The capric acid industry held USD 245.53 million in 2020 and is expected to grow at a CAGR of 2.8% from 2020-2030. Capric acid market is often classified as decanoic acid, is a medium-chain saturated fatty acid found naturally in animal fats, cow's and goat's milk and vegetable oils such as palm and coconut oil. Owing to its wide variety of end-user applications it has high market value. It is used primarily in the preparation of artificial food flavours, which is a wide market by itself. Growing consumption of processed and packaged food items has fostered the need for new artificial flavoring agents and colours. Capric acid is used to produce esters for colour, artificial flavouring and flavouring.
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New sources of raw materials will give the capric acid market a lucrative chance. In different injectable medications, the use of decanoate ester, a capric acid derivative, would further improve the use of capric acid in the pharmaceutical industry. Prominent pharmaceutical firms plan to use the capric acid found in coconut oil to manufacture medications for patients with diabetes, which represents a significant opportunity for the capric acid industry. Rising demand from the pharmaceutical industry for capric acid is one of the main driving factors for the growth of the global capric acid market.
In the coming years, the pharmaceutical industry's growing demand for capric acid is one of the major capric acid market trends. Because of factors such as unhealthy eating habits and increased occurrence of chronic diseases worldwide, the pharmaceutical industry is expected to generate significant capric acid market share in countries/regions such as North America and Europe and in emerging countries such as Brazil, India and China. Decanoate ester, a capric acid derivative in various injectable drugs, will further boost market growth in the coming years.
Capric acid market in the Asia-Pacific region was the fastest growing in the forecast period at approximately 40% of the total a capric acid market share. Most of the global manufacturers focus on investments in the Asia-Pacific countries because of strong color, artificial flavoring and aroma opportunities in the backdrop of fast-growing processed food industry.
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Japan, China, and India are the major producers of food products such as meat and meat products and oils and fats, further increasing this region's capric acid market size. One of the important factors that is contributing to the region's extensive capric acid industry growth is the availability of raw material. Europe and North America, shows promising increase for the capric acid market. Increasing demand for natural content products, however, is likely to restraint growth of capric acid market sales in North America.
The major players of global capric acid market include, Univar, Temix Oleo, P&G, Majorhub Oleochemicals, KLK OLEO, Hangzhou Oleochemicals, Acme-Hardesty, Henan Eastar Chemicals, IOI Oleochemicals, Ecogreen Oleochemicals, and VVF LLC.