Global Myristic Acid Market Report and Forecast 2024-2032

Global Myristic Acid Market Outlook

The global myristic acid market is being driven by the growth of the natural fatty acid market. The natural fatty acid market is expected to grow at a CAGR of 5% in the forecast period of 2024-2032.

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Growing Demand for Myristic Acid from Major End Use Sectors to Augment the Market Growth

The growing utilisation of myristic acid as a flavouring agent and emulsifier in the food and beverage industry is significantly contributing to the industry growth. The growing demand for processed food products is further driving the demand for food additives, thus, boosting the demand for myristic acid. Further, its growing application as an emollient in the cosmetic industry to produce soaps, lotions, shaving creams, and others is also aiding the industry growth. The other industrial applications of the product include its use as an opacifying agent, surfactant, and cleansing agent.

Region-wise, Europe is expected to account for a significant share in the industry owing to the growing preference for natural ingredients in food and beverages, and cosmetic and personal care products. The growing demand for cruelty-free products in the region is expected to aid the growth of the regional industry.

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Myristic Acid: Market Segmentation

Myristic acid, also known as tetradecanoic acid, is a common saturated fatty acid with a 14-carbon backbone. It is represented by the formula CH₃(CH₂)₁₂COOH, and the salts and esters of myristic acid are commonly referred to as myristates or tetradecanoates. It is naturally found in nutmeg, palm kernel oil, coconut oil, butterfat, and animal fats, among others.

The various sources of myristic acid are:

• Plant Based
• Animal Based

Based on application, the industry can be segmented into:

• Food Additive
• Surfactant
• Opacifying Agent
• Emollient
• Cleansing Agent
• Emulsifier
• Others

The various end use sectors of the product include:

• Food and Beverage
• Cosmetic and Personal Care
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Demand for Plant Based and Organic Products to Boost the Demand for Myristic Acid

The growing health awareness among consumers and increasing preference for products with natural ingredients are driving the growth of the myristic acid industry. The busy lifestyle and changing dietary habits have resulted in the increased consumption of processed foods while the growing focus on appearance and grooming is leading to the rise in sales of cosmetic and personal care products. The favourable properties of the product and its natural origin are driving the demand for myristic acid in food and cosmetic industries for various applications. Further, the growing demand for plant based and organic products is expected to drive the demand for organically sourced myristic acid. The escalating consumer disposable incomes and improving standards of living are further contributing to the industry growth. However, the excessive use of myristic acid is associated with various side effects, which may restrain the growth of the industry over the forecast period.

Key Industry Players in the Global Myristic Acid Market

The report gives a detailed analysis of the following key players in the global myristic acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Axaria Europe S.L.
• Mosselman S.A.
• Godrej Industries
• Cremer Oleo GmbH & Co. KG
• Central Drug House (P) Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report