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The capric acid market size is estimated to grow at a CAGR of 7.34% between 2023 and 2028. The market size is forecast to increase by USD 135.41 million. The growth of the market depends on several factors, including the increasing consumer preference for natural and organic personal care products, the rising demand for natural food additives and flavoring agents, and the rising adoption of medium-chain triglycerides (MCTs) among end-users. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
The report offers extensive research analysis on the Capric Acid Market, with a categorization based on Application, including food and beverages, personal care, pharmaceuticals, and others. It further segments the market by Source, encompassing plant and animal. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Capric acid, also known as decanoic acid, is a saturated fatty acid with the chemical formula C10H20O2. It is categorized as a medium-chain fatty acid due to its ten-carbon chain length. Capric acid occurs naturally in coconut oil, palm kernel oil, and other dairy products. It is commonly used in the production of esters for artificial flavorings and perfumes, as well as in the manufacture of various detergents and cosmetics. In the food industry, capric acid is utilized as a food additive and flavoring agent. Its antimicrobial properties also make it valuable in skincare products. Additionally, capric acid has potential applications in pharmaceuticals and as a precursor in the synthesis of various chemicals.
One of the key factors driving the capric acid market growth is the rising adoption of medium-chain triglycerides (MCTs) among end-users. The global capric acid market is experiencing increasing adoption of MCTs (MCTs are produced from coconut oil. In addition, triglycerides with short- or medium-chain fatty acids have a higher proportion of carbon and hydrogen in the molecule and, therefore, a lower energy density than triglycerides with fatty acids with 16 or 18C atoms) among end-users.
Moreover, MCTs, including capric acid, are gaining popularity due to their various health benefits and versatile applications across industries. In addition, MCTs are known to aid in weight management, improve cognitive function, and provide a quick source of energy. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the capric acid market growth is the technological advancements in production. In the global capric acid market, there have been significant technological advancements in production, driving efficiency, sustainability, and product quality. In addition, these advancements have been instrumental in meeting the increasing demand for capric acid across various industries and enhancing the overall competitiveness of the market.
Moreover, one notable technological advancement is the implementation of advanced distillation and purification techniques. In addition, leading manufacturers have adopted state-of-the-art distillation equipment and processes to efficiently separate capric acid from raw materials, resulting in higher purity levels and improved overall product quality. Furthermore, this has enabled producers to meet stringent quality standards and cater to the diverse requirements of end-users in industries such as food and beverage, pharmaceuticals, and personal care. Hence, such factors are driving the market growth during the forecast period.
Fluctuations in prices of raw materials such as coconut oil and palm kernel oil are one of the key challenges hindering the capric acid market growth. The global capric acid market has been significantly influenced by volatility in the prices of raw materials, especially coconut oil and palm kernel oil. In addition, these fluctuations have had a negative effect on the market dynamics, influencing production costs and supply chain management across various industry sectors, including personal care, food and beverages, and industrial applications.
Moreover, the volatile pricing of essential raw materials, such as coconut oil and palm kernel oil, has presented challenges for capric acid manufacturers, resulting in uncertainties and cost escalations within the market. For instance, key players such as capric acid may face considerable financial strain due to the abrupt surge in coconut oil prices, which significantly escalated raw material procurement expenses. Hence, such factors are hindering the market growth during the forecast period.
The food and beverages segment is estimated to witness significant growth during the forecast period. The food and beverages segment includes the multifaceted application of capric acid in the production of a wide range of food and beverage products. In addition, capric acid, a medium-chain fatty acid, serves as a valuable ingredient with diverse functionalities, contributing to the flavor, texture, and shelf life of various food items and beverages.
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The food and beverages segment was the largest segment and was valued at USD 95.39 million in 2018. Moreover, in the food industry, capric acid is utilized in the production of flavored milk drinks and dairy-based desserts. In addition, its inclusion enhances the sensory attributes of these products, providing a distinct flavor profile and contributing to their overall appeal. For instance, capric acid derived from coconut or palm kernel oil can be used in the formulation of flavored milk drinks, imparting a pleasant taste and aroma that enhances the consumer experience. Furthermore, capric acid plays a significant role in the production of confectionery and chocolate products. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing preference for natural products fuels the plant segment which will increase the market growth. Capric acid is present naturally in various sources, including coconut oil, palm oil, and milk fat. In addition, these natural sources are the primary contributors to the plant segment of the global capric acid market. Moreover, coconut oil is a major source of capric acid in the plant segment of the global market. Furthermore, the increasing demand for coconut oil in various industries, including food and beverage, personal care, and pharmaceuticals, has propelled the growth of the plant-derived capric acid market. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Another region offering significant growth opportunities to companies is APAC. There has been significant growth in the capric acid market in APAC. In addition, with a rapidly expanding population and an increasing focus on health and wellness, APAC offers a wealth of opportunities and challenges for capric acid manufacturers and suppliers. Moreover, the growing food and dietary supplement and manufacturing industry is driving the growth of the regional capric acid market. In addition, countries such as China, India, Indonesia, Thailand, Australia, Japan, the Philippines, Malaysia, and South Korea are expected to contribute in terms of revenue to the growth of the capric acid market in APAC. Furthermore, the demand for natural and organic cosmetic products is on the rise in this region, and capric acids play a pivotal role in meeting these consumer preferences, thereby driving the growth of the regional capric acid market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Agilent Technologies Inc: The company offers capric acid such as decanoic acid which is the mixture reagents and standards for analytical chemical laboratory use.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
ATAMAN Kimya AS, AVRIL SCA, BASF SE, Berg Schmidt GmbH and Co. KG, Cargill Inc., Croda International Plc, Interfat SAU, IOI Corp. Berhad, Jacob Stern and Sons Inc., Kao Corp., KLK Oleo, Loba Chemie Pvt. Ltd., Mitsubishi Electric Corp., Musim Mas Group, Oleocomm Global SDN BHD, Otto Chemie Pvt. Ltd., PTT Global Chemical Public Co. Ltd., The Procter and Gamble Co., VVF LLC, and Wilmar International Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Capric Acid Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.34% |
Market Growth 2024-2028 |
USD 135.41 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.75 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., ATAMAN Kimya AS, AVRIL SCA, BASF SE, Berg Schmidt GmbH and Co. KG, Cargill Inc., Croda International Plc, Interfat SAU, IOI Corp. Berhad, Jacob Stern and Sons Inc., Kao Corp., KLK Oleo, Loba Chemie Pvt. Ltd., Mitsubishi Electric Corp., Musim Mas Group, Oleocomm Global SDN BHD, Otto Chemie Pvt. Ltd., PTT Global Chemical Public Co. Ltd., The Procter and Gamble Co., VVF LLC, and Wilmar International Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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