New York, United States , July 06, 2024 (GLOBE NEWSWIRE) -- The Global Capric Acid Market Size is to Grow from USD 168.56 Million in 2023 to USD 258.56 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 4.37% during the projected period.
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Capric acid, also known as decanoic acid, is a 10-carbon saturated fatty acid that is mostly derived from natural sources such as coconut and palm kernel oils. This versatile substance is widely used in a variety of industries, including the food, pharmaceutical, cosmetic, and personal care products sectors. Plant sources including coconut and palm kernel oil, as well as animal milk to a lesser extent, include naturally occurring fatty acids like capric acid. It is utilized in numerous sectors, including drinkware, due to its beneficial qualities. Due to its growing demand for antibacterial, stabilizer, and flavor-enhancing properties, it is being used in more and more food and beverage compositions. A big motivator is the rising customer desire for natural and organic components in makeup and personal hygiene products. Due to its emollient and naturally occurring fatty acid, capric acid gains from this trend and is used in lotions, creams, and other personal care products. The market is driven by developments in the pharmaceutical sector that make use of capric acid's capacity to increase some drugs' bioavailability. However, raw material supply issues provide a significant growth obstacle for the capric acid industry. Capric acid production is highly dependent on coconut and palm kernel oils, which are both vulnerable to outside influences such as agricultural uncertainty, political tensions, and climate change.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Capric Acids Market Size, Share, and COVID-19 Impact Analysis, By Source (Plant and Animal), By Application (Pharmaceuticals, Food & Beverage, Personal Care & Cosmetics, Industrial Chemicals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The plant segment is anticipated to hold the greatest share of the global capric acid market during the projected timeframe.
Based on the source, the global capric acid market is divided into plant and animal. Among these, the plant segment is anticipated to hold the greatest share of the global capric acid market during the projected timeframe. The plant sector had the largest market share due to its primary sourcing from natural sources, particularly vegetable oil sources such as coconut and palm kernel oil. Plant-based sources of capric acid are favored for extraction due to the growing popularity of organic products as well as the growing emphasis on animal welfare. The growing popularity of veganism and the desire for natural supplements both support the use of plant-based capric acid.
The food & beverage segment is anticipated to hold the greatest share of the global capric acid market during the projected timeframe.
Based on the application, the global capric acid market is divided into pharmaceuticals, food & beverage, personal care & cosmetics, industrial chemicals, and others. Among these, the food & beverage segment is anticipated to hold the greatest share of the global capric acid market during the projected timeframe. Capric acid is one of the useful additions for food preservation because of its antibacterial properties. Furthermore, it serves as an emulsifier in products like dressings and sauces and enhances the flavor of a variety of culinary products. The second most significant segment in the capric market, after the food and beverage area, is industrial chemicals. The extraction of ores and metals has increased the demand for capric acid due to the development in mining operations over the past few decades. It is also frequently used in the chemical industry as a lubricant and in the manufacturing of synthetic rubber, soaps, greases, and candles.
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Asia Pacific is expected to hold the largest share of the global capric acid market over the forecast period.
Asia Pacific is expected to hold the largest share of the global capric acid market over the forecast period. Due to the region's potential for flavouring and artificial colouring in the context of the quickly expanding food industry, major manufacturers of capric acid are placing a strong emphasis on it. As the three largest manufacturers of processed foods in Asia, China, Japan, and India are expected to dominate the industry. Furthermore, there will probably be a greater need for capric acid due to the oil and gas industry's growing need for greases and lubricants. The pharmaceutical and personal care sectors are growing as a result of the fast industrialization and urbanization of the Asia Pacific region. These industries utilize capric acid extensively, especially in the manufacturing of medications, cosmetics, and personal hygiene items, which creates a large demand for the chemical.
North America is predicted to grow at the fastest pace in the global capric acid market during the projected timeframe. The region boasts a comprehensive healthcare system that includes hospitals, clinics, and highly skilled and knowledgeable medical workers. Furthermore, rising consumer health consciousness and demand for organic personal care products are likely to fuel market expansion during the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global capric acid market Sisco Research Laboratories Pvt. Ltd, P and G Chemicals, IOI Oleochemicals, Acme-Hardesty Company, Chemical Associates, Oleocomm Global SDN BHD, Henan Eastar Chemical Co. Ltd, Ecogreen Oleochemicals Pte Ltd, Chemseed, Mosselman s.a, and Others.
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Recent Developments
- In January 2022, a new product called Cal2Mg was launched by Gadot Biochemical Industries. It is a composition of calcium citrate and magnesium citrate, produced using a unique granulation process with the addition of a binder. The product’s texture is enhanced through this process, making it easier to handle and incorporate into various food applications. This launch by Gadot Biochemical Industries aims to cater to the growing demand for high-quality, functional food ingredients that can provide additional nutritional benefits to consumers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global capric acid market based on the below-mentioned segments:
Global Capric Acid Market, By Source
- Plant
- Animal
Global Capric Acid Market, By Application
- Pharmaceuticals
- Food & Beverage
- Personal Care & Cosmetics
- Industrial Chemicals
- Others
Global Capric Acid Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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