December 28, 2018: Adroit Market Research launched a report on, “Global Caprylic Acid Market Size 2017 Application (Personal Care, Pharmaceutical, Food & Beverage, and Others), By Region and Forecast 2018 to 2025”. The study covers the global caprylic acid market trends including the various driving and restraining factors. Additionally, the report discusses the global caprylic acid market growth for a period between 2015 and 2025. Caprylic acid is also known as octanoic acid.
The global caprylic acid market size is estimated to reach USD 3.11 million by 2025 driven by its antifungal and antimicrobial properties. Caprylic acid or octanoic acid is a natural fatty acid that helps to boost immunity against fungal or bacterial infections and in plummeting cholesterol level. Caprylic acid is also used as a pesticide in various commercial food grade industries to prevent unwanted microbial growth.
Application of caprylic acid in infant formula has been one of the major drivers of the global caprylic acid market, however, post the renewal of the infant formula composition as per the 23(a) of standard 2.9.1 which states that the MCTs should not be used as these fats are not absorbed naturally in the breast milk. Thereafter, the amount of MCTs has been reduced to 0.002% (w/w) of the total fat content of infant formula. Caprylic acid is the major component of medium chain triglycerides (MCTs).
Coconut oil, palm kernel nuts, and Babassu palm are the major sources of C8 caprylic acid and other C12-C14 fatty acids across the globe. Plants oil market itself is a more than USD 200 billion market with coconut oil accounting more than USD 5 billion and palm kernel oil accounting for more than around USD 9 billion at present.
North America accounted for a major market revenue share in the global caprylic industry. Presence of huge commercialized ester market and key players and partners, such as Solazyme, Mitsui, Unilever, and AkzoNobel is the key factor driving the caprylic acid market growth in this region. The Europe caprylic acid market growth is mainly driven by consumer products companies, such as Unilever and Henkel.
Asia Pacific is another huge market for caprylic acid with more than 50% of the global oleochemicals production in terms of production of coconut and palm kernel nuts dwelling in Asia, for instance, Indonesia and Malaysia. Below are the top 10 countries that account for 96% of the global coconut production. Indonesia holds the major market revenue share of 33% followed by Philippines and India accounting for 27% and 21%, respectively.
Top 10 coconut producing countries, 2017 (Tons)
|
Country |
Coconuts Produced (Tons) |
|
Indonesia |
18,300,000 |
|
Philippines |
15,353,200 |
|
India |
11,930,000 |
|
Brazil |
2,890,286 |
|
Sri Lanka |
2,513,000 |
|
Vietnam |
1,303,826 |
|
Papua New Guinea |
1,200,000 |
|
Mexico |
1,064,400 |
|
Thailand |
1,010,000 |
|
Malaysia |
646,932 |
Rigorous research and development are the key aspects of global caprylic acid market trends. Key players present in this market are constantly applying genetic engineering in order to derive the substance from novel organisms instead from conventional sources. For instance, Solazyme Inc., currently known as TerraVia Holdings Inc., a California-based organization, has successfully engineered a way to tailor the strains derived from algae that eventually can be expressed in terms of fatty acids, such as capric acid or myristic acid.
Algae are naturally as well commercially available in abundance, however, industries that operate sustainably and can be cost competitive with existing energy options is still a challenge and a major restraint for this industry. Codexis and LS9, Inc. are also battling in the market competition of global caprylic acid and have successfully engineered microbes that yields fatty alcohols for commercial use in detergents.
Key players present in this market include TerraVia Holdings, Oleon, Arizona Chemicals, Wilmar BioEthanol, and Spectrum Chemical Manufacturing Corp. TerraVia Holdings is likely to lead the global caprylic and oleochemical industry in terms of joint ventures and agreements that include global leaders in chemical and sugar industry, such as Dow, AkzoNobel, and Mitsui.
Key segments of the global caprylic acid market
Application Overview, 2015-2025 (USD Thousand) (Tons)
- Personal care
- Pharmaceutical
- Food & beverage
- Others
Regional Overview, 2015-2025 (USD Thousand) (Tons)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- Central and South America
- Brazil
- Middle East and Africa