Oleic Acid Market Size, Share, Growth Report 2032

Industry Prospective:

The global oleic acid market size was worth around USD 320 Million in 2022 and is predicted to grow to around USD 690 Million by 2030 with a compound annual growth rate (CAGR) of roughly 4.61% between 2023 and 2030.

The report analyzes the global oleic acid market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the oleic acid industry.

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Oleic Acid Market: Overview

Oleic acid is a monounsaturated omega-9 fatty acid. This means that it has one double bond existing in its carbon chain that is located at the ninth carbon from the omega end. Oleic acid is odorless, colorless, and viscous liquid when kept at room temperature. It is most commonly found in animals as well as has multiple vegetable sources such as olive oil, canola oil, avocados, nuts, and animal fats. It is extremely important to human health since it has numerous health benefits.

Years of studies have shown that consuming oleic acid can assist in reducing inflammation. It is also known to lower cholesterol levels while improving insulin sensitivity. Since it has excellent moisturizing properties, it is used extensively in the cosmetics and personal care sector as it provides ingredients to keep the skin healthy. The global oleic acid industry is a steadily growing market and during the forecast period, the growth outlook is expected to be promising.

Key Insights: 

• As per the analysis shared by our research analyst, the global oleic acid market is estimated to grow annually at a CAGR of around 4.61% over the forecast period (2023-2030)
• In terms of revenue, the global oleic acid market size was valued at around USD 320 Million in 2022 and is projected to reach USD 690 Million, by 2030.
• The global oleic acid market is expected to witness high growth during the forecast period owing to the increasing demand for the acid in several rapidly rising end-user verticals such as the pharmaceutical, personal care, cosmetics, and food & beverage (F&B) industry.
• Based on end-user segmentation, cosmetics & personal care was predicted to show maximum market share in the year 2022
• Based on grade segmentation, technical was the leading grade in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Oleic Acid Market: Growth Drivers

Increasing demand in end-user verticals to propel market growth

The global oleic acid market is expected to witness high growth during the forecast period owing to the increasing demand for the acid in several rapidly rising end-user verticals such as the pharmaceutical, personal care, cosmetics, and food & beverage (F&B) industry. Owing to its excellent flavoring properties, oleic acid is used as a flavoring agent in several types of food products such as salad dressings, sauces, and spreads. It is known to provide a mild, buttery flavor while also enhancing the food taste.

Furthermore, the application of oleic acid in the F&B industry is also extended to its use as an emulsifier since it can efficiently mix two immiscible liquids, for instance, water and oil. When added to food items, it improves the overall texture and consistency of the item. Other factors such as its use as a lubricant to be applied on food processing equipment and nutritional benefits are also leading reasons for the high adoption rate in the global industry.

Oleic Acid Market: Restraints

Changing prices of raw materials to restrict market growth

One of the key restraints existing in the oleic acid industry is in terms of the volatility of the raw materials. Some of the main ingredients used to produce oleic acid are vegetable oils and animal fats, and the market surrounding these sources is highly volatile and unpredictable. This can impact the cost of production and ultimately affect the price of oleic acid. Furthermore, the increasing competition from many alternatives such as fatty acids and synthetic emulsifiers which are known to be cheaper and similar in performance is another growth limitation.

Oleic Acid Market: Opportunities

Increasing demand in the personal care segment to provide multiple growth opportunities

The global oleic acid industry is expected to witness several growth opportunities owing to the rising personal care and cosmetics industry. Oleic acid is known to have excellent moisturizing abilities. It assists in keeping the skin healthy since oleic acid is an emollient. It also has antioxidant properties and hence is used in products that are marketed as anti-aging creams or moisturizers. Other factors such as high skin penetration due to smaller molecules along with soothing properties are making oleic acid a preferred choice in the personal care industry.

Oleic Acid Market: Challenges

Increasing concerns over the environmental impact of oleic acid raw material production to challenge market growth

The primary raw material used in the production of oleic acid is vegetable oil. The production of this resource is known to have a significant impact on the environment. It leads to serious environmental concerns such as deforestation, water pollution, and greenhouse gas emissions. With the growing consumer awareness rate along with rising strictness adopted by government agencies to curb irreparable damage to the environment, the products of oleic acid using vegetable oil may face severe challenges.

