Caprylhdroxamic Acid Market size is forecast to reach $37.2 million by 2025 after growing at a CAGR of 6% during 2020-2025. Caprylhdroxamic Acid is derived from coconut oil and is used in anhydrous and surfactant systems as well as emulsions. The growth of the market of caprylhdroxamic acid is expected to be driven by the high demand from the cosmetic industry. The other growth factor is pharmaceutical industry which is using caprylhdroxamic acid as antibacterial, which protects from bacterial diseases.
By Application – Segment Analysis
Preservatives segment has been the primary market for caprylhdroxamic acid in 2019. Caprylhdroxamic Acid used as a preservative that ensures product safety and longevity. The global preservatives market size was valued at USD 2.5 billion in 2019 among them, meat and poultry accounted for the largest market share of 34.8%. Preservatives are especially difficult to formulate because they have to be strong enough to kill bacteria, but they also can’t impact the effectiveness of other ingredients. These are used for preserving snacks, confectionaries, bakery products, and dairy, meat, poultry products and in cosmetic. Demand for these products is increasing globally owing to various factors such as change in customer lifestyle, surge in imports and exports, increasing preference for fresh products, accompanied by rise in consumer willingness to pay for premium price. The growing beverage industry is majorly uplifting the consumption of preservatives which is most likely to deriving the market growth.
The properties of drinks such as high water activity demand the irreplaceable use of preservatives in the beverage industry is to avoid the change in taste, the color, and bitter aftertaste. Moreover, with the rise in demand for functional beverages, the market for natural preservatives is gaining momentum. Manufacturers are embracing innovation for gaining position in the market by incorporating the organically sourced preservatives in the product formulation. Antifungal products is the second major market for the caprylhdroxamic acid. Growing prevalence of fungal infections such as aspergillus’s and candidiasis is one of the key factors propelling the market. Fungal infections encompass both systemic and superficial infections including infection of the skin, eye, mouth, and vagina. Antifungal products with fungicidal activity are mostly used to treat a wide array of diseases, such as athlete’s foot, ringworm, and fungal meningitis, caused by fungal agents. Moreover, mounting cases of patients suffering from hospital-acquired or nosocomial infections and infectious diseases are deriving the growth of the market of caprylhdroxamic acid during the forecast period.
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By End use – Segment Analysis
Personal care and Cosmetic sector has been the primary market for caprylhdroxamic acid in 2019 growing at CAGR of 9%. Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the personal care and cosmetic industry. Skincare was the leading category, accounting for about 39 percent of the global market. Hair care products made up a further 21 percent, while make-up accounted for 19 percent in 2018. A shift of preference towards natural and organic beauty products, particularly in U.S. and European countries, derive the growth of the personal care and cosmetic market. Rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop new products in accordance to consumer preferences. Improvement in the current lifestyles of the individuals is majorly affecting the personal care and cosmetic market. Consumers have now become more conscious regarding the usage of cosmetics in their daily life in an effort to step up their style quotient and overall personality. This growing demand of personal care and cosmetic products has in turn led to the growth of caprylhydroxamic market across the world. According to World Bank by 2020, personal care and cosmetic industry worth to be USD 640.0 billion. Some of the larger emerging markets such as China, India, Russia, Brazil and UK driving growth, along with U.S. Global GDP growth of 3.5% and 3.6% is expected in 2017 and 2018 respectively however the meteoric growth that outpaces global GDP will be concentrated in countries like China, India and U.S.
Geography – Segment Analysis
APAC dominates the caprylhydroxamic acid market with a share of 40% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the pharmaceutical and health care sector, due to the large prospective population in the region coupled with the factors which are inducing the growth of the market such as rising personal disposable income and increasing internet penetration in the region. Further, distribution of personal care product market has a huge role in the success of a company as it directly impacts the demand and supply in the market and hence the revenue. With the rising penetration of internet and e-commerce across the globe, the reach of personal care products companies has increased. The perks of e-commerce have not only benefitted the companies but also the consumers in terms of pricing and a vast range of options available to them.
Moreover, new customers have also been attracted by the online distribution route. The 2019–20 coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business therefore, it hinder the growth of caprylhydroxamic acid market in the year 2020. The current COVID-19 epidemic outbreak has deeply influenced consumers’ daily life and in addition to the impact on coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. As the pandemic has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business. The current epidemic outbreak has deeply influenced consumers’ daily life and in addition to the impact on the pharmaceutical companies. Raw materials from China are used in making antibiotics, paracetamol, and diabetes and cardiovascular drugs, among others. Pharmaceutical Companies are hugely dependent on Chinese imports. More than 50% of the needs of antibiotic makers in global market is fulfilled by China. The entire spectrum of the industry is going to get impacted if the situation will continue. India is the world’s third-largest drug producer by volume, imports 70% of its raw materials from the China but due to the ban on imports the growth of the pharmaceutical market is hindering.
Drivers – Caprylhdroxamic Acid
Caprylhdroxamic Acid are organic replacement to parabens
Caprylhdroxamic Acid is a preservative and broad spectrum anti-fungal agent. Caprylhdroxamic Acid, unlike many other more common preservatives, is very effective at neutral pH levels. It is also a chelating agent of iron ions, low iron environments show lower levels of mold growth. Caprylhdroxamic Acid is thought to be a replacement to parabens, which are a widely used preservative but have numerous health and safety concerns associated with them. In cosmetics, it has been found to be a suitable replacement for traditional preservatives and it functions well with other ingredients found inside of cosmetic products.
Caprylhdroxamic Acid is proven to have a list of benefits for baby care products
Babies are born with a natural covering called Vernix Caseosa. The vernix is white in appearance and creamy to touch. Caprylhydroxamic Acid, a derivative of coconut oil is a natural acid that is gentle on the baby skin. Other preservatives, such as alcohol, biocides, or harmful preservatives are dangerous for the baby skin.
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Challenges – Caprylhdroxamic Acid
High Manufacturing Cost can restrict the Growth of the Market
The manufacturing cost of caprylhydroxamic acid is high. That’s why when the end use industry manufacture a product based caprylhydroxamic acid its cost also increased. Secondly, the raw material which is used in the production of High caprylhydroxamic acid is also costly. These are the major restraint which affect the market of caprylhydroxamic acid material in near future.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the caprylhydroxamic acid market. Major players in the caprylhydroxamic acid market are 3B Scientific Corporation, 9 Ding Chemistry, Ark farm Inc., Beijing Yunbang Bioscience Co Ltd, Carbone Scientific and others.
Acquisitions/Technology Launches/Product Launches
In February 2019, INOLEX obtained USDA bio based certification for 55 of its products in the USDA BioPreferred® Program, making it the largest portfolio of Personal Care ingredients to be offered under the USDA Certified Bio based Product label. INOLEX products were processed through the SEI bio based Certification Program which includes testing for bio based content in accordance with an approved ASTM test method (D6866) at a certified ASTM laboratory.
Asia-Pacific dominates the caprylhdroxamic acid Market owing to increasing demand from Pharmaceutical sector.
Rise in the coconut production drive the extraction/production of the caprylhydroxamic acid.
The high cost of production and high price of raw materials are the major restraint for the growth of the global caprylhdroxamic acid market.
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