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Myristic Acid Market is Considered as One of the Rapidly Growing Dynamic Markets
By source, the myristic acid market can be segmented into plant and animal-based products. The plant-based products can be further sub-segmented into coconut oil, palm oil, nutmeg butter. The animal-based products can be further sub-segmented into sperm whale oil, animal fats such as meat, eggs, fish, shellfish, crustaceans, and others. Among these, the most used source for the myristic acid are the plant-based products, nutmeg butter being the richest one.
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By end-use industry, the myristic acid market can be segmented into food and beverage industry, cosmetic industry, and industrial applications. In the food and beverage industry, the myristic acid is used as a flavor ingredient and emulsifier. In the cosmetics industry, myristic acid is used in the form of the ester isopropyl myristate for the manufacture of soaps, lotions, creams, shaving creams, and cleansers. The myristic acid in the industrial application is used as an opacifying agent, surfactant and cleansing agent.
By region, the myristic acid can be divided into five different regions which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these, the highest production and consumption capacity of myristic acid is in Europe followed by North America, Asia Pacific, Latin America, Middle East and Africa.
Demand for flavors in convenience food has grown rapidly and continues to increase at a significant rate. In developed markets, preference for flavored foods and drinks is increasing, leading to higher demand for spicy, ethnic and exotic flavorings. The addition of spicy and exotic flavors to existing product lines continues to be one of the developments adopted by global manufacturers to attract consumers' attention in more mature markets worldwide. Growing prevalence for flavored food and drinks has led to the incorporation of various flavor profiles. Also Increasing demand for flavored beverages in the Europe and North America region is expected to create vital opportunities for players in the global myristic acid market. Players operating in the myristic acid market are expected to leverage this opportunity during the forecast period. Food & beverage companies are highly focusing on the research & development activities to enhance the nutritional and multifunctional profile of myristic acid which offers high health benefits.
Besides all the benefits and consumer demand for myristic acid, it also has side effects if used excessively. It can cause eye and skin irritations along with poisonous effects in the human body. These factors are restraining the myristic acid market due to the rise of consumer awareness for healthy food.
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Owing to the benefits of Myristic Acid, several producers and players in the market are moving forward to manufacture and supply it. Some of the key players are Axaria Europe S.L., H Foster & Co Ltd., Natural Health Enterprises, VVF L.L.C., MONACHEM, Pacific Oleochemicals Sdn Bhd., Paras Polymer & Chemicals, Sigma-Aldrich Co. LLC., and others.
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