Global Capric Acid Market: Snapshot
Capric acid, also known as decanoic acid, is seeing its market soar steadily. One reason behind it is the presence of several smaller regional vendors, which has served to drive up competition. To surge ahead of their rivals, players in the global capric acid market are seen expending money into research and development of better products. This has led to a diversification of products. The players are also seen competing on the basis of pricing.
Mainly fuelling the global capric acid market is the solid demand from food and beverage and personal care industries. This is mainly because of the economic development worldwide which has increased purchasing capacities of people thereby leading to increased demand for personal care products and convenience foods. Despite the overall bright prospects, the global capric acid is running into headwinds owing to fluctuating raw material prices and easy availability of substitutes. Nonetheless, the market is predicted to grow because of the unearthing of new types of raw materials for manufacturing capric acid.
A report on the global capric acid market by Transparency Market Research finds that it would rise at a steady 5.0% CAGR between 2015 and 2023. Expanding at this pace, the market is projected to attain a value of US$1.86 bn by 2023 from US$1.21 bn in 2014.
Usage in Personal Care Products Mainly Serves to Drive Global Capric Acid Market
The different end use industries serving to drive demand in the global capric acid market are industrial chemicals, food and beverage, pharmaceutical, personal care, and others. Capric acid functions as an emulsifier and emollient. It is used for formulating lotions and creams in the personal care industry. In the food and beverage industry, it is used in the production of artificial flavors where it acts as an antimicrobial agent. This makes capric acid an ideal choice for commercial food handling. As a result, wineries, breweries, and meat processing plants are majorly boosting demand in the global capric acid market.
Other uses fuelling demand in the global capric acid market are in treatment of textiles and dye production. It is also used in the pharmaceutical industry and for the production of synthetic rubber. Apart from that, capric acid finds usage in making various kinds of plastics and lubricating grease.
Despite such wide ranging uses, the global capric acid market is predicted to surge mainly on account of the demand from the personal care sector. It is predicted to prop up demand at the maximum pace. Meanwhile, the food and beverage industry is expected to trail the personal care sector with respect to generating demand.
From a geographical standpoint, the global capric acid market can be segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Among them, Asia Pacific is the leading regional segment. The Asia Pacific capric acid market has been catapulted mainly by the burgeoning personal care and food and beverage industries. This, in turn, is because of the solid economic development in the nations of China and India that has upped the purchasing power of people. In fact, China and India are leading demand drivers for capric acid in the region.
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Apart from Asia Pacific, Latin America and the Middle East and Africa have also emerged as crucial regions in the global capric acid market.
Some of the prominent participants in the global capric acid market are Oleocomm Global SDN BHD, Chemical Associates, P&G Chemicals, KLK OLEO, and IOI Oleochemicals.