The Global Medium Chain Triglycerides Market Size is predicted to be valued at $2,959.9 million by 2031, surging from $1,566.7 million in 2021, at a noteworthy CAGR of 6.6%.
Impact Analysis of COVID-19 on the Medium Chain Triglycerides Market
The COVID-19 pandemic had a moderate impact on the Medium Chain Triglycerides Market. The coronavirus was discovered in Wuhan, Hubei Province, China, at the end of December 2020. The illness is brought on by the contagious SARS-CoV-2 virus. Globally, the pandemic had a significant negative influence on social and economic conditions. Numerous measures, including social isolation, quarantines, travel restrictions, and lockdowns, had been implemented by governments around the world to slow the spread of the virus. The outbreak caused unprecedented damage to trade activities, the global economy, and mobility. The food and beverage, personal care, and dietary supplement industries all experienced global impacts during the first two quarters of 2020. The utilization of MCTs is important for a variety of applications in the food and beverage, personal care, and nutritional supplements industries. However, after the pandemic, the demand from the aforementioned industries significantly recovered and is anticipated to grow even more. Additionally, as consumers become more health conscious, they are choosing more premium products, which makes it easier for manufacturers to use MCTs in their food products. COVID-19 has increased health awareness, which encourages consumers to purchase more dietary supplement products.
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Global Medium Chain Triglycerides Market Analysis
In comparison to most lipids, medium-chain triglycerides (MCTs) are more quickly oxidized and absorbed. MCTs have a glycerol molecule linked to 3 fatty acid chains varying between 6-12 carbons in length. Unlike most other lipid molecules, MCTs are more easily absorbed into the bloodstream by the digestive system. Surging demand from the pharmaceutical industry is expected to drive the market. MCTs have a wide range of applications. They can be used as a foundation for tablets, soft gel capsules, lotions, ointments, and creams in addition to suppository formulations. MCTs are increasingly used by those who have digestive problems. This includes people who are lactose- or gluten-intolerant, who unintentionally lose weight, or who need additional calories to treat other medical concerns. Protein or carbohydrates are absent from MCTs.
The growing use of mineral oils in cosmetics may hamper the market growth. Mineral oils are an alternative option for MCTs in cosmetics. Mineral oils are often used in cosmetics as they offer an extensive range of viscosity options that facilitates the viscosity regulation of a formulation. They have lubricating and protective qualities that prevent skin dehydration.
The surging demand for beauty and personal care products worldwide is anticipated to offer lucrative growth opportunities. MCT is a non-greasy, natural emollient that gives skin a velvety texture. It is suitable for a variety of skin types. MCT is frequently used in cosmetics, massage oils, skin care, hair care, and skin care products for personal care.
Global Medium Chain Triglycerides Market, Segmentation
The global medium chain triglycerides market is segmented based on type, source, application, and region.
Type:
Type segment is further classified into caproic acid, caprylic acid, capric acid, and lauric acid. The caprylic acid sub-segment is anticipated to be fastest growing during the forecast period. Caprylic acid is also known as octanoic acid. Caprylic acid is a colorless light yellowish transparent oily liquid with a strong smell. Caprylic acid is used in a wide range of applications such as organic synthesis, the manufacture of perfume, medicine, pharmaceuticals, cosmetics, and more. Caprylic acid possesses numerous characteristics such as excellent antibacterial, antifungal, and anti-inflammatory characteristics. These attributes make caprylic acid effective for treating various diseases including digestive issues, yeast infections, excessive cholesterol, skin diseases, etc.
Source:
The source segment is further classified into coconut oil, palm kernel oil, and others. The coconut oil sub-segment accounted for the largest market share and is anticipated to have the fastest growth during the forecast period. Coconut oil is one great source of MCTs making up to 54% of the fat content of MCT. Due to several health benefits such as improved athletic performance, more energy, and weight loss, MCT oil has gained appeal as a dietary supplement in recent years. The popularity of the ketogenic diet and the rise in research into the benefits of coconut oil are two other significant factors influencing the market growth of this sub-segment.
Application:
The application segment is further classified into dietary supplements, pharmaceuticals, food and beverages, beauty and personal care products, and others. Among these, the dietary supplements sub-segment accounted for largest market share in 2021. MCT contributes to improving metabolism, which may result in weight loss. By lowering lactate levels, it can also improve athletic performance. Moreover, MCT oil can aid in boosting an elderly or weak person's strength. Skin infections could potentially be treated with MCT. Due to all of these benefits, MCTs are projected to be used more frequently in dietary supplements over the projection period.
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Region:
The global medium chain triglycerides market in Asia-Pacific is projected to be the fastest growing during the forecast period on account of growth in food and beverages sector, increased research in pharmaceutical industry, robust growth in disposable income, etc. Additionally, it is anticipated that busy lifestyles and rising health consciousness will boost the market for dietary supplements in this region. This in turn offers excellent opportunities to medium chain triglycerides market players.
Key Players in the Global Medium Chain Triglycerides Market
Some of the leading medium chain triglycerides market players are
- BASF SE
- DuPont
- Lonza Group Ltd.
- Croda International Plc
- PG Chemicals
- Wilmar International Ltd.
- Stepan Company
- Sternchemie GmbH Co. KG
- Koninklijke DSM N.V.
- Emery Oleochemicals
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