Global Myristic Acid Market Overview
The myristic acid Market Size was estimated at 1.43 (USD Billion) in 2022. The myristic acid market is expected to grow from 1.45 (USD Billion) in 2023 to 1.72 (USD Billion) by 2032. The myristic acid market CAGR (growth rate) is expected to be around 1.88% during the forecast period (2024 - 2032).
Key Myristic Acid Market Trends Highlighted
The myristic acid market is driven by rising demand from the personal care and cosmetics industry, where it is used as an emollient and emulsifier in products such as soaps, shampoos, and lotions. Moreover, the growing consumption of myristic acid in food applications, including baked goods, confectionery, and dairy products, is fueling market growth.Key opportunities in the myristic acid market include the increasing use of sustainable and renewable sources, such as palm oil and coconut oil, to produce myristic acid. Additionally, the rising demand for natural and organic ingredients in personal care and food products is creating opportunities for myristic acid manufacturers to meet the growing consumer preferences.Recent trends in the myristic acid market include the development of new technologies for efficient and cost-effective production of myristic acid. Moreover, the growing focus on health and wellness is driving the use of myristic acid in nutraceutical and pharmaceutical applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Myristic Acid Market Drivers
Growing Demand for Myristic Acid in Personal Care and Cosmetics
Myristic acid is a saturated fatty acid that is widely used in the personal care and cosmetics industry due to its emollient and moisturizing properties. It is a key ingredient in a variety of products, including soaps, shampoos, conditioners, lotions, and creams.The growing demand for personal care and cosmetics products, particularly in emerging markets, is expected to drive the growth of the myristic acid market. Furthermore, the increasing awareness about the benefits of natural and organic ingredients in personal care products is also contributing to the growth of the myristic acid market.Myristic acid is a natural ingredient that is derived from palm oil or coconut oil, and it is considered to be a safe and effective ingredient for use in personal care products.As the demand for natural and organic personal care products continues to grow, the demand for myristic acid is also expected to increase.Additionally, the rising disposable income in emerging markets is also expected to contribute to the growth of the myristic acid market, as consumers in these markets are increasingly spending on personal care products.
Increasing Use of Myristic Acid in Food and Beverage Applications
Myristic acid is consumed in the feed industry, and it is also used in the food and beverage industry, where it serves as a flavoring element and stabilizing agent in food products. The chemical substance takes part in the production of margarine, vegetable ghee, and other foodstuffs.The rise in the demand for processed and packed products in developing countries is an influential driver of the myristic acid market.At the same time, the growing popularity of plant-based products may also be representative of the rise in the demand for myristic acid which is a key element of plant-based food.
Rising Demand for Myristic Acid in Industrial Applications
Myristic acid is also used in a variety of industrial applications, including the production of detergents, lubricants, and plastics. The growing demand for these industrial products, particularly in emerging markets, is expected to drive the growth of the myristic acid market.Additionally, the increasing demand for sustainable and environmentally friendly industrial products is also expected to contribute to the growth of the myristic acid market, as myristic acid is a renewable and biodegradable resource.
Myristic Acid Market Segment Insights
Myristic Acid Market Grade Insights
The myristic acid market is segmented by Grade into Technical Grade and Food Grade. The Technical Grade segment held the largest market share in 2023 and is expected to continue to dominate the market during the forecast period.The demand for myristic acid in the technical grade segment is primarily driven by its application in the production of surfactants, detergents, and other industrial products. The food-grade segment is also expected to witness significant growth during the forecast period due to the increasing demand for myristic acid in the food and beverage industry.Myristic acid is used as a flavoring agent in a wide range of food products, such as dairy products, confectionery, and baked goods.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Myristic Acid Market Application Insights
The myristic acid market is segmented by application into personal care cosmetics, food beverages, pharmaceuticals, industrial, and others.Among these segments, the personal care cosmetics segment is expected to hold the largest market share in 2023, owing to the increasing demand for myristic acid in the production of soaps, detergents, and other personal care products.The food beverages segment is expected to grow at a significant rate during the forecast period, due to the increasing use of myristic acid as a flavoring agent and preservative in food and beverages.The pharmaceuticals segment is also expected to grow steadily due to the increasing demand for myristic acid in the production of drugs and medicines. The industrial segment is expected to hold a significant market share due to the use of myristic acid in the production of plastics, lubricants, and other industrial products.The other segment is expected to grow at a moderate rate during the forecast period due to the increasing demand for myristic acid in various other applications.
Myristic Acid Market Supplier Insights
The supplier segment of the myristic acid market is highly competitive, with prominent players accounting for a significant market share. Key suppliers include Wilmar International Limited, China Oleochemicals Limited, Plantation Industries Corporation Berhad, Emery Oleochemicals, PT Unggul Widjaja, and Oleochemicals Sdn. Bhd.These companies enjoy a strong presence and cater to diverse customer requirements. The increasing demand for myristic acid in various applications, including food, personal care, and industrial products, is driving market growth.Wilmar International Limited: One of the leading agribusiness companies with a strong presence in the oleochemicals industry.China Oleochemicals Limited: A leading manufacturer of oleochemicals in China with a focus on myristic acid production.Plantation Industries Corporation Berhad: A Malaysian company involved in the cultivation of oil palm and the production of oleochemicals, including myristic acid.Emery Oleochemicals: A supplier of oleochemicals, including myristic acid, with manufacturing facilities in various regions.PT Unggul Widjaja: An Indonesian company specializing in the production of specialty oleochemicals, including myristic acid.Oleochemicals Sdn. Bhd.: A Malaysian-based company focused on the manufacturing and distribution of oleochemicals, including myristic acid.
