(MENAFN- GlobeNewsWire - Nasdaq) Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.37 million in 2022 global caprylic acid market will reach USD 13.22 million by 2032. Consumers are increasingly seeking products with simple and recognizable ingredients. Caprylic acid's natural origin positions it as a valuable ingredient for clean-label formulations across variindustries, including food, cosmetics, and personal care. Furthermore, the growing demand for plant-based and vegan products presents an opportunity for caprylic acid to be incorporated into formulations that cater to these dietary preferences and lifestyle choices. Additionally, research on the gut microbiome's impact on overall health is expanding. Caprylic acid's potential to support gut health and balance microbial populations aligns with the trend of developing products targeting the microbiome. Also, the trend towards natural and sustainable alternatives to synthetic chemicals creates opportunities for caprylic acid to replace traditional additives and preservatives in variapplications.
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Key Insight of the global Caprylic Acid market
North America is expected to witness significant market growth over the forecast period.
The North American region is anticipated to experience significant market growth during the forecast years due to market dynamics, consumer trends, and industry developments. The need for organic and natural ingredients has been steadily increasing across variindustries in North America, including food, cosmetics, and personal care. Caprylic acid's antimicrobial and moisturizing properties make it suitable for formulations targeting these sectors. North America's cosmetics and personal care industry is robust, emphasising innovative and natural products. Caprylic acid's application in skincare, haircare, and beauty formulations positions it well to cater to this demand. Besides, the interest in functional foods and dietary supplements that offer health benefits beyond essential nutrition is growing in North America. Caprylic acid's role in supporting digestive health and aligning with ketogenic diets makes it a viable ingredient for such products. Ketogenic diets, characterized by high fat and low carbohydrate intake, have gained popularity in North America due to their potential benefits in weight management and metabolic health. Caprylic acid's role as a quick energy source in ketosis supports its adoption in this dietary trend.
In 2022, the palm oil segment held the largest market share at 41.85% and a market revenue of 2.25 million.
The raw material segment is divided into coconut oil, mammal milk, palm oil and others. In 2022, the palm oil segment held the largest market share at 41.85% and a market revenue of 2.25 million.
In 2022, the pharmaceutical segment dominated the market with the largest share of 45.71% and revenue of 2.45 million.
The application segment includes food & beverages, personal care, pharmaceutical and others. In 2022, the pharmaceutical segment dominated the market with the largest share of 45.71% and revenue of 2.45 million.
In 2022, the offline segment registered the highest market share of 71.34% and market revenue of 3.83 million.
The distribution channel segment includes offline and online. In 2022, the offline segment registered the highest market share of 71.34% and market revenue of 3.83 million.
Advancement in market
IOI Corporation has unveiled a partnership with the Malaysian Palm Oil Certification Council (MPOCC) to initiate a Malaysian Sustainable Palm Oil (MSPO) certification pilot program. This collaborative effort aims to propel the adoption of ethical palm oil procurement and foster sustainable methodologies within the palm oil industry.
Ecogreen Oleochemicals has successfully enlarged its fatty alcohol facilities in Batam, Indonesia, by an impressive 180,000 tonnes annually, establishing the world's most extensive single-track plant. The selection of the Lurgi-based methyl ester method is attributed to its proven reliability and historical performance. This strategic decision will elevate Ecogreen Oleochemicals' fatty alcohol production capability to an impressive 360,000 tonnes yearly, doubling its prior capacity. This move underlines Ecogreen's unwavering commitment to catering to its global clientele reliant on fatty alcohol products.
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Market Dynamics
Driver: Rising food industry along with health and wellness trends.
The overall wellness trend, which includes weight management, energy enhancement, and mental clarity, has propelled the popularity of ketogenic diets. Caprylic acid has gained attention among those following such diets as a quick energy source in ketosis, contributing to its market growth. Additionally, the food industry's continusearch for natural and safe preservatives and additives has opened opportunities for caprylic acid. Its ability to prolong the shelf life of food products naturally makes it an appealing option for food manufacturers, driving its demand in this sector.
Restraint: Supply chain vulnerabilities and competition from synthetic alternatives.
The primary sources of caprylic acid are coconut and palm oil. Any disruptions in the supply of these raw materials due to weather conditions, political instability, or environmental concerns can lead to supply chain challenges and impact the availability of caprylic acid. In addition, caprylic acid faces competition from synthetic chemicals that offer similar properties in specific applications. Industries seeking cost-effective solutions may opt for synthetic alternatives, impacting the demand for natural caprylic acid.
Opportunity: Rising nutraceutical demand with an increase in healthcare and pharmaceutical applications.
The nutraceutical industry, encompassing dietary supplements and functional foods, is proliferating. Caprylic acid's suitability for incorporation into nutraceutical products targeting digestive health, energy, and cognitive function aligns with this trend and offers new market avenues. The antimicrobial and antifungal properties of caprylic acid also have potential applications in healthcare settings, such as wound care and antimicrobial formulations. Further research and clinical studies could lead to the developing of pharmaceutical products that harness caprylic acid's properties.
Challenge: Limited clinical data and research.
Despite its potential health benefits, caprylic acid may need more clinical data and research to validate its efficacy and safety in specific applications. More robust scientific evidence is needed to ensure consumers and businesses can adopt caprylic acid-based products. This factor can challenge the market growth. Furthermore, the caprylic acid market spans multiple industries, including food, cosmetics, healthcare, and agriculture. This fragmentation can make it challenging to develop a cohesive marketing strategy and maintain consistent messaging across sectors.
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Some of the major players operating in the global caprylic acid market are:
. Wilmar International Ltd.
. KLK OLEO.
. Ecogreen Oleochemicals
. Procter & Gamble
. IOI Corporation Berhad
. Pacific Oleochemicals Sdn Bhd
. McKinley Resources Inc.
. Cremer Oleo GmbH & Co. KG
. Merck KGaA
. Vigon International, LLC.
. Hydrite Chemical
. Forchem Oyj
. Kraton Corporation
. Oxiteno
. Interfat
. Spectrum Chemical Manufacturing Corp.
Key Segments cover in the market:
By Raw Material
. Coconut Oil
. Mammal Milk
. Palm Oil
. Others
By Application
. Food & Beverages
. Personal Care
. Pharmaceutical
. Others
By Distribution Channel
. Offline
. Online
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million) and volume (k Tons). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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