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.
- June 2015 - Univar USA, Inc. acquired Chemical Associates to foster the development of innovative products and optimization of chemical manufacturing methods.
- March 2018 - Omega-3 specialist Coromega launched its first products specifically positioned for sports which contain 1800 mg of capric acid for sustained energy following work-out.
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- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definitions
2. Research Approach and Methodology
2.2 Research Design
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modelling
2.4.4 Expert Validation
3. Market Overview
4. Market Dynamics
4.1.1 Increasing Consumption of Processed and Packaged Food
4.1.2 Application of Capric Acid in Cosmetic and Personal Care Industry
4.2.1 Availability of Application-specific Substitutes
4.2.2 Fluctuation in Raw Material Prices
4.3.1 Increasing Usage in Pharmaceutical Industry
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Source
5.2 By Application
5.2.1 Cosmetics and Personal Care
5.2.2 Food and Beverage
5.2.4 Industrial Chemicals
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
6. Competitive Landscape
6.1 Strategy Adopted by Key players
6.2 Most Active Companies
6.3 Market Share Analysis
7. List of Company Profiles
7.2 Ecogreen Oleochemicals
7.3 Henan Eastar Chemicals
7.4 Hangzhou Oleochemicals
7.5 IOI Oleochemicals
7.6 KLK OLEO
7.7 Majorhub Oleochemicals
7.9 Temix Oleo
7.11 VVF L.L.C.