The global pharmaceutical industry, which is responsible for the production, development, and marketing of medications, has been registering considerable growth since the past few years. This is due to the rising prevalence of chronic diseases, surging geriatric population, and increasing investment for research & development (R&D) in the industry. The industry is highly dependent on R&D activities, which is why major pharmaceutical organizations invest 20% or more than that in the R&D department. A major product which is being utilized widely in the pharmaceutical industry is oleic acid, and the due to the growth of the industry, the demand for oleic acid is growing as well.
A monounsaturated fatty acid, which has good resistance to rancidity, is referred to as oleic acid. The acid does not occur in a free state, like other fatty acids, but is found as ester of glycerol. Oleic acid is obtained by the process of saponification from olive oil, palm oil, peanut oil, and sunflower oil. Oleic acid is widely utilized in a number of applications, which is why the global oleic acid market is expected to advance at a significant pace in the near future. Plant and animal are the two major sources of oleic acid, between which, the demand for plant-based oleic acid was higher in the past.
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This is majorly because of the rising adoption of vegan diet and growing consumption of vegetarian food. Three grades of oleic acid are pharmaceutical, regular, and food, among which, the demand for regular grade oleic acid was considerable in the past. Regular-grade oleic acid is utilized in various industries, which prefer oleic acid that is produced from natural sources. The major applications of oleic acid are adhesive & sealant, surfactant, chemical intermediate, lubricating agent, and emulsifying agent.
Geographically, the oleic acid market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, APAC holds the substantial share in the market due to rapid expansion of several industries, such as cosmetic & personal care and pharmaceutical, in the economies like China, India, and Indonesia. Further, government approval to use oleic acid in food & beverage industry also boosts the demand for oleic acid. For instance, in November 2018, the Food and Drug Administration (FDA) approved the qualified health claims for oleic acid, which suggest that consuming oleic acid in edible oils, such as sunflower oil, canola oil, and olive oil help reduce the risk of coronary heart disease.