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Lauric Acid Market Overview
The major trend observed in the global lauric acid market is the escalating adoption of beauty and grooming products among consumers. To cater growing demand for personal care products, companies are increasing their production capacity, which further increases the demand for raw material such as emulsifier. Lauric acid is one such inexpensive and non-toxic emulsifier with long shelf life that is used in the production of soap & detergent and other personal care products. The U.S. Food and Drug Administration (U.S. FDA) also has listed lauric acid as Generally Regarded as Safe (GRAS) for cosmetic applications.
Lauric acid also known as dodecanoic acid is commonly found in coconut and palm oils, as well as in milk. It is a white, powdery solid with a faint-like odor of bay oil or soap. It is categorized into the medium chain saturated fatty acids due to having 12-carbon atom chain. It is comparatively inexpensive to other fatty acids and remains potent for a longer time, which results in a prolonged shelf life. The lauric acid market is segmented based on application and region.
The market based on application is categorized into cosmetic & personal care, food & beverages, pharmaceuticals, and others. Among all, the cosmetic & personal care category holds the considerable share in the lauric acid market, due to increasing demand for grooming products. Further, rising disposable income enables consumers to purchase personal care products on frequent basis.
Geographically, the lauric acid market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). Among all regions, APAC accounts for substantial share in the market due to growth in urban population; increase in per capita income, which results in increase in disposable income; and changing standard of living coupled with the growth of industries, such as cosmetics & personal, pharmaceuticals, food & beverages, textile and plastics & polymers.
Lauric Acid Market Dynamics
The application of lauric acid in various industries, such as food & beverage, textile, and pharmaceutical, is one of the major factors driving the lauric acid market. Changing lifestyle of consumers has also shifted their preferences toward the processed food, which positively influences the lauric acid market as lauric acid is widely used in the food & beverage industry. Growing population has flourished the growth of textile industry, which, in turn, boosts the demand for lauric acid market. Moreover, increasing consumer awareness regarding health and well-being increases demand for lauric acid in pharmaceutical and personal care applications.
The factor that hinders the growth of the lauric acid market is the stringent regulation on the manufacturing of lauric acid since it is directly used in the formulation of cosmetics & personal care products, pharmaceuticals, food and beverages.
Lauric Acid Market Competitive Landscape
Some of the major companies operating in the global lauric acid market are VVF LLC, Cailà & Parés, KLK OLEO, Wilmar International Ltd., IOI Oleo GmbH, Musim Mas Holdings Pte. Ltd., Oleon N.V., Kao Corporation, Godrej Industries Limited, and Tokyo Chemical Industry Co. Ltd.
The major countries covered in this report for historical and forecast market size analyses are the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Lauric Acid Market Size Breakdown by Segment
The Lauric Acid Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Application