The global market for caprylic/capric triglycerides is projected to be valued at approximately US$ 735 million in 2023, with expectations to grow to around US$ 1.2 billion by the conclusion of 2033, reflecting a compound annual growth rate (CAGR) of 5% during the period from 2023 to 2033.
Caprylic/capric triglycerides are produced by the esterification of glycerin with fatty acids derived from natural oils, notably coconut oil. These triglycerides serve as antioxidants and contribute to skin smoothness, which accounts for their prevalent use in skincare formulations, including soaps and cosmetics. They are characterized as clear, colorless, and odorless liquids, offering a natural alternative to the synthetic ingredients commonly found in many skincare products.
In addition to their role in personal care, caprylic/capric triglycerides are also utilized across various other sectors, including pharmaceuticals and the food and beverage industry.
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The escalation of pollution and environmental alterations resulting in declining skin health has significantly increased the demand for personal care products, thus fostering the expansion of the caprylic capric triglyceride market. Furthermore, the rising consumer expenditure on improving body and facial aesthetics globally is anticipated to further boost the sales of these compounds in the years ahead.
Key Takeaways from Market Study
- The global caprylic capric triglycerides market is valued at US$ 700 million as of 2023.
- Demand for caprylic capric triglycerides is projected to increase at a CAGR of 5% during the forecast period (2023 to 2033).
- The market for caprylic capric triglycerides is estimated to touch US$ 1.2 billion by 2033.
- Demand for caprylic capric triglycerides in the United States is expected to increase at a high CAGR of 7% during the forecast period.
- Consumption of medicines containing caprylic capric triglycerides is expected to rise at a CAGR of 5% through 2033.
“Increasing government push to use of organic products and rising environmental concerns are expected to fuel the demand for caprylic capric triglycerides for use in industrial products,” says a Fact.MR analyst.
Winning Strategy
The market for caprylic capric triglycerides is anticipated to expand as a result of the rising demand from the food and beverages sector as well as the personal care and cosmetics industry due to their natural benefits. Also, it is anticipated that R&D pertaining to the usage of promising and inexpensive raw materials for the manufacturing of caprylic capric triglycerides will drive the market during the forecast period.
- Algal oil is used as a raw resource in a novel caprylic acid synthesis method created by Solazyme Inc. The utilization of algal oil is a cost-effective method to produce caprylic acid and meet the growing demand from customers
Source: https://www.globenewswire.com/news-release/2023/04/11/2644832/0/en/Demand-For-Caprylic-Capric-Triglycerides-In-The-United-States-Is-Expected-To-Increase-At-A-High-CAGR-Of-7-During-The-Forecast-Period-Fact-MR-Analysis.html
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