Caprylic Acid Market, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1493
Caprylic Acid Market size is expected to grow significantly over the forecast timeframe, due to its extensive uses in growing cosmetic industry and its profound usage as cleansing, masking and perfume agent.
Palm oil and coconut are raw materials used to manufacture caprylic acid. Coconut contains 5-8% caprylic acid, while palm oil is 3-5%. It can also be extracted from human and bovine milk. This natural derived compound, due to anti-oxidant, anti-fungal and anti-microbial properties will drive organic personal care demand. The product has been approved by FDA and has extensive medical and dietary application.
Personal care products accounted for a larger portion of the global caprylic acid market share, and are expected to witness steady gains throughout the forecast period. This compound is used extensively in manufacturing of skincare, color cosmetics, perfume and haircare products and is expected to propel demand due to its extensive usage by working population.
Caprylic acid market size from food and beverage applications expects significant gains over the forecast period. This compound is used as anti-microbial ingredient for food contact surfaces and equipment in brewery, winery, and meat processing plants. It stimulates hunger, increases appetite, maintain proper functioning of digestive tract and pH balance of body.
Pharmaceutical applications has been a major consumer of caprylic acid market and occupies a sizable portion of the demand. Technological innovations, aging population, as well as rising awareness regarding generic medicine should drive product demand throughout the forecast period. It is mostly used for treatment of epilepsy, crohn’s disease, urinary tract infections, bladder infections and oral gingivitis.
In spite of various advantages and uses, restraining factors that would prevent caprylic acid market growth are excessive use of it causes constipation, nausea, diarrhea, heartburn and indigestion. This could be regulated by limiting levels of fatty acid in the final product formulation. It finds more of its uses as algaecide, bactericide and fungicide in nurseries, garden center and interior spaces.
North America, led by caprylic acid market size, accounted for a largest chunk of the industrial demand in 2015. Growth in personal care and processed food industry should drive regional industry growth. It is also used as disinfectant in healthcare facilities, school/colleges, animal care/veterinary facilities, industrial facilities, wholesale establishments, hotels/motels.
Europe caprylic acid market size, led by Germany, UK, Italy and France, should witness moderate gains throughout the forecast timeframe owing to growth of personal care & cosmetic industry. Product benefits such as ability to reduce cellulite, wrinkle and age spots should positive influence regional product demand.
Asia pacific, led by Japan, India and China caprylic acid market size, accounted for a sizeable portion of the demand in 2015. Pharmaceutical industry growth along with rapid industrialization should drive regional industry growth. Increasing per-capita disposable income along with growth of personal care & cosmetics industry should positively favor regional product demand.
Growth of personal care industry in Thailand, Malaysia, Indonesia and Brazil should drive caprylic acid market size. Rising costs of animal fats and vegetable oil with higher export duties is expected to hamper demand as feedstock for product formulations which can cause supply deficit and affect caprylic acid market price trend. Government based incentive plans encouraging growth of renewable, natural fatty acids should provide new avenues for product demand.
Company like Solazyme Inc. developed new technology for production which uses algae oil as raw material. This oil has attributes to produce cost effective acid and meet growing consumer demand. Caprylic acid market share is moderately fragmented with the presence of numerous domestic and MNCs. Some of the industry particpants include Oleon, Evergreen Oleochemicals, Pacific Oleochemicals Sdn. Bhd, KLK Oleo and Wilmar International Vantage Oleochemical.
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