Asia-Pacific to Dominate Global Capric Acid Market During Forecast Period – TechSci Research
Growing demand for capric acid from food & beverage and pharmaceutical industry are expected to drive the growth of global capric acid market during forecast period
According to TechSci Research report, “Global Capric Acid Market By Source, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global capric acid market is expected to register a CAGR of close to 5% during the forecast period on account of its increasing use in production of several personal care products, dyes, synthetic rubbers, pharmaceuticals, plastics products, and lubricating grease. Additionally, factors like progressive demographic changes and rising consumer awareness regarding personal care are anticipated to spur the growth of global capric acid market. However, the major factors expected to restrict the market growth of capric acid during the forecast period are exposure of capric acid in its refined form, which leads to skin or pulmonary irritation and irregular availability of raw materials.
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Global capric acid market can be segmented based on source, application and region. Considering the applications, the market can be segmented into cosmetics and personal care, food and beverage, pharmaceutical, industrial chemicals and others. The cosmetics and personal care segment is anticipated to record robust growth over the next 5 years because capric acid is used as an emollient for the even absorption of vitamins and other active ingredients, and therefore used in several personal care products such as moisturizers lotions, lipsticks, anti-aging serums, perfumes, sunscreen lotions and eye creams.
Acme-Hardesty, Ecogreen Oleochemicals, Henan Eastar Chemicals, Hangzhou Oleochemicals, IOI Oleochemicals, KLK OLEO, Majorhub Oleochemicals, P&G, Temix Oleo, Univar among others are the leading players operating in global capric acid market.
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“Regionally, the capric acid market is gaining traction and witnessing robust growth in Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia-Pacific dominated the market until 2018 and is forecast to maintain its dominance through 2024 as well. On account of increasing economical production coupled with quality manufacturing, East Asia is anticipated to lead the global capric acid market. Moreover, growing living standards and the rising GDP of APAC is boosting the growth of the personal care industry, which in turn is anticipated to spur the demand for capric acid from this industrial sector over the coming years. In fact, China and India are leading demand drivers for capric acid in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Capric Acid Market By Source, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global capric acid market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global capric acid market.
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