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The caprylic acid market size is estimated to grow at a CAGR of 8.09% between 2023 and 2028. The market size is forecast to increase by USD 203.14 million. The growth of the market depends on several factors, including increasing demand for caprylic acid in personal care products, industrial applications of caprylic acid in bio-based lubricants and grease products and focus on sustainable and bio-based solutions.
Increasing demand for caprylic acid in personal care products is notably driving the market growth. The growing demand for natural and sustainable ingredients in the cosmetic and personal care industries drives the growth of the caprylic acid (octanoic acid) market. The incorporation of caprylic acid in skincare and haircare products is fueled by its favourable characteristics as an emollient and antibacterial agent. As more consumers prioritize clean and environment-friendly cosmetic products, the use of caprylic acid corresponds with these demands. It is used in skincare products such as creams and lotions, where it contributes to texture and moisturizing properties. Caprylic acid is also used in shampoos and conditioners for its conditioning properties.
Moreover, caprylic acid benefits from the industry shift toward sustainability, establishing it as a flexible and in-demand ingredient in the manufacturing of natural and environmentally safe cosmetics and personal care products. Hence, the demand for caprylic acid is growing significantly for use in personal care products, which is expected to fuel the expansion of the caprylic acid market during the forecast period.
The increasing adoption of caprylic acid esters is an emerging trend shaping the market research report. Caprylic acid (octanoic acid) esters, most notably ethylhexylglycerin, are rapidly gaining traction as a dominant trend in the caprylic acid (octanoic acid) market, particularly in cosmetics manufacturing applications. Ethylhexylglycerin, which is obtained from caprylic acid, is well-known for its multifunctional properties, such as being a preservative besides being used as an emollient in skincare and cosmetic products. This dual-purpose capability meets the growing demand in the cosmetics industry for flexible chemicals that not only improve product shelf life but also contribute to skin conditioning.
However, caprylic acid esters, which are widely used in creams, lotions, and serums, represent a critical development that reflects the industry shift toward multifunctional and sustainable raw materials. As part of the constant evolution of cosmetics formulations, this trend reflects rising customer preference for effective and mild skincare treatments, which, in turn, has the potential to drive the market growth and forecasting of the market during the forecast period.
Fluctuations in prices of raw materials used in caprylic acid production are a significant challenge hindering market research and growth. Raw material price fluctuations, especially for coconut and palm oil, provide a significant challenge to the growth of the global caprylic acid market, affecting the stability and production costs. For instance, price volatility due to a surge in coconut oil prices in February 2021 due to crop-related issues, a decline in palm oil prices in July 2021 due to higher-than-expected production levels, and a subsequent spike in palm oil prices in October 2022 due to supply chain disruptions were responsible for a fluctuation in the price of raw materials used in the production of caprylic acid.
Moreover, these changes can affect the cost of caprylic acid (octanoic acid) production, thereby influencing product pricing and overall Market forecasting dynamics. Notably, fluctuations in raw material prices are a significant challenge that is expected to hamper the growth of the market during the forecast period.
The market share growth by the plant segment will be significant during the forecast period. The global caprylic acid market is transforming, with plants emerging as the primary source of the substance, indicating a broader trend toward sustainable and natural production processes. Plant-based caprylic acid, obtained mostly from coconut oil and palm kernel oil, appeals to the demand for eco-friendly and plant-derived components from consumers.
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The plant segment was the largest and was valued at USD 284.88 billion in 2018. Plant sources are being used strategically by firms such as KLK OLEO to address increased demand for ecologically sensitive products. This change demonstrates the dedication of the market to promoting cleaner and more sustainable manufacturing practices in a variety of industries, including food and beverage, pharmaceutical, and personal care. The versatility of plant-derived caprylic acid makes it a vital raw material in a wide range of applications, fueling its market domination. This paradigm shifts toward plant-centric solutions reflects both consumer demand for environmentally responsible behaviors and the proactive efforts of the market in focus to reduce its overall environmental footprint. Owing to such factors, the plant segment of the caprylic acid market will witness growth during the forecast period.
