The myristic acid industry is being driven by the growing product demand from the major end use sectors. The Asia Pacific is expected to contribute to the growth of the industry in the forecast period significantly. The growth can be attributed to the rising demand for processed food products in the region, thereby propelling the demand for flavouring agents like myristic acid. This is supported by the escalating disposable incomes and the expanding food and beverage industry in the Asia Pacific. In developed regions like Europe and North America, the presence of stringent regulatory policies is compelling manufacturers to produce certified food grade products and certified natural products. For instance, Sigma-Aldrich, a subsidiary of Merck KGaA, follows IFRA guidelines and provides halal and kosher certified grades of myristic acid.
Based on source, the plant based segment is expected to witness an increased growth in the forecast period. This is due to the growing health awareness among consumers and the rising shift towards natural products. Meanwhile, the easy availability of end use products like cosmetics and food and beverages through retail channels like Walmart Inc (NYSE: WMT) and Amazon.com, Inc. (NASDAQ: AMZN) is expected to further propel the market growth over the forecast period.
Market Breakup by Source, Application, End Use, and Region:
- By source, the industry can be bifurcated into plant based and animal based.
- Based on application, the industry is divided into food additive, surfactant, opacifying agent, emollient, cleansing agent, and emulsifier, among others.
- The various end use sectors of the product include food and beverage and cosmetic and personal care, among others.
- Region-wise, the global market for myristic acid can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global market for myristic acid is being driven by the growing demand for natural fatty acids in various industries.
- The growing demand for flavouring agents and the thriving food and beverages industry are also boosting the product demand.
- The market is receiving a further impetus with the growing per capita expenditure on the personal care products.
- The rapid technological advancements and growing R&D activities are further propelling the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for myristic acid for the periods (2015-2019) and (2020-2025).
- The report also offers historical (2015-2019) and forecast (2020-2025) market information for the sources, applications, end uses, and major regions of myristic acid.
- The report also gives the regional historical (2015-2019) and forecast (2020-2025) price trends of the product.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global myristic acid market are Axaria Europe S.L., Mosselman S.A., Godrej Industries, Cremer Oleo GmbH & Co. KG, and Central Drug House (P) Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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