Caprylic Triglycerides Market Share, Size, Trends, Industry Analysis Report, By Form (Liquid and Semi-Solid); By Source; By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Oct-2023
- Pages: 115
- Format: PDF
- Report ID: PM3849
- Base Year: 2022
- Historical Data: 2019-2021
The global caprylic triglycerides market was valued at USD 698.57 million in 2022 and is expected to grow at a CAGR of 7.2% during the forecast period.
Caprylic triglycerides, also known as caprylic/capric triglycerides or simply caprylic/capric glycerides, are a type of natural fatty acid ester commonly used in various industries, including cosmetics, pharmaceuticals, and food. They are derived from a mixture of caprylic acid and capric acid, which are naturally occurring fatty acids found in coconut oil and palm kernel oil, among other sources.
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The extensively growing product use in the cosmetics and personal care industry due to their emollient properties and ability to improve the texture and feel of products and rising consumer disposable income levels, particularly in developing countries, allowing them to spend higher on premium and natural ingredients, are the primary factors influencing the caprylic triglycerides market growth. Additionally, ongoing advancements in technology and product innovation that enable the development of improved caprylic triglyceride formulations to meet the rising product demand globally are further anticipated to create huge growth potential over the years.
- For instance, in March 2023, Fortuna Skin, a leading Italian skincare company, unveiled its newly developed Cielo Puro Cleansing Oil Balm, which is a type of oil cleanser that provides the makeup removal power of face wash along with the moisture renewal effect. It includes caprylic triglycerides, oleo europaea, leaf water, Simmondsia Chinensis, and many others as major ingredients.
Moreover, many large product manufacturers are focusing on exploring new sectors and developing innovative applications for caprylic triglycerides, which is likely to create new revenue opportunities in the near future. For example, there is potential for product use in the pharmaceutical industry for drug delivery systems or in the food industry as an ingredient in functional foods and beverages. Hence, by identifying and capitalizing on these untapped applications, companies can expand their market reach and create new revenue streams.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the caprylic triglycerides market. The spread of the pandemic led to huge disruptions in supply chains across various industries, including caprylic triglycerides, as many countries have imposed restrictions on transportation and trade and lockdown measures that affected the supply and distribution of raw materials and finished products. However, the pandemic also prompted consumer awareness towards health and wellness, thereby positively influencing the product demand in nutraceutical applications.
Increasing Awareness of Natural and Organic Products
The increasing awareness among consumers about the benefits of using natural and organic products, particularly in the context of health and wellness, and the exponential rise in the number of consumers actively seeking products that are gentle on the skin, environmentally friendly, and free from harmful chemicals coupled with the rising consumers willing to spend more on premium products that offer added benefits, are major factors propelling the global market demand and growth.
Furthermore, the product is gaining huge traction in popularity in the personal care and cosmetics industries because of its range of beneficial properties, including skin replenishment, antioxidant, moisturizing, non-greasy, and emollient, among others, and a surge in the number of approvals for product use by several government authorities including U.S. Food and Drug Administration, are also among the factors fostering the growth of the market.
The market is primarily segmented based on form, source, application, and region.
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By Form Analysis
Semi-liquid segment is expected to witness highest growth during forecast period
The semi-liquid is expected to witness the highest growth during the anticipated period on account of the growing use of semi-liquid products in a wide range of applications across various industries, including personal care products, pharmaceutical formulations, food and beverages, and dietary supplements along with the growing popularity of the product segment due to its ability to provide a lightweight and non-sticky feel, allowing for quick absorption into the skin without leaving a greasy residue.
The liquid segment led the industry market with substantial revenue share in 2022, which is largely accelerated by its diverse range of beneficial properties and characteristics, including excellent solubility, better skin conditioning and moisturizing properties, and enhanced lubricant effects, among others. In addition, the rapidly surging use of liquid caprylic triglycerides in the food and beverage industry as emulsifiers, stabilizers, and flavor carriers, which helps improve the texture, mouthfeel, and stability of products, is also likely to influence the market positively.
