The global caprylic acid market is experienced a tremendous growth throughout the forecast period from 2015 to 2021. Caprylic acid is basically a fatty acid of 8-fat carbon, produced naturally in coconut and palm oil as well as human and bovine milk. This acid is chemically known as octanoic acid. Furthermore, caprylic acid has been approved as safe food additive by the Food and Drug Administration (FDA) department. The caprylic acid market is segmented into application type and geography. On the basis of application, the caprylic acid market is segmented into food, drugs, safe pesticides and cosmetic products. Geographically, the caprylic acid market is segmented into North America, Europe, Asia Pacific and rest of the World. Rising health concerns coupled with growing demand for nutrition and dietary supplements are boosting the growth of the caprylic acid market. In addition, increasing medical application of caprylic acid as nutritious dietary supplements for patients is positively contributing to the growth of this market. Caprylic acid as a natural fatty acid helps to boost the immunity against bacterial infections, chron’s disease and rising cholesterol level. In addition, caprylic acid is also effectively used for killing various pathogens and increasing its application in various commercial places as an antimicrobial pesticide for food contact surface sanitizer. This caprylic acid is also used as health sanitizer for medical institutions. This various application of caprylic acid has driven the growth of this market globally.
The global caprylic acid market is primarily driven by increasing health consciousness among the people associated with rising nutrition and dietary supplements. Increasing federal regulations and growing environmental concerns regarding deficiency of natural and non-renewable resources has triggered the global demand for caprylic acid and other fatty acids towards its higher applications. In addition, increasing prices of conventional vegetable oils and animal fats and higher export duties are fueling the demand for caprylic acid and other fatty acids. Different end-user companies and various specialty chemical formulators are enhancing the uses of natural caprylic acid and other fatty acids as vital resources to meet the raw material needs. Caprylic acids are major hydrophobes and it is increasingly used in surfactant applications. Furthermore, different government based incentives program encouraging the growth of renewable, natural fatty acids that further enhance the growth of caprylic acid market.
However, in spite of various advantages offered by caprylic acid there are some restraining factors that prevent the growth of the market. Increased consumption of fatty acids like caprylic acid causes some health problems such as constipation, nausea, diarrhea, heartburn and indigestion. All these concerns have negatively impacted on the growth of the global caprylic acid market during the forecast period.
Asia Pacific dominated the global demand for caprylic acid market in 2014 in terms of revenue. Caprylic acid has increasable used in food, wax and perfumeries industries that help to drive the growth of this market in several developing economics including Korea, China, India and Japan. Further, other markets such as Middle East and South Africa generate moderate to high demand for nutrition supplements and food additive caprylic acid. Apart from this, North America is anticipated to experience significant growth in the caprylic acid market during the forecast period. This is because of major weight loss programs are organized regarding caprylic acid intake in countries like Canada and the U.S.
Some of the key players operating in the caprylic acid market are IOI, Forchem, Oleon,Arizona Chemicals, Kuala Lumpur Kepong (KLK), Oxiteno, MeadWestVaco, Wilmar International Vantage Oleochemical, Braido, Felda and CremerOleo.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.