Capric Acid Market – Industry Trends and Analysis 2023
The global capric acid market is anticipated to exhibit a steady growth rate in the coming years, as reported by Transparency Market Research (TMR). The market’s business ecosystem comprises of numerous vendors. The global market is dominated by large-scale market players. However, the competitive landscape is also made up of several small-scale, regional and local vendors, who hold significant shares at a regional level.
Leading vendors in the global capric acid market are seen focusing on expansion of their production facilities. The vendors are gaining momentum in the market by establishing their presence in emerging regions. Mergers and acquisitions are another key strategy being adopted by vendors in order to gain traction in the market. Key vendors in the global capric acid market are Ecogreen Oleochemcials, KLK OLEO, Hangzhou Oleochemicals, Acme-Hardesty, P&G, and Temix Oleo.
As reported by TMR, the global capric acid market is estimated to rise at a 5.0% over the forecast period of 2015 to 2023. The market was estimated to be worth US$1.21 bn in 2014 and is expected to reach US$1.86 bn by 2023.
Among the different user segments, personal care accounted for nearly 35% share in 2014. The global capric acid market is expected to be dominated by Asia Pacific over the forecast period. The region’s swift growth could be attributed to healthy economic growth of countries such as India and China.
Burgeoning Demand from Food Sector to Boost Growth
The growing consumption of packaged and processed food leads to a rise in demand for new and differentiated colors, flavors, textures and aroma. Capric acid is a key ingredient used in the manufacture of esters. These esters find application in artificial food coloring, flavors, and aroma. Capric acid is further used as an antimicrobial agent, which plays a key role in commercial food handling.
Breweries, wineries, and meat processing plants use capric acid extensively. The soaring demand from all these food, food processing and packaging sectors are expected to boost the global capric acid market in the coming years.
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Pharmaceutical Industry to Provide Rich Opportunity
The capric acid market is expected to witness several growth opportunities in the pharmaceutical industry. Deconoate ester, which is derivative of capric ester, is used in injectable drugs. This is likely to fuel the global capric acid market in the coming years. A number of pharmaceutical companies are using capric acid derived from coconut oil to manufacture drugs especially for diabetic patients. This is another key factor propelling the market in the years to come.
The personal care sector is expected to offer bountiful growth opportunities to vendors in the capric acid market. Multitude of uses of the product across several industries will amplify sales in the global capric acid market in the forthcoming years.
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