Los Angeles, CA -- (SBWire) -- 04/13/2019 --Capric acid, also known as decanoic acid, is a medium-chain saturated fatty acid. It is used in several end-user industries due to its wide range of chemical properties. Capric acid is manufactured by wet fractionation of palm kernel oil.
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 growth in demand for capric acid from the pharmaceutical industry is one the major trends that will gain traction in this market in the coming years. Due to factors such as unhealthy eating habits and the increased occurrence of chronic diseases across the globe, the pharmaceutical industry is expected to post significant revenue in countries in the regions such as North America and Europe and the emerging countries such as Brazil, India, and China. The use of Decanoate ester, which is a derivative of capric acid in various injectable drugs, will further boost market growth in the coming years.
Asia Pacific held the largest share of the market for capric acid in 2014. Growth in the region is ascribed to rising demand from personal care and food & beverage industries. In terms of volume, Asia Pacific accounted for more than 40% share of the global capric acid market in 2014. Personal care is anticipated to be the fastest-growing end-user segment of the capric acid market during the forecast period. Demand for capric acid in the region is estimated to be primarily driven by increase in consumption of capric acid in India, China, and countries in ASEAN. Growth in personal care and food & beverage industries is projected to drive demand for capric acid in Asia Pacific in the next few years. The capric acid market in Latin America and the Middle East & Africa is projected to expand considerably in the next eight years, primarily due to growth in food & beverage and personal care end-user industries. The capric acid market in Europe and North America is projected to witness accountable growth due to recovery from economic slowdown.
The global Capric Acid market was xx million US$ in 2018 and is expected to xx million US$ by the end of 2025, growing at a CAGR of xx% between 2019 and 2025.
This report studies the Capric Acid market size (value and volume) by players, regions, product types and end industries, history data 2014-2018 and forecast data 2019-2025; This report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Capric Acid in these regions, from 2014 to 2025, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil etc.)
Middle East and Africa (Egypt and GCC Countries)
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The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers. The key manufacturers in this market include
Ecogreen Oleochemicals
Henan Eastar Chemicals
P&G
Temix Oleo
VVF
By the product type, the market is primarily split into
Animal
Plant
By the end users/application, this report covers the following segments
Food & Beverages
Industrial Chemicals
Personal Care
Pharmaceuticals
Key Regions split in this report:
North America
Asia-Pacific
Europe
Central & South America
Middle East & Africa
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Capric Acid Market Growing at 2.90% CAGR Will Hit 290 Million US$ in 2025