till the early months of 2021.
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