Global Capric Acid Market - Growth, Trends, and Forecast (2018-2023)
The global capric acid market is expected to grow at a CAGR of 7.9% during the forecast period 2018-2023 due to the increase in demand from various end-user industries, from the food & beverage industry to cosmetics and pharmaceutical industries.
Capric acid, also known as decanoic acid, is a medium-chain saturated fatty acid naturally found in animal fats, milk of goats and cows, and plant oils such as palm (3.7%) and coconut oil (5.4%). It has high market value, owing to its wide range of end-user applications. It is mainly used in the preparation of artificial food flavors, which by itself is a large market.
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 and is therefore, used in commercial food handling. Capric acid is widely used in wineries, breweries, and meat processing industries. The growth of the food & beverage industry is expected to drive the market 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 the 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 global market for capric acid is segmented based on source, application and geography. 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.
At 35% of the market share, the Asia-Pacific region exhibited itself as the fastest growing market in capric acid during the forecast period. Most of the global manufacturers are focusing on investments in the Asia-Pacific region due to strong opportunities in the artificial flavoring, color, and aroma in the backdrop of rapidly growing processed food industry.
China, Japan, and India are the leading producers of food products, such as meat and meat products and oils and fats, giving a further boost to the market for capric acid in this region. The availability of raw materials is one of the major factors contributing to the extensive growth of the capric acid market in the region. Europe, followed by North America, is exhibiting promising growth for the capric acid market. However, the increasing demand for products with natural content is likely to curb growth in the North American region.
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