Global Capric Acid Market - Growth, Trends and Forecasts (2017 - 2022)
Capric Acid Market
The market was valued at about USD 199.5 million in 2014 and is expected to reach USD 312.8 million by 2022, registering a CAGR of 7.7%, during 2017-2022 (forecast period). Capric acid is a naturally occurring acid, which belongs to the fatty acids group in the saturated form. Capric acid has high market value, owing to its wide-range of end-user applications.
The Versatility of Capric Acid’s Use is Expected to Boost the Market Growth.
Capric acid is a compound that has a number of functions such as emulsifier, plasticizer, lubricant and moisturizing agent, which increase its market value, extensively. It is mainly used in the preparation of artificial food flavors, which by itself is a large market. The inclination of consumers to experiment with flavors is expected to provide new opportunities for the growth of the capric acid market. Most of the global manufacturers are focusing on investments in the Asia-Pacific region as there are no stringent rules for the use of artificial flavors.
Capric acid has various applications in the food and beverages industry such as flavor fixation, bacterial sterilization, stabilization, flavor enhancement, and adjustment of acid levels. Therefore, it is frequently used in ice creams, desserts, canned, sauces, cake mixes, baked goods, packaged vegetables, frozen fish and fruits, products, puddings, and cheese products. Further, it also finds application in the beverage products, from fruit juices to wine.
RISING DEMAND FOR PROCESSED FOODS DRIVING THE MARKET
Increasing consumption of the processed and packaged food products has fostered the demand for new artificial flavoring and coloring agents. Capric acid is used for producing esters for color, artificial flavoring, and aroma. Capric acid acts as an antimicrobial agent. So, it is used in commercial food handling. Capric acid is widely used in wineries, breweries, and meat processing industries. The growth of the food & beverage industry across the globe will consequently drive the market for capric acid.
Capric acid is also used in the production of synthetic rubbers, personal care products, pharmaceuticals, dyes, lubricating grease, and plastics products. It is used as an emollient and emulsifier for thickening the formulations of cosmetic products. It is largely used in the manufacture of personal care products because it has lubricating properties and spreads easily. Moreover, global warming and pollution have led to the increased usage of body lotions and sunscreens which in turn boosts the demand for capric acid.
New sources of raw materials can provide a lucrative opportunity for the capric acid market. The use of Decanoate ester, a derivative of capric acid in various injectable drugs, will further boost capric acid usage in pharmaceutical Industry. Prominent pharmaceutical companies intend to use the capric acid found in coconut oil to manufacture drugs for diabetic patients, which is a major opportunity for the capric acid market.
The Asia-Pacific region accounted for the highest market share of around 35% and is expected to exhibit the fastest growth rate, during the forecast period. The growth of the food and beverages industry in this region is due to the presence of China, Japan, and India that are the leading producers of food products, such as meat and meat products and oils and fats, will aid in the market growth in this region. The availability of raw materials is one of the major factors contributing to the extensive growth in the region. Europe stands second in market share for capric acid, followed by North America. The increasing demand for products with natural content is likely to curb the growth in the North American region.
The market consists of several players and is dominated by large capric acid manufacturers such as Henan Eastar Chemicals, Ecogreen Oleochemicals, Procter & Gamble (P&G), Temix Oleo, and VVF who have established their presence across several geographical regions. Leading market players have adopted expansion and acquisition as their key strategy. In 2013, Ecogreen Oleochemicals expanded its Batam (Indonesia) plant to increase its production capacity to 360,000 tons/year. In 2015, Univar USA, Inc. acquired Chemical Associates to foster the development of innovative products and optimization of chemical manufacturing methods.
Our report on global Capric Acid Market covers the following:
Market, Trends & Dynamics
Latest News & Developments
Porter’s five forces analysis