Rockville, April 11, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global caprylic capric triglycerides market is expected to reach US$ 1.2 billion by the end of 2033, expanding at a CAGR of 5% from 2023 to 2033.
Caprylic capric triglyceride is produced by combining fatty acids with natural oils such as glycerin and coconut oil. It is used in various personal and cosmetic products as an emollient, solvent, dispersion agent, and antioxidant. With its natural antioxidant, antimicrobial, and antifungal properties, demand for organic personal care products is expected to increase significantly.
The U.S. FDA's approval of caprylic capric triglyceride for usage in nutritional supplements in the food industry has led to its widespread use in dietary and medicinal applications. The growing demand for personal care products such as skin creams, lotions, moisturizers, sunscreens, lip balms, fragrances, face washes, serums, hair products, and more is expected to continue driving the expansion of the caprylic capric triglyceride market.
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Rise in pollution levels and environmental changes leading to deteriorating skin health has been driving the demand for personal care products, thereby contributing to the growth of the caprylic capric triglyceride market. Increasing consumer spending on enhancing body and facial aesthetics worldwide is expected to further propel the sales of these compounds in the coming years.
Key Takeaways from Market Study
- The global caprylic capric triglycerides market is valued at US$ 700 million as of 2023.
- Demand for caprylic capric triglycerides is projected to increase at a CAGR of 5% during the forecast period (2023 to 2033).
- The market for caprylic capric triglycerides is estimated to touch US$ 1.2 billion by 2033.
- Demand for caprylic capric triglycerides in the United States is expected to increase at a high CAGR of 7% during the forecast period.
- Consumption of medicines containing caprylic capric triglycerides is expected to rise at a CAGR of 5% through 2033.
“Increasing government push to use of organic products and rising environmental concerns are expected to fuel the demand for caprylic capric triglycerides for use in industrial products,” says a Fact.MR analyst.
Key Segments of Caprylic Capric Triglycerides Industry
- By Form :
- Liquid
- Semi-solid
- By Source :
- Coconut Oil
- Palm Oil
- Others
- By Application :
- Skincare
- Hair Care
- Makeup
- Fragrances
- Food
- Medicines
- Bath & Body Care
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Report Attributes | Details |
Market Size in 2022 | US$ 700 Million |
Estimated Market Value (2023) | US$ 735 Million |
Projected Market Value (2033) | US$ 1.2 Billion |
Global Market Growth Rate (2023 to 2033) | 5% CAGR |
United States Market Growth Rate (2023) | 7.7% CAGR |
No. of Pages | 170 Pages |
No. of Tables | 84 Tables |
No. of Figures | 112 Figures |
Winning Strategy
The market for caprylic capric triglycerides is anticipated to expand as a result of the rising demand from the food and beverages sector as well as the personal care and cosmetics industry due to their natural benefits. Also, it is anticipated that R&D pertaining to the usage of promising and inexpensive raw materials for the manufacturing of caprylic capric triglycerides will drive the market during the forecast period.
- Algal oil is used as a raw resource in a novel caprylic acid synthesis method created by Solazyme Inc. The utilization of algal oil is a cost-effective method to produce caprylic acid and meet the growing demand from customers.
Key Companies Profiled
- Mckinley Resources Inc.
- Cremer Oleo GmbH & Co.
- Merck KGaA
- Interfat
- Procter & Gamble
- Hydrite Chemicals Co.
- Vigon International
- Ecogreen Oleochemicals
- Wilmar BioEthanol
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global caprylic capric triglycerides market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on form (liquid, semi-solid), source (coconut oil, palm oil, others), and application (skincare, hair care, makeup, fragrances, food, medicines, bath & body care), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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