Medium-chain Triglycerides Market Size By Source (Coconut, Palm), By Application (Nutritional Supplements, Food & Beverage, Pharmaceutical, Cosmetics & Personal Care) & Global Forecast, 2023 - 2032
Report ID: GMI5216
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Published Date: February 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 9
Tables & Figures: 191
Countries covered: 21
Pages: 188
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Medium-chain Triglycerides Market
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Medium-chain Triglycerides Market Size
Medium-chain Triglycerides Market size surpassed USD 1.3 billion in 2022 and is projected to expand at over 6% CAGR from 2023 to 2032.
Increasing prevalence of obesity in western countries, particularly across North America is expected to proliferate the need for weight management supplements containing medium-chain triglycerides (MCTs). Lack of nutrition, rapid adoption of sedentary lifestyles, improper diet, and the increasing consumption of alcohol are some of the key contributors to adult obesity. According to the 19th annual report by the Trust for America’s Health (TFAH) on the obesity crisis, 19 U.S. states reported more than 35% growth in obesity rates in 2022, up from 16 states in 2021. Hence, the growing burden of obesity will fuel the application scope of MCT for enhanced weight management and mental function.
Easy availability of alternative products may hamper the industry growth
The rising use of mineral oils as substitutes for MCTs and MCT products could impede the medium-chain triglycerides market analysis. Mineral oils are extensively used to manufacture cosmetics and personal care products as opposed to MCTs as they provide better strength and moisture retention properties. Additionally, unlike MCT-based oil formulations, mineral oils offer excellent lubrication properties along with suitable spreadable consistency.
Medium-chain Triglycerides Market Analysis
The medium-chain triglycerides market valuation from the palm source segment is poised to surpass USD 835 million by 2032. Palm seeds and kernels are widely used to manufacture MCTs due to their high production yield at 3.3t/ha as compared to rapeseed and sunflower with a 0.7t/ha yield. Palm oil is a rich source of MCTs and antioxidants offering numerous health benefits, including a healthy immune system. The growing health concerns associated with age-related macular degeneration, cardiovascular diseases, and certain cancers are also driving the consumer preference for a vitamin E-rich diet, further emphasizing on MCT oils produced from palm kernels.
The medium-chain triglycerides market share from food and beverage applications segment is anticipated to exhibit over 5.5% CAGR through 2032, powered by their extensive usage to manufacture functional foods. The rising prevalence of chronic diseases has propelled the demand for functional foods considering their ability to fight diseases, boost growth, and improve metabolic activity. Additionally, biologically active functional food components can prevent certain non-communicable diseases, such as osteoporosis, cancer, type 2 diabetes, and fluctuations in blood cholesterol. Hence, the growing consumer awareness regarding nutrition and health is expected to accelerate the market revenue.
Asia Pacific medium-chain triglycerides market size is slated to reach USD 765 million by 2032, as the region is home to an expanding pharmaceutical sector with a massive raw material supply chain. Countries, such as China are one of the largest suppliers of pharmaceutical raw materials worldwide, offering lucrative business prospects for the leading manufacturers of MCTs. Due to the availability of cheap labor, low set-up costs, and affordable raw materials, APAC has attracted several foreign pharmaceutical giants. For instance, in May 2022, Ferring Pharma, a Swiss multinational biopharmaceutical company unveiled a new formulation facility in Hyderabad, India to manufacture Pentasa. The company pledged an investment of approximately USD 65 million over the coming 2-3 years.
Medium-chain Triglycerides Market Share
Some of the leading companies in the medium-chain triglycerides market include
These firms are focusing on strategic collaborations and partnerships to expand their business and consolidate competitive lead. For instance, in February 2021, DuPont announced the merger of its Nutrition & Biosciences business with International Flavors & Fragrances Inc. The company aims to strengthen its presence in the home & personal care, food & beverage, and health & wellness sectors.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a moderate impact on the medium-chain triglycerides market. While the outbreak resulted in unprecedented supply chain disruptions, hampering production and performance across a broad spectrum of industry verticals, the growing need for health supplements fuelled the product demand. The growing number of health-conscious consumers and pandemic-driven emphasis on immunity accelerated the sales of dietary supplements and natural therapeutic substances. Moreover, several studies have detected the high efficacy of medium-chain fatty acids in countering the susceptibility of obese individuals to COVID-19 infection, offering lucrative business prospects for industry outlook.
The medium-chain triglycerides market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Source
Market, By Application
The above information has been provided for the following regions and countries: