The new report by Expert Market Research titled, ‘Global Myristic Acid Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global myristic acid market, assessing the market based on its segments like sources, applications, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 5% (Global Natural Fatty Acid Market)
The major factor contributing to the growth of the myristic acid market is the increasing interest in flavours in convenience food. The expansion of exotic and spicy flavors in the existing product portfolio by major manufacturers is also giving a boost to the market. It is proven to be very effective in helping with fat metabolism and weight loss, along with improving brain and nerve quality. It also helps in anti-ageing and can be used for the supplementation process.
Industry Definition and Major Segments
Myristic acid is a common, natural, organic, and saturated fatty acid that is found in plants and animal sources, such as nutmeg, coconut oil, palm oil, butterfat, and spermaceti, the oil obtained from the sperm whale. It is named after the binomial name for nutmeg, from which it was first isolated in 1841 by Lyon Playfair. It is also used for making flavours, fragrances, soaps, and cosmetics.
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The market on the basis of sources can be divided into:
• Plant Based
• Animal Based
On the basis of applications, the market is divided into:
• Food Additive
• Surfactant
• Opacifying Agent
• Emollient
• Cleansing Agent
• Others
Based on end use, the industry is segmented into:
• Food and Beverage
• Cosmetic and Personal Care
• Others
The regional markets for myristic acid include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The increased demand for exotic and spicy food is likely to propel the growth in the market in the forecast period. Due to its numerous uses, such as helping with fat metabolism and weight loss, along with improving brain and nerve quality, the market demand is expected to grow in the forecast period. The plant-based source for myristic acid would be the most used segment and would further the growth of the market in the upcoming period.
Key Market Players
The major players in the market are Axaria Europe S.L., Mosselman S.A., Godrej Industries (NSE: GODREJIND), Cremer Oleo GmbH & Co. KG, Central Drug House (P) Ltd., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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