Caprylic acid is an oily liquid which is less soluble in water and has bad pungent in smell and taste. This acid is also known as octanoic acid which is formed by eight carbon saturated fatty acids. Palm oil and coconut are key raw materials used in the manufacturing of caprylic acid and its applications. This acid is discovered normally in the various mammal’s milk and coconut & palm oil in a small amount. It helps to maintain proper digestion function and PH level of the body. Caprylic acid is extensively used as an anti-microbial pesticide for the sanitizing surface of food contact in commercial food establishments on a dairy, breweries, beverage, and food processing equipment. Furthermore, caprylic acid is used in the perfluorooctanoic acid synthesis in acid chloride form.
This market is driven by a number of factors such as rising dietary and nutrition supplements, growing awareness about health, increasing use in surfactant applications. In addition, rising environmental concerns and regulations by federal corporations pertaining to the lack of non-renewable and natural resources are driving the growth of the caprylic acid globally. Furthermore, growing export duties and widespread use of enhanced natural caprylic acid and fatty acids, and rising prices of conventional animal fats & vegetable oils is expected to fuel the sector over the forecast period. Health consequences such as indigestion, diarrhea, heartburn and constipation owing to rising consumption are restraining expansion of the industry globally. Rising aging population, increasing generic medicines, and technological advancement are the key opportunities for this industry to propel over the forecast period.
The market is segregated on the basis of its application areas into four segments such as pharmaceutical, food & beverages, personal care and others. Personal care segment has acquired more than one third percentage of the share globally in 2015. Extensive use of caprylic acid in skin care and cosmetic products along with hair conditioning properties is expected to experience the significant growth over the forecast period. Furthermore, food and beverage segment is expected to fuel the growth owing to rising consumption over the projected period. On the basis of geography, this industry is classified into North America, Europe, Asia Pacific, Latin America and rest of the world.
North America was estimated to account for the highest share in 2015, followed by Europe and Asia Pacific owing to increasing demand for the food & beverage industry and personal care products North America is expected to witness significant growth over the forecast period. Anti-microbial and anti-fungal property of caprylic acid is expected to set the pace for this sector. Asia Pacific is expected to experience growth owing to changing preference of customers, increasing population and high purchasing power over the projected period. Emerging economies such as China and India are expected to drive the caprylic acid market owing to improving economic conditions and continuous R&D activities over the forecast period.
Some of the key players in the caprylic acid sector are Oleon, P&G, Kuala Lumpur Kepong (KLK), Forchem, Braido, Arizona Chemicals, CremerOleo, VVF Company, Solazyme Inc., Wilmar International Vantage Oleochemical, IOI, MeadWestVaco, Oxiteno, and Felda. Innovative and health concerning products are being introduced in the market, as the players are launching new products in the market. Solazyme Inc. has developed a new technology for producing caprylic acid in which algal acid can be used as raw material. Some of the key players are also entering into agreements, partnerships and collaborations to strengthen their position, make a presence in the sector and gain a competitive edge over other players.
Widespread applications of caprylic acid in the several industries along with the growth potential in the several other fields and increasing use of nutritious & dietary supplements are key trends which will be expected to fuel the expansion of the industry over the forecast period. The major companies such as Oleon, P&G, Kuala Lumpur Kepong (KLK), Forchem, Braido, Arizona Chemicals, CremerOleo, VVF Company, Solazyme Inc., Wilmar International Vantage Oleochemical, IOI, MeadWestVaco, Oxiteno and Felda are expected to dominate the market over the forecast period owing to their continuous efforts intended to develop and emphasize on R&D activities to accommodate the consumer demand. This industry is expected to become highly competitive over the forecast period owing to the fact that it is driven by incorporation of innovation and development of health conscious products.
