Global Capric Acid Market 2017-2021
About Capric Acid
Capric acid, also called as decanoic acid, is a saturated fatty acid with a chain of 10 carbon atoms. It is a light-yellowish transparent oily liquid with an unpleasant smell. Capric acid, together with other medium-chain triglycerides, is considered to be an important contributor to good health. This is most commonly used in the cosmetics and personal care, food and beverage, and pharmaceutical industries.
Technavio’s analysts forecast the global capric acid market to grow at a CAGR of 6.85% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global capric acid market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of haircare products to individual consumers and salons.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Capric Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global capric acid market: Ecogreen Oleochemicals, Henan Eastar Chemicals, P&G, Temix Oleo, and VVF.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is growing investments in flavor and fragrance market. One of the main factors of the growth of the global flavors and fragrances market is the increasing investments by vendors in the market to increase their production capabilities and to expand their distribution networks to reach more consumers. Vendors are also investing in the market to gain access to more untapped markets, which offer them many chances to grow. In 2015, Parag Milk Foods in India announced its plans to invest $60-$75 million in expanding its production capabilities and to expand its operation to the North and Northeast India. Amul plans to invest close to $744 million in three years to set up 10 new plants to increase its production capabilities. The company plans to increase its milk processing capabilities by 9 million liters during the forecast period.”
According to the report, one driver in market is growing awareness of grooming and personal hygiene. Improved economic conditions worldwide, expanding population in developing countries, growing aging population, increased disposable incomes, growing preference for healthier lifestyles, and an increase in the use of organic natural products are the major drivers for the growth of the global capric acid market. Skin care items, hair care items, and perfumes are expected to witness the highest demand due to the growing awareness of personal hygiene and grooming. The global perfume market was estimated at $40 billion in 2016, which is again expected to grow at a CAGR of 6% during the forecast period.
Further, the report states that one challenge in market is unpredictable weather condition. Capric acid is mainly extracted from plant sources. It is derived from coconut oil, PKO, milk of various mammals, and to some extent from animal fat. Weather condition plays a vital role in the derivation process as it might be affected by any kind of adverse weather condition and other natural disasters such as flood, earthquake, and drought. Erratic supplies of coconut due to adverse weather conditions and declining productivity of aging coconut also have a negative effect on this market. In addition, coconut trees are not very resistant to pest and other diseases in certain weather conditions, which might also be a reason for low productivity certain times.
Ecogreen Oleochemicals, Henan Eastar Chemicals, P&G, Temix Oleo, VVF.