The global caprylic acid market size was around USD 5.06 million in 2022 and is estimated to reach USD 11.74 million by 2031, expanding at a CAGR of 9.8% during the forecast period, 2023–2031. The market growth is attributed to the rising demand for personal care products.
Caprylic acid is a type of saturated fatty acid derived from coconut oil, palm oil, and the milk of humans and bovines. Caprylic acid offers antiviral, antifungal, antibacterial, and anti-inflammatory properties, thus it is used to treat yeast infections, high cholesterol, and skin conditions. Antibiotic resistance is prevented with the aid of caprylic acid.
Caprylic acid lowers the risk of antibiotic resistance. These properties make caprylic acid a useful ingredient in the treatment of health issues including tremors, epilepsy, digestive disorders, and renal failure.
Caprylic acid is known as octanoic acid. Caprylic acid is slightly soluble in water and exists in the form of an oily liquid. Caprylic acid is safe when used in medicine for up to 20 days. Common side effects reported from caprylic acid include a change in taste and stomach discomfort. It is widely used to prevent various infections such as bladder infections, urinary tract infections, Candida, sexually transmitted diseases, and oral infections including gingivitis. US Food and Drug Administration approves caprylic acid usage in the medical and food industries.
COVID-19 Impact on Caprylic Acid
The research report finds that the COVID-19 pandemic has affected the global market and major economies. Government imposed lockdowns and quarantines to minimize the spread of COVID-19 disease. Furthermore, Lockdown resulted in changes in the demand of consumers, restricted food trade policies, closure of food production facilities, and financial pressures in the food supply chain.
The chemical industry is also hampered due to the coronavirus outbreak. The demand for chemicals is decreased, global supply chains are disrupted, and stock prices of chemical companies have taken unprecedented hits during the pandemic.
Caprylic Acid Market Dynamics
The market research report presents the global caprylic acid industry outlook by providing a detailed analysis of the current market trends, existing drivers, growth opportunities, and emerging challenges. The market report offers up-to-date information about factors that can shape the market outcome or overall performance during the forecast period, 2022 to 2030.
Major Drivers
Increasing Demand for Caprylic Acid in Personal Care Products
The increasing demand for caprylic acid in personal care products is expected to drive market growth during the forecast period. Esters are widely used in the manufacturing of many skin care products. Caprylic acid is used in the preparation of esters.
Moreover, coconut oil contains caprylic acid, and it is used to treat different skin infirmities. Caprylic acid hampers the growth of microorganisms living on the skin. This microorganism causes plenty of contamination such as skin breakout.
Current Restraints
Low Availability of Raw Materials and High Cost
The low availability of raw materials and high cost are anticipated to hinder market expansion in the coming years. The rising consumption of fatty acids including caprylic acid causes health issues such as heartburn, diarrhea, constipation, nausea, and indigestion.
Thus, it is projected to hamper the market growth during the forecast period. Furthermore, People with liver disease are suggested to avoid consuming caprylic acid, as caprylic acid is not efficiently broken down in the liver.
Market Opportunities
Rising Product Applications in the Pharmaceutical Industry
The rising product applications in the pharmaceutical industry are expected to create lucrative opportunities for the key market players. Caprylic acid is used to treat epilepsy disease. Caprylic acid aids in the treatment of several infections and it maintains body’s pH balance. Moreover, the rising health concerns associated with the increasing demand for dietary supplements are projected to propel the market growth.
Scope of Caprylic Acid Report
The global caprylic acid industry research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Caprylic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Source (Palm Oil, Mammal Milk, and Coconut Oil), and End-user (Food & Beverage, Fertilizer, Chemicals, Personal Care and Cosmetics, and Pharmaceuticals)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Pacific Oleochemicals Sdn Bhd.; Evergreen Oleochemicals; KLK Oleo; Oleon; and Wilmar International Vantage Oleochemicals
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Caprylic Acid Market Segment Insights
Coconut oil Segment to Expand at a Considerable CAGR
On the basis of source, the global caprylic acid industry is segmented into palm oil, mammal milk, and coconut oil. The coconut oil segment is projected to expand at a considerable CAGR during the forecast period. Coconut oil contains 5-8% of caprylic acid, thus it is a key raw material for caprylic acid production. Caprylic acid is a naturally derived compound. Coconut oil has medicinal uses.
The palm oil segment is anticipated to account for a major market share during the forecast period, owing to rising government support regarding the use of naturally derived products in industrial applications. Palm oil contains 3-5% caprylic acid. Researchers suggest palm oil for cardiovascular health, due to its low saturated fat content.
Personal Care and Cosmetics Segment to hold a Significant Market Share
Based on end-user, the market is divided into food & beverage, fertilizer, chemicals, personal care and cosmetics, and pharmaceuticals. The personal care and cosmetics segment is expected to hold a significant share of the market in the coming years, due to the rising usage of compounds in the production of hair care products, skincare creams, and cosmetics.
Moreover, the growing pharmaceutical industry is projected to boost the market growth in the coming years, owing to technological advancements and rising awareness regarding generic medicines and the aging population.
Europe to Dominate the Market
In terms of regions, the global market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Europe is expected to witness significant growth during the forecast period, owing to increasing demand from the personal care sector. The market growth is attributed to the benefits offered by the product including the reduction of wrinkles, age spots, and cellulite.
The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the rising food & beverages and personal care. It is used as a food contact surface sanitizer. Caprylic acid is widely used in breweries, diaries, and wineries as it provides antifungal and antimicrobial properties.
Asia Pacific is projected to account for a major market share in the coming years, owing to rising industrialization in the region. The increasing pharmaceutical research by companies is anticipated to boost market growth in the region.
Segments
The global caprylic acid market has been segmented on the basis of
Source
- Palm Oil
- Mammal Milk
- Coconut Oil
End-user
- Food & Beverage
- Fertilizer
- Chemicals
- Personal Care and Cosmetics
- Pharmaceuticals
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global caprylic acid market are Pacific Oleochemicals Sdn Bhd., Evergreen Oleochemicals, KLK Oleo, Oleon, and Wilmar International Vantage Oleochemicals.
Key players are actively engaged in R&D programs and aim at the expansion of manufacturing units to expand their consumer base and increase their product portfolio. Solzyme Inc. introduced and developed a new technology for caprylic acid production which uses algal oil as a raw material. Algal oil is used to produce low-cost caprylic acid, thus this manufacturing process meets the rising consumer demand.
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