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A31376 | Pages: 320 | Charts: 58 | Tables: 112 |
The global medium chain triglycerides market was valued at $1.6 billion in 2021, and is projected to reach $3 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031. MCTs (medium chain triglycerides) are fats synthesized in a laboratory from coconut and palm kernel oils. Long-chain triglycerides are the common name for dietary fats. MCTs are a good source of fat for people who can't eat other types of fat.
The industry for medium chain triglycerides is being driven by accumulated demand from the food and beverage industry in developing countries, as well as rising demand for the medium chain triglycerides such as capric acid. Increased demand for medium-chain triglycerides, which include food, medical, and other goods, is primarily due to increased demand from the end-use industry. The availability of a new raw material source is expected to have a significant impact on the industry's growth. Furthermore, the rapidly growing personal care market is expected to drive demand for medium-chain triglycerides in the coming years. The global market for medium-chain triglycerides is expected to grow and remain impressive over the forecast period.
The lack of a new raw material source is limiting medium chain triglycerides market growth. Furthermore, the high cost of R&D and production stifles market growth. Moreover, rising production costs due to rising raw material costs such as palm oil, coconut oil, and milk fats impede market growth. Due to the limited availability of oilseeds in some countries, there is a significant gap between supply and demand for oilseed processed products containing edible oil. During the forecast period, this factor is impeding medium chain triglycerides market demand over the forecast period.
The industry players are investing a lot of effort on the research and development of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. In September 2021, ABITEC and DKSH have amended their agreement to distribute specialty lipids into new markets and regions across Europe. The agreement strengthens the two companies' existing relationship and aims to help them grow and expand their presence in these emerging markets. In February 2021, Nexe Innovation, a plant-based material manufacturer, introduced a micro-ground soluble coffee with organic medium chain triglycerides in a fully compostable coffee pod.
The key players profiled in the medium chain triglycerides industry report include BASF SE, DuPont, Lonza Group Ltd., Croda International Plc, P&G Chemicals, Wilmar International Ltd., Stepan Company, Sternchemie GmbH & Co. KG, Koninklijke DSM N.V., and Emery Oleochemicals.
The global medium chain triglycerides market is segmented on the basis of type, source, application, and region. As per type, the market is sub-segmented into caproic acid, caprylic acid, capric acid, and lauric acid. According to source, the market is classified into coconut oil, palm kernel oil, and others. By application, the market is divided into dietary supplements, pharmaceuticals, food and beverages, beauty and personal care products, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The medium chain triglycerides market is segmented into Type, Source and Application.
[TYPEGRAPH]
By type, the caprylic acid sub-segment dominated the medium chain triglycerides market in 2021. One of the fatty acids found in coconut oil is caprylic acid. It's a medium-chain fatty acid with antibacterial, antifungal, and anti-inflammatory properties. These properties may make caprylic acid an effective treatment for a variety of ailments. Caprylic acid also acts as an antioxidant for the skin and enhances the antioxidants in skin care products. It is also used as an antimicrobial pesticide for surface sanitization in the food and dairy industries, as well as a disinfectant in certain healthcare sectors and services. These are predicted to be the major factors affecting the medium chain triglycerides market size during the forecast period too.
[SOURCEGRAPH]
By source, the coconut oil sub-segment dominated the global medium chain triglycerides market share in 2021. MCTs (medium-chain triglycerides) are fats found in foods such as coconut oil. They are metabolized differently than most other foods' long-chain triglycerides (LCT). MCT oil is a supplement that contains a high concentration of these fats and is said to have numerous health benefits. Furthermore, demand for medium chain triglycerides is expected to rise because they protect against harmful viruses, bacteria, parasites, and fungi. Because of their antioxidant properties, coconut oils also aid in the treatment of inflammation-related issues.
[APPLICATIONGRAPH]
By application, the dietary supplements sub-segment dominated the global medium-chain triglycerides market in 2021. Because of their ability to reduce and prevent the occurrence of several diseases such as cardiovascular, Alzheimer's, chyle leaks, and gastrointestinal disorders, medium-chain triglycerides are widely used in the formulation of various health and dietary supplements. Regular consumption of medium-chain triglycerides boosts metabolism, reduces fat deposition in adipose tissue, and reduces food intake, all of which contribute to a reduction in obesity levels. Furthermore, it is used in the formulation of sports nutrition supplements that are consumed during training to improve endurance, reduce body fat, and increase lean muscle mass.
[REGIONGRAPH]
By region, North America dominated the global medium-chain triglycerides market in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. Rising product demand in this region is primarily due to millennials' increased interest in dietary supplements and functional food and beverages. Many globally renowned beverage manufacturers are located in the region, which is led by the U.S.
The growing popularity of nutritional supplements is driving the market in the U.S. Because of its ability to treat cardiovascular and liver diseases, the inclusion of MCT as an ingredient in nutritional supplements has gradually gained popularity among individuals over the years. The country's dietary supplement market is unregulated because they are not classified as medical drugs. The aforementioned factors have encouraged manufacturers to increase the scale of production within the country in order to meet a wide range of consumer demands. Over the years, consumers across the country have become more interested in health supplements. Their sedentary work lifestyle is expected to significantly contribute to the rising trend of product consumption over the forecast period.
Impact of COVID-19 on the Global Medium Chain Triglycerides Industry
Key Market Segments
Key Market Players