Caprylhydroxamic Acid Market Forecast and CAGR
According to Fact.MR’s latest market study, Caprylhydroxamic acid demand is anticipated to grow at a CAGR of around 5.6% during 2021-31, owing to the ever-increasing demand from the cosmetics and pharmaceutical industry. It is derived naturally from coconut, and finds application in a plethora of cosmetic products such as shampoo, conditioner, lotion, cream, and other makeup products, owing to the biostatic and fungi-static benefits it offers.
Besides, there has been an escalation in research spending by cosmetic manufacturers for identifying newer use-cases of caprylhydroxamic acid. This in addition to an affinity for plant-based skincare products, especially by millennials in developing nations, is anticipated to be the prime reason for the steady rise in demand from cosmetic manufacturers, during the forecast period of 2021-31.
What is Driving the Demand for Caprylhydroxamic Acid?
Recent trends, such as herbal cosmetics, have had a substantial impact on global cosmetics ingredient sales, and are expected to continue in the future. Furthermore, there has been a shift in public opinion away from cosmetics using synthetic ingredients. As a result, products created from natural and plant-based ingredients have benefited.
Caprylhydroxamic acid, which is derived from coconuts, is a chelating agent which acts as a preservative in cosmetic products, which remains active even in higher pH. Additionally, it also acts as a biostatic and fungistatic agent and is often used with antimicrobial glycols. Besides, it also acts as an alternate to the traditional preservatives such as parabens and is useful in reducing the overall cost of these products for customers.
Moreover, increasing consumer knowledