Caprylic/Capric Triglycerides Market size is forecast to reach $859.50 million by 2025, after growing at a CAGR of 6.2% during 2020-2025. Caprylic/Capric Triglycerides also known as MCT Oil or Medium Chain Triglycerides is gaining widespread attention in beauty, cosmetics, and personal use industries due to its oxidative stability and smooth texture. Caprylic/Capric Triglycerides is produced by reacting coconut oil with glycerol through esterification. Caprylic/Capric Triglycerides is a clear, colorless and virtually odorless liquid that dispenses quickly at room temperature as compared to its raw material coconut oil which is solid at room temperature.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- Caprylic/Capric Triglycerides is a preferred ingredient in food & beverages product due it is longer shelf-life, minimum toxicity, and as a safe ingredient.
- The growing demand for skin and personal care products is expected to surge the market growth.
By Application – Segment Analysis
Personal care segment held a significant share in Caprylic/Capric Triglycerides market in 2019 growing at a CAGR of 6% during the forecast period. Caprylic/Capric Triglycerides is a popular product used as emollient in the skin care, hair care, makeup, bath and body care and fragrances. Caprylic/Capric Triglycerides are commonly used in cosmetics as it absorbs rapidly into the skin and adds a smooth and dry oil feel to the skin. It is often used as an ingredient in lotion, cream, moisturizer, serum, cleanser & face wash and others. Caprylic/Capric Triglycerides developed around fifty years ago as an energy source for patients suffering from fat malabsorption syndrome which still finds applications in medical, nutritional products due to the purity and the unique attributes of caprylic/capric triglycerides.
Beauty products considered safe, trustworthy and comforting will see a sharp rise in demand in the aftermath of novel coronavirus, with few firms believing that color cosmetics could dip, while hygiene and skin care will drive forward.
Geography- Segment Analysis
Asia Pacific dominated the caprylic/capric triglycerides market with a share of more than 40%, followed by North America and Europe. Countries like India and China have shown significant growth in cosmetic consumption; India is the most growing cosmetic market in the world is likely to become next home of many international caprylic/capric triglycerides producers during the forecast period. Consumers all around the world are getting attracted towards caprylic/capric triglycerides because of its oxidizing effect, smooth texture and low cost which is driving the market. Perception towards cosmetics in the Middle East is changing, and with the rise of per capita income, people changed their lifestyle and getting attracted to fashion. Hence, Caprylic/Capric Triglycerides market is expected to grow during the forecast period due to its versatile benefits.
Drivers – Caprylic/Capric Triglycerides Market
- Increasing consumption in food & beverages, and personal care industry drives the caprylic/capric triglycerides market
Caprylic/capric triglyceride is an oily liquid, derived from coconut oil and glycerine. Caprylic works as an emollient, and helps skin to retain moisture by providing lightweight and non-greasy barrier of lubrication. Caprylic/capric triglyceride is used in cosmetics and other personal care products, such as eye makeup, moisturizers, face creams, sunscreens, perfumes lipstick, and foundations. It can also be used in perfumes, moisturizers and sunscreens. As it is found naturally in foods, it can also be made by industrial processes. Personal care, food & beverages, pharmaceutical, and industrial & others are the major applications of Caprylic/capric triglyceride.
Uses of caprylic acid are found commercially in perfumery& in manufacture of dyes. It is an antimicrobial pesticide that is used as a food sanitizer in food handling units like dairy equipment, food processing equipment, wineries, breweries and beverage processing units. The dietary uses of caprylic acid constitute as excess calorie burning & weight loss. Even athletes and sport persons consume triglycerides present in certain supplements to build endurance and stamina.
Challenges – Caprylic/Capric Triglycerides Market
- Health issues and availability of substitutes
Caprylic/Capric Triglycerides include potential gastric distress which can create troubles in the long term. Any product made with Caprylic/Capric Triglycerides should not be used by a person who has allergy from coconut oil as this oil also contain some of the features of coconut oil. MCT oil can also cause jitters in some people, which is a similar effect to consuming too much caffeine. However, factors such as availability of substitutes, high production cost, and costs involved in research and development activities may hamper the growth of the global caprylic/capric triglycerides market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Caprylic/Capric Triglycerides market. In 2019, the market of Caprylic/Capric Triglycerides has been consolidated by the top five players accounting for xx% of the share. Major players in the Caprylic/Capric Triglycerides market are Croda International plc, Oleon NV, Ecogreen Oleochemicals, Peter Cremer North America, IOI Oleo GmbH, KLK Oleo, Oxiteno, and BERG + SCHMIDT GmbH & CO., Emery Oleochemicals, and Sternchemie GmbH & Co KG among others.
- In January 2015, Oxiteno has expanded its Pasadena, Texas. The plant, with a capacity of 170 thousand tons/year is a part of company’s strategic plan for US$ 113 million investment in the country which announced in November 2015. The plant will help company to expand will expand its portfolio of surfactants and specialty chemicals, as well as its alkoxylation technologies.