Myristic Acid Market Regional Insights
The myristic acid market size is expected to reach USD 1.6 billion by 2024, exhibiting a CAGR of 2.5% during the forecast period. Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA.North America is the largest regional segment, accounting for over 35% of the market share. The region's growth is attributed to the increasing demand for myristic acid in personal care and cosmetic products.Europe is the second-largest regional segment, with a market share of over 30%. The region's growth is driven by the rising demand for myristic acid in food and beverage applications.APAC is the fastest-growing regional segment, with a CAGR of over 4%. The region's growth is driven by the expanding population and increasing disposable income. South America and MEA are expected to witness moderate growth during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Myristic Acid Market Key Players and Competitive Insights
Major players in the myristic acid market are constantly striving to gain a competitive edge by implementing various strategies such as product innovation, mergers, and acquisitions. Leading myristic acid market players are investing heavily in research and development to create differentiated products and expand their market share.The myristic acid market Competitive Landscape is characterized by a mix of established Players and emerging entrants. These companies are focusing on expanding their presence, optimizing their production processes, and strengthening their distribution networks.Partnerships and collaborations are also becoming increasingly common as companies seek to leverage expertise and resources to drive myristic acid market development.One of the leading companies in the myristic acid market is Wilmar International Limited. The company has a strong presence and a diverse product portfolio, including myristic acid.Wilmar International Limited is known for its integrated supply chain, which allows it to control costs and ensure the quality of its products. The company is also actively involved in research and development, and it has developed several innovative myristic acid products.A prominent competitor in the myristic acid market is PT. Bina Karya Prima. The company is based in Indonesia and is one of the largest producers of myristic acid in the world. PT. Bina Karya Prima has a strong presence in the Asia-Pacific region and is expanding its reach.The company is known for its high-quality products and its commitment to sustainability. PT. Bina Karya Prima is investing heavily in research and development to develop new and innovative myristic acid products.
Key Companies in the myristic acid market Include
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BASF
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Godrej Industries
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KLK OLEO
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Lonza
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Croda International
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Ashland
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Cargill
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Wilmar International
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IOI Oleo Chemicals
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Emery Oleochemicals
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Ruchi Group
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Archer Daniels Midland
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Procter Gamble
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Kao Corporation
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Evonik
Myristic Acid Market Developments
The market growth is attributed to the rising demand for myristic acid in the production of personal care products, food additives, and lubricants.Recent developments in the market include the launch of new products and the expansion of production capacities by key players.For instance, in 2023, Wilmar International announced plans to invest USD 100 million in a new myristic acid plant in Indonesia. The plant is expected to have a production capacity of 50,000 tons per year and will cater to the growing demand in the Asia-Pacific region.
Myristic Acid Market Segmentation Insights
Myristic Acid Market Grade Outlook
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Technical Grade
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Food Grade
Myristic Acid Market Application Outlook
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Personal Care Cosmetics
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Food Beverages
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Pharmaceuticals
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Industrial
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Others
Myristic Acid Market Supplier Outlook
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Wilmar International Limited
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China Oleochemicals Limited
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Plantation Industries Corporation Berhad
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Emery Oleochemicals
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PT Unggul Widjaja
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Oleochemicals Sdn. Bhd.
Myristic Acid Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.43(USD Billion) |
| Market Size 2023 |
1.45(USD Billion) |
| Market Size 2032 |
1.72(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
1.88% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BASF, Godrej Industries, KLK OLEO, Lonza, Croda International, Ashland, Cargill, Wilmar International, IOI Oleo Chemicals, Emery Oleochemicals, Ruchi Group, Archer Daniels Midland, Procter Gamble, Kao Corporation, Evonik |
| Segments Covered |
Grade, Application, Supplier, Regional |
| Key Market Opportunities |
Growing demand for consumer goods Rising use of personal care products Increasing applications in the food industry Emerging markets offer significant growth potential Technological advancements and innovations |
| Key Market Dynamics |
Rising demand for personal care Soaring consumption in the food industry Growing applications in pharmaceuticals |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The myristic acid market was worth 1.45 billion USD in 2023.
The myristic acid market is expected to reach 1.72 billion USD by 2032.
The myristic acid market is expected to grow at a CAGR of 1.88% from 2024 to 2032.
The key regions in the myristic acid market are Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
The major applications of myristic acid include personal care products, food and beverages, and pharmaceuticals.
The key competitors in the myristic acid market include Wilmar International, IOI Corporation, and Mewah Group.
The challenges facing the myristic acid market include the volatility of raw material prices and the increasing demand for sustainable products.
The opportunities for the myristic acid market include the growing demand for personal care products and the increasing awareness of the benefits of myristic acid.
The key trends in the myristic acid market include the increasing demand for natural and organic products and the development of new applications for myristic acid.
The myristic acid market is expected to grow at a steady pace over the next 8 years.
