One of the major factors boosting the demand for palm methyl ester derivatives is the flourishing personal care sector in many countries around the world. Since the last few years, there has been a massive rise in the usage of personal care products especially in the Latin America (LATAM) and Asia-Pacific (APAC) regions, owing to the rising disposable income of the people and increasing awareness amongst the people about skin care and this has massively pushed the demand for palm methyl ester derivatives as these derivatives are used as emollients, viscosity modifiers, and humectants in the personal care products.

 
Palm oil and its derivatives have numerous useful characteristics which make them highly sought after in a wide array of applications. The products made from palm oil derivatives are non-toxic and highly biodegradable as compared to the petroleum-derived substitutes. In addition to this, palm oil and its derivatives consist of beta-carotene, which is a powerful free radical killing antioxidant. Due to these characteristics, the adoption of palm oil derivatives in various consumer goods industries is increasing at a rapid rate across the world.

 
Due to the above-mentioned factors, the revenue generated from the global sales of palm methyl ester derivatives is expected to rise from $1,443.4 million in 2018 to $2,106.7 million by 2024 at a CAGR of 6.4% during the forecast period (2019–2024). Palm methyl ester derivatives are extensively used in personal care products & cosmetics, food & beverages, soaps & detergents, solvents, and lubricants & additives industries. Amongst these, the personal care products & cosmetics industry is expected to register the fastest growth in the utilization of these derivatives during the forecast period, owing to the increasing consumption of palmitates, oleates, and laureates in detergents and soaps.


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Across the world, the Asia-Pacific (APAC) region is predicted to observe the fastest growth in the global palm methyl ester derivatives market in the coming years. This is primarily ascribed to the surging number of manufacturing facilities, on account of the large-scale demand for beauty and personal care products, and the escalating demand for end-formulation products amongst the middle-class population, in the region. In the North American region, the U.S. is predicted to register huge growth in the utilization of palm methyl ester derivatives during the forecast period.

 
Thus, owing to the thriving personal care sector in the developing nations, numerous beneficial properties of palm oil derivatives, and the rising consumer preference for organic products, the demand for palm methyl ester derivatives will shoot-up throughout the world in the coming years.