Based on the application, the market has been segmented into personal care, food and beverage, pharmaceuticals, and others. The personal care segment will account for the largest share of this segment. Owing to its antibacterial and moisturizing characteristics, caprylic acid is a popular ingredient in skincare and haircare products. Caprylic acid (octanoic acid) is used in formulations by well-known personal care brands such as L'Oreal, Unilever, and Johnson and Johnson due to its usefulness in treating skin issues, boosting hair health, and improving product stability. Further, as the personal care application segment continues to grow and cater to a wide range of customer tastes, the increasing use of caprylic acid in the formulation of various personal care products will spur steady growth in the global caprylic acid during the forecast period.
The Caprylic Acid Market plays a significant role in various industries, including the pharmaceutical industry, where it is utilized for its antimicrobial properties. As one of the medium-chain triglycerides derived from coconut oil, caprylic acid is also employed in the production of food additives, personal care products, and dietary supplements. Its presence in cosmetic ingredients is notable due to its beneficial effects on skin health. Alongside lauric acid and capric acid, caprylic acid contributes to the diverse range of organic acids used in industrial applications. From natural preservatives to solvents and lubricants, caprylic acid serves as a versatile component, synthesized through various manufacturing processes in the production of industrial chemicals.
APAC is estimated to contribute 38% 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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The caprylic acid market in APAC is expanding rapidly, owing to a number of factors that represent the region distinct dynamics. For instance, rising industrialization and economic growth in countries such as China and India are driving demand for caprylic acid in a variety of end-user industries, such as food and beverage, personal care, and others. APAC is experiencing a spike in consumer awareness and spending in the personal care sector, which is increasing demand for caprylic acid in skincare and haircare products. The region's long legacy of herbal and natural formulations is consistent with the predilection for caprylic acid, which is noted for its antibacterial and skin-conditioning characteristics.
Furthermore, the food and beverage industry in APAC uses caprylic acid as a preservative and flavour enhancer in a variety of food products. Population growth and changing dietary habits are driving the use of caprylic acid in food applications. Another major driver for the caprylic acid market is APAC's strong presence in the pharmaceutical and healthcare sectors. With the region's emphasis on healthcare infrastructure development, the importance of caprylic acid in pharmaceutical formulations, particularly drug delivery systems, is gaining relevance. Such factors are expected to drive the regional market growth 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.
Acme synthetic chemicals - The company offers caprylic acid which is packed in HMHDPE Drums of 180 kgs nett.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Acme synthetic chemicals, AVRIL SCA, Azelis SA, Central Drug House Pvt. Ltd., East India Chemicals International, Ecogreen Oleochemicals PTE Ltd., Ethidrugs Research Lab Pvt. Ltd., Indorama Ventures Public Co. Ltd., Interfat SAU, Koninklijke DSM NV, Kuala Lumpur Kepong Berhad, Merck KGaA, OBETECH PACIFIC SDN BHD, Otto Chemie Pvt. Ltd., Shreeji Pharma International, Spectrum Laboratory Products Inc., The Procter and Gamble Co., VVF Ltd., Wilmar International Ltd., Novaphene Specialities Pvt. Ltd., and CATO
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 caprylic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 - 2028.
Caprylic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market Growth 2024-2028 |
USD 203.14 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.83 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme synthetic chemicals, AVRIL SCA, Azelis SA, Central Drug House Pvt. Ltd., East India Chemicals International, Ecogreen Oleochemicals PTE Ltd., Ethidrugs Research Lab Pvt. Ltd., Indorama Ventures Public Co. Ltd., Interfat SAU, Koninklijke DSM NV, Kuala Lumpur Kepong Berhad, Merck KGaA, OBETECH PACIFIC SDN BHD, Otto Chemie Pvt. Ltd., Shreeji Pharma International, Spectrum Laboratory Products Inc., The Procter and Gamble Co., VVF Ltd., Wilmar International Ltd., Novaphene Specialities Pvt. Ltd., and CATO |
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 Source
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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