Global Caprylic Acid Market Growth Powered by Government Promotions | Technavio

LONDON–(BUSINESS WIRE)–#Research–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.

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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