Oleic Acid Market: Segmentation

The global oleic acid market is segmented based on end-user, origin, grade, and region.

Based on end-user, the global market segments are textiles & leather, food & beverages, pharmaceuticals, cosmetics & personal care, automotives, paints & coatings, and others. In 2022, the global market witnessed massive growth in the cosmetics & personal care segment followed by the food & beverages industry. In the former market, the growth is mainly due to the excellent cosmetic properties of oleic acid leading to its high application as an emollient, surfactant, and moisturizer. It is used in several types of products like lotions, creams, shampoos, and soaps. Furthermore, oleic acid is considered a key ingredient when used as an emulsifier since it directly impacts product consistency. As per a report published by Statista in 2020, more than 34% of females that responded to the survey claimed to be using luxury skin care products.

Based on origin, the global oleic acid market is segmented into animal-based and plant-based.

Based on grade, the global market is divided into technical, pharmaceutical, and food. In 2022, the technical grade held dominance over the segmental share followed by the pharmaceutical grade and then the food grade. Technical grade oleic acid is used in industrial applications such as the production of lubricants, detergents, and metalworking fluids. They are also used as raw materials in biodiesel production.

The pharmaceutical grade oleic acid is used to produce oral and topical medications, due to low impurity levels and high purity levels. Food grade oleic acid has applications as an ingredient in food products such as margarine, bakery products, and snacks. Australia’s pharmaceutical industry was valued at AUD 5.7 billion in fiscal year 2019-2022.

Recent Developments:

• In March 2019, The International Service for the Acquisition of Agri-biotech Applications (ISAAA), a non-profit international organization that deals with new technologies related to bioscience, announced the availability of gene-edited soyabean oil with high oleic content in the US market. The soybean oil is known as Calyno and has been developed by experts at Calyxt, Inc
• In May 2021, Calyxt, Inc which is a technology company that used plants as its resource, announced that its range of premium high oleic low linolenic (HOLL) soybean oil traits has crossed all expectations in the premium oil market. Preliminary composition analysis has proven that the company’s product is the best option available in the commercial market

Oleic Acid Market: Report Scope

Oleic Acid Market: Regional Analysis

North America to witness massive growth returns

The global oleic acid market is expected to witness the highest growth in North America due to the high demand for oleic acid in end-user industries such as food and beverage, cosmetics and personal care, and pharmaceutical industries. The US is projected to lead with the highest growth followed by Mexico and Canada.

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Europe is projected to act as the second-highest revenue generator due to the increasing use of oleic acid in its flourishing food & beverages industry along with the dominant cosmetic sector. Europe has long been a pioneer in terms of revolutionary personal care and cosmetic products. It is home to some of the biggest houses in the industry. Growth in Asia-Pacific is projected to be led by high demand from the cosmetics and personal care industry along with the growing population in the region. India, China, and Japan are the major consumers of oleic acid in the region.

Oleic Acid Market: Competitive Analysis

The global oleic acid market is led by players like

• Cargill Inc.
• Wilmar International Ltd.
• IOI Oleochemical Industries Berhad
• Procter & Gamble Co.
• BASF SE
• Archer Daniels Midland Company
• Emery Oleochemicals
• Croda International Plc.
• Godrej Industries Ltd.
• Vantage Specialty Chemicals
• Univar Solutions Inc..
• Oleon NV
• Jarchem Industries Inc.
• KLK Oleo
• Kao Corporation
• The Dow Chemical Company
• Evonik Industries AG
• Chemrez Technologies Inc.
• Acme Synthetic Chemicals
• Sea-Land Chemical Company
• Cremer Oleo GmbH & Co. KG
• Berg + Schmidt GmbH & Co. KG
• Peter Cremer North America
• A&A Fratelli Parodi Spa
• Pacific Oleochemicals Sdn Bhd.

The global oleic acid market is segmented as follows:

By End-User

• Textiles & Leather
• Food & Beverages
• Pharmaceuticals
• Cosmetics & Personal Care
• Automotives
• Paints & Coatings
• Others

By Origin

• Animal-Based
• Plant-Based

By Grade

• Technical
• Pharmaceutical
• Food

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa