San Francisco, 23 Nov 2018 - According to a report published by Grand View Research, Inc.; the caprylic acid market is expected to reach a valuation of around USD 4.4 million by 2022. Increasing use of product in personal care and pharmaceutical industry, and other end-use industries can propel the market during the forecast period (2012 to 2022).
U.S Caprylic acid market revenue, by application, 2012 - 2022 (USD Million)
Palm and coconut oil are used in the manufacturing of caprylic acid. This naturally derived product has high demand in organic personal care products due to its antifungal, antimicrobial, and anti-oxidant properties. The product is being extensively used in the making of esters, which are used in hair care, skin care, perfumes, soaps, color cosmetics, and other personal care items. Thus, growing use of product in medicines, luxuries items, surfactant, and lubricants is projected to fuel the product demand in the coming years. Growing use of the compound in the treatment of yeast infection, Crohn’s disease, children with epilepsy, bladder infections and gingivitis can drive the market growth. Furthermore, the product is also widely utilized in commercial applications such as anti-microbial pesticide, fragrance enhancing component, and fat reducing agent.
Browse In-Depth Insights On Caprylic Acid Market: www.grandviewresearch.com/industry-analysis/caprylic-acid-market
Worldwide caprylic acid market can be segmented on the basis of application and region.
Based on application, the market can be split into pharmaceutical, personal care, food and beverage, and others.
In 2014, the personal care segment estimated for 39.2% of the total volume. Growing use of the product in the making of cosmetics, hair care products, and skin care creams is likely to boost the segment over the forecast period. Increasing use of the personal care products among working population is likely to support the segment growth. Additionally, the compound act as emollient and dispersing agent which release of pigments and vitamins that helps smooth texture to the hair as well as skin.
The pharmaceutical industry is anticipated to expand at a CAGR of over 5.0% of the overall volume during 2015 to 2022. This growth can be attributed to growth in aging population, technological advancements, and increasing awareness about generic medicines. The product is extensively used in the treatment of oral gingivitis, candida virus, urinary tract infections, and bladder infections.
The food and beverage segment is likely to show notable growth over the forecast period due to increasing use of natural antimicrobial ingredient for food contact surfaces as well as meat processing plants, wineries, and, breweries. Since the compound helps to maintain function of digestive tract and pH balance of the body. Additionally, the compound activates ghrelin that helps to increase appetite. The product demand in food and beverage applications is projected to be worth USD 1.3 million by 2022.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2014, North America estimated for over 30.0% of the volume and revenue share. The region is projected to show substantial growth during the forecast period. This growth can be attributed to high demand for the product in personal care products and breweries, wineries and dairies due to its antimicrobial and antifungal properties.
In 2014, Asia Pacific captured over 25% of the total volume and is expected to show significant growth over the forecast period. Growing disposable income and shifting consumer preferences to naturally derived organic products is likely to boost personal care segment in this region. Additionally, rapid industrialization along with rise in pharmaceutical research by companies is expected to boost the product demand in the coming years. The pharmaceutical market in China is likely to display high growth due to rise in health concerns, improving economic and demographic conditions, and growing R&D efforts.
Europe is expected to grow on account of growing demand from personal care sector. The product is used in the manufacturing of personal care products that can help in reducing wrinkles, cellulite, and age spots.
Some of the leading companies operating in the market include Vigon International Inc.; Pacific Oleochemicals Sdn Bhd; Wilmar International Ltd.; Solazyme; and Ecogreen Oleochemicals.
Browse More Reports Of The Same Category: www.grandviewresearch.com/industry/renewable-chemicals
Grand View Research has segmented the caprylic acid market on the basis of application and region:
Caprylic Acid Market Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- Personal care
- Pharmaceutical
- Food & beverage
- Others
Caprylic Acid Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2022)
- North America
- US.
- Europe
- Germany
- United Kingdom
- Asia Pacific
- China
- Japan
- Latin America
- Brazil
- Middle East & Africa
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-caprylic-acid-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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