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The MCT Oil Market is projected to increase by USD 321.83 million from 2022 to 2027, at a CAGR of 6.44% between 2022 and 2027. In 2017, the market size was valued at USD 584.16 million.
The growing demand for supplements as preventive measures is the key factor driving the global market growth. The growing demand for dietary supplements is an important factor as it is widely used as a dietary supplement worldwide. The aging population is increasingly health conscious about the degenerative functions of the body and related diseases such as Alzheimer's and Parkinson's. To prevent the effects of such diseases and to be healthier, baby boomers participate, for example, in longer working hours and travel, as well as the consumption of nutritional supplements. Aging reduces food intake, so people don't get enough nutrients. With people consuming food through instant ready-to-eat food products, these products help in aiding a good and healthy lifestyle. The consumption of oils, such as coconut oil, helps in meeting the regular percentage of balanced nutrition for good health.
The market is segmented by application into supplements, pharmaceuticals, and others. The supplements segment will contribute 40% to the growth of the market. The increasing demand for dietary supplements across the globe will drive the demand. Globally, rising healthcare and malnutrition problems are creating more demand for dietary supplements. These supplements are generally consumed by individuals (weak or recovering patients) along with medicines or can also be consumed as sports energy drinks. These supplements come in various forms, including capsules, tablets, powders, liquids, soft gels, and gel caps. The market is primarily driven by increased consumer awareness about preventive healthcare along with the growth in the older population.
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The new product launches are notably driving the market growth, although factors such as the loss of consumer confidence will impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Trend
The new product launches are a primary trend supporting global market growth. Players develop new products to meet consumer needs. Successful new product launches help the market grow and the players as well. A successful new product launch helps increase the company's revenue stream and the player's consumer base. Also, it helps in increasing the market share of the player and gives a competitive advantage over other players.
Some of the recent product launches are as follows: In July 2020, Vita Coco, a US-based company, announced the regional launch of coconut water with MCT-Vita Coco Boosted- a new line of functional in 2021. In January 2021, NEXE Innovations Inc. announced the launch of the XOMA Superfoods brand, a soluble micro-ground coffee fortified packaged in the NEXE Pod. Such product launches are expected to drive the demand during the forecast period.
Challenge
The loss of consumer confidence will be a major challenge for the market. MCT supplements are consumed and sold as weight loss supplements. Recently, weight loss supplements have received negative attention due to their association with serious illnesses and injuries. Weight loss supplements, like other supplements, can have harmful side effects such as increased heart rate, high blood pressure, diarrhea, agitation, kidney problems, insomnia, liver damage, and rectal bleeding. Additionally, they interact with certain prescription and over-the-counter medications.
Moreover, there are many weight-loss supplements whose ingredients are not tested and whose combined effects are unknown. Concerning many consumers, the FDA does not approve or evaluate most weight loss supplements before market entry. Regulatory action often depends upon harm or side effects reported by consumers. Thus, the growing infamy of these products will result in a loss of consumer confidence in all dietary supplements, including supplements, becoming a barrier to the future growth of the focused market.
Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 market segmentation by application consists of supplements, pharmaceuticals, and others. The market share growth by the supplements segment will be significant during the forecast period. The product is used as a dietary food supplement, which is consumed for anti-aging problems. It promotes soft, hydrated, and healthier skin. It is also consumed in tablet form. The increasing demand for dietary supplements across the globe will drive the demand during the forecast period.
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The supplements segment was valued at USD 346.70 million in 2017 and continued to grow by 2021. Dietary supplements can be minerals, vitamins, amino acids, and others. Athletes use MCTs for nutritional support during training to increase exercise performance, decrease body fat, increase lean muscle mass, and weight loss. The market is primarily driven by increased consumer awareness about preventive healthcare along with the growth in the older population. Also, the increasing consumption of clinical nutrition products as a prevention medium for reducing malnutrition is expected to have a substantial impact on the market in focus during the forecast period.
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North America 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.
The increasing demand for multifunctional personal care products and the growing adoption of anti-aging products are some of the key factors driving the market growth in North America. Mexico and Canada are the other countries that contribute high revenue to the market in the region. The market in these countries is expected to grow during the forecast period. The high focus of consumers on hygiene and personal care is expected to remain the key factor for driving the market growth during the forecast period.
The Market witnesses steady growth driven by increasing demand for medium-chain triglycerides (MCTs) across various industries such as dairy products and cosmetics. Available in food grade and cosmetic grade, MCT oil finds applications in weight reduction, endurance, and natural cosmetic products owing to its water solubility and source segments like coconut oil-based natural fatty acids. Major players like BASF SE, Dupont, and P&G Chemicals dominate the market, offering diverse products derived from oilseed processed products and mineral oils. With a focus on organic beauty products and raw materials sourced from palm oil and coconut oil, the market thrives in regions like Asia Pacific, fueled by rising disposable incomes and the demand for personal care and cosmetics products.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
MCT Oil Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 6.44% |
Market growth 2023-2027 |
USD 321.83 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.33 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, India, France, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barleans Organic Oils LLC, C60 LABS, Crestchem Ltd., Croda International Plc, Henry Lamotte Oils GmbH, IOI Corp. Berhad, Jarrow Formulas Inc., Kuala Lumpur Kepong Berhad, LifeSense International LLC, Lonza Group Ltd., Metagenics LLC, NOW Health Group Inc., Nutiva Inc., Nutricia Ireland Ltd., and Oleon NV |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market research 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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