The global medium chain triglycerides market is expected to grow primarily due to growing demand for dietary supplements and personal care products. Coconut oil sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 18, 2023 /PRNewswire/ — Global Medium Chain Triglycerides Market Forecast Analysis:
As per the report published by Research Dive, the global medium chain triglycerides market is expected to register a revenue of $2,959.9 million by 2031 at a CAGR of 6.6% during the forecast period 2022-2031.
Segments of the Medium Chain Triglycerides Market
The report has divided the medium chain triglycerides market into the following segments:
- Type: caproic acid, caprylic acid, capric acid, and lauric acid
- Caprylic Acid – Fastest growth by 2031
The wide use of caprylic acid for effective treatment of various ailments such as skin diseases, digestive issues, yeast infections, and excessive cholesterol is expected to push the growth of this sub-segment further.
- Source: coconut oil, palm kernel oil, and others
- Coconut Oil – Highest CAGR by 2031
A variety of health advantages offered by coconut oil, including improved athletic performance, increased energy, and weight loss are expected to augment the growth rate of the market in the 2022-2031 timeframe.
- Application: dietary supplements, pharmaceuticals, food and beverages, beauty and personal care products, and others
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The rapidly increasing demand for dietary supplements, cosmetics, and beauty products among millennials in this region is predicted to propel the market in the forecast period.
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Dynamics of the Global Medium Chain Triglycerides Market
The significant rise in demand for medium chain triglycerides for dietary supplements and beauty & personal care products is expected to make the medium chain triglycerides market a highly profitable one in the forecast period. Additionally, increasing use of medium chain triglycerides as a substitute to fats is predicted to propel the market forward. However, according to market analysts, availability of mineral oil as a substitute in cosmetic applications might become a restraint in the growth of the market.
The growing usage of medium chain triglycerides (MCT) in the pharmaceutical industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing applicability of MCT in various cosmetic products like lip care, hair care, skin care, cosmetics, and massage products is expected to propel the medium chain triglycerides market forward in the coming period.
COVID-19 Impact on the Global Medium Chain Triglycerides Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The medium chain triglycerides market, however, was moderately impacted due to the pandemic. The lockdowns and import-export restrictions severely affected the cosmetics and personal care products industries. However, an increase in awareness regarding the importance of dietary supplements caused an increase in demand for medium chain triglycerides. These factors helped the market fight pandemic woes resiliently.
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Key Players of the Global Medium Chain Triglycerides Market
The major players of the market include
- BASF SE
- P&G Chemicals Ltd.
- Sternchemie GmbH & Co. KG
- Wilmar International Ltd
- Koninklijke DSM N.V.
- Lonza Group Ltd
- Stepan Company
- Emery Oleochemicals
- Croda International Plc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2021, Croda International Plc, a global chemicals company, announced the acquisition of Alban Muller, a cosmetic products manufacturing company. This acquisition is expected to expand the scope of Croda international in the medium chain triglyceride market substantially in the coming period.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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