Global Caprylic Acid Market Growth Powered by Government Promotions | Technavio

The global caprylic acid market is expected to grow at a CAGR of close to 7% during the period 2017-2021, according to a new market research study by Technavio.

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The report presents a comprehensive outline of the global caprylic acid market by application that includes personal care and cosmetics, food and beverages, and pharmaceuticals. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: increasing promotion by governments

The increasing number of incentive plans by the government have encouraged the production of natural and ecofriendly fatty acids. For instance, the US Food and Drug Administration is promoting caprylic acid because it liberates fatty acids and has nutritional values.

According to Mohammed Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research, "Governments are persuading companies to use natural resources to produce caprylic acid. These initiatives have come from the growing benefits of caprylic acid in terms of health gain and the growing concerns among consumers regarding the use of naturally aspirated products that are safe to consume. These factors are driving the demand for caprylic acid in different regions and across different applications."

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Market trend: growing demand in food and drug segment

Caprylic acid has been approved by several food and drug administrative agencies such as the US Food and Drug Administration and the European Union. These approvals allow the industry to enhance its application as a food additive and nutrition supplement. The modern generation is becoming more and more health and nutrition conscious and approvals such as these accelerate the demand. The metabolic and functional property of caprylic acid proves to be effective in its usage in the pharmaceutical industry. The consumption of caprylic acid is growing as it is environment-friendly and produced from natural resources.

Market challenge: lack of awareness and limited availability of caprylic acid from feedstock

The raw materials required for manufacturing of caprylic acid are easily available. But the major challenge is that these raw materials contain a very small quantity of caprylic acid. For instance, palm oil contains 3%-5%, and coconut contains 5%-8% of caprylic acid. Thus, the yield of caprylic acid is very low but, it consumes a high quantity of raw material that results in high production cost. The lack of awareness regarding the advantages and superior properties of caprylic acid among vendors and end-users is hindering the growth of the global caprylic acid market. Caprylic acid consists of long chain carboxylic acid that is biodegradable in nature. It can be implemented in many industries. These properties are unique and are yet to be discovered.

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Key vendors in the market

• Forchem Oyj
• IOI Corporation
• Kuala Lumpur Kepong
• Oleon
• Wilmar International

The global caprylic acid market has dedicated vendors who are prominent producers. Increase in the growth rate of the market and rise in applications will increase the number of vendors. The threat of new entrants will intensify moderately over the next few years. Caprylic acid manufacturers focus on increasing their global footprints and investing in sustainability techniques to reduce operational and production costs and strengthen their financial position.

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