By Source Analysis
The coconut oil segment accounted for the highest market share during the forecast period.
The coconut oil segment accounted for the highest market share during the forecast period, mainly due to its high-quality nutritional fat compared to other plant-based oils available in the market, and it can also be easily converted into antiviral monolaurin. Increasing consumer awareness about the several potential health benefits of coconut oil, like its medium-chain triglycerides content and increasing applications and functionality of coconut oil in the form of caprylic triglycerides, are likely to impact the segment market growth positively.
Moreover, a large number of consumers are increasingly demanding products with clean labels and looking for transparency in the ingredients and production processes of the products they consume. Thus, being a recognizable and natural ingredient, coconut oil aligns well with this trend and offers a clean and transparent ingredient option to manufacturers, thereby contributing to the growth of this segment market.
By Application Analysis
The skin care segment held a significant market share in 2022
The skincare segment held a significant market share in 2022, which is significantly driven by growing demand for natural and sustainable skincare products across the globe and the rising prevalence of the incorporation of caprylic triglycerides into various skin care products, as they form a protective barrier on the skin's surface, that prevent moisture loss and keep the skin hydrated for a longer time. Along with this, the product is highly compatible with a wide range of active ingredients commonly used in skincare formulations due to its ability to enhance the delivery and absorption of ingredients, such as vitamins, antioxidants, and botanical extracts, into the skin.
The medicines segment is expected to gain a substantial growth rate during the projected period because of the increasing preference for natural and plant-based medicines among consumers worldwide and growing product use in the production of several pharmaceutical formulations like tablets, creams, and ointments.
North America dominated the largest market share in 2022
The North American region dominated the global market with the largest share in 2022, and this was mainly attributed to rising awareness of health and wellness and a number of consumers becoming more conscious of the ingredients used in products they consume or apply to their bodies, particularly in high-income countries like US and Canada. Continuous technological advancements and product innovations, along with the number of manufacturers investing in research and development activities to improve the quality and functionality of caprylic triglycerides, expanding their applications and attracting more consumers, are likely to influence the region's market positively.
The Asia Pacific region is anticipated to emerge as the fastest growing region with a healthy growth rate over the coming years, owing to changing lifestyles and urbanization, which have led to an increased focus on personal grooming and appearance along with the presence of favorable government regulations and policies promoting the use of natural and sustainable ingredients in personal care and food products.
Key Market Players & Competitive Insights
Key players in the Caprylic Triglycerides Market reveal a landscape where companies are strategically positioned to cater to the increasing demand for natural and skin-friendly ingredients. Major companies in the market maintain diverse product portfolios, offering a range of caprylic triglyceride products tailored to different applications and industries. This diversity allows them to cater to a broader customer base.
Some of the major players operating in the global market include:
- Alzo International
- American International Chemical LLC
- Cremer North America LP
- Cremer Oleo.
- Croda International Plc
- Ecogreen Oleochemicals
- Jarchem Industries
- Kao Corporation
- Merck KGaA
- Oleon NV
- Vigon International
- Wilmar BioEthanol
- In October 2022, Lady Burd introduced its new fall and winter collection, which features a range of lip products, including Crème Lipsticks made with antioxidants and Matte Lipsticks. The newly launched Crème Lipstick includes caprylic triglyceride, lanolin, euphorbia cerifera, mineral oil, Copernicia cerifera, and many others, and available in a diverse range of colors.
Caprylic Triglycerides Market Report Scope
Market size value in 2023
USD 747.40 million
Revenue forecast in 2032
USD 1,402.03 million
7.2% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD million and CAGR from 2023 to 2032
By Form, By Source, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
The caprylic triglycerides market report covering key segments are form, source, application, and region.
Caprylic Triglycerides Market Size Worth $1,402.03 Million By 2032.
The global caprylic triglycerides market is expected to grow at a CAGR of 7.2% during the forecast period.
North America is leading the global market.
key driving factors in caprylic triglycerides market are increasing awareness of natural and organic products.