Lauric acid is a saturated fatty acid naturally occur in many vegetable fats such as coconut and palm kernel oils. It is a white, powdery solid with a faint odor of bay oil or soap. Dodecanoic acid is the systematic name of lauric acid. Lauric acid constitutes a 12-carbon atom chain and thus it is categorized into the medium chain fatty acids. Lauric acid is comparatively inexpensive likewise other fatty acids and remains potent for a longer time which results in a prolonged shelf life.
Lauric acids finds major application in soaps & detergents and personal care industry. It gets neutralized with sodium hydroxide to give sodium laurate (a popular soap type). On industrial scale, soap manufacturers usually carry out saponification directly from coconut oil rather than procuring lauric acid. Lauric acid is also an important constituent of skin care and hair care products. The U.S. Food and Drug Administration (U.S. FDA) has also listed lauric acid as "Generally Regarded as Safe (GRAS)" for cosmetic applications. The most popular choice of lauric acid in personal care products (including skin care and hair care) include facial cleansers, body washes, shower gels, and shampoos. Lauric acid mixes well with water, and thus forms a homogenous solution. Lauric acid is also used in conjunction with surfactants in a personal care product formulation to increase its efficacy. Lauric acid has also wide application as chemical intermediate and precursor in plastic, lubricants, pharmaceuticals etc. The usage of lauric acid can also be observed in the animal feed industry where it is used as a feed additive to improve the gut and gastrointestinal health.
Increasing consumerism has spurred the demand for personal care products in recent past and is anticipated to remain a major driving factor for the lauric acid market in the coming year. Moreover, growing awareness about animals (both pet and livestock grown for meat) health has reflected an increase in demand for animal feed additives, most preferably natural derived. Stringent government regulations and intervention in the approval process is one of the major challenges in the market. As, lauric acid is directly used in the formulation of personal care products and animal feed, the manufacturers of these products have to undergo a strict approval before selling them to customers. Innovation in product with respect to formulation provides immense growth opportunity in the market.
Asia Pacific is expected to be the largest consumer of lauric acid primarily due to high demand for soaps and detergents as a result high population concentration. It is also anticipated to be the fastest growing market in the next few years. Economies such as China, India, Indonesia, Malaysia, and other South East Asian countries has witnessed high consumption of lauric acid for soaps & detergents and personal care applications. Additionally, the countries in the regions South America and the Middle East & Africa are showing swift economic growth and thus demand for lauric acid is projected to rise in the near future. North America is matured market in terms of demand for lauric acid; however increasing consumer awareness regarding health and well-being is expected to increase demand for lauric acid in pharmaceutical and personal care application. The steady demand for lauric acid in animal feed, personal care, and soaps & detergents application is expected to be driving factor for the Europe lauric acid market.
Some key players in the lauric acid market include VVF LLC, Acme-Hardesty, Sensnutrition, Acme Chem, Parchem fine & specialty chemicals, Timur OleoChemicals, Volac Wilmar Feed Ingredients Limited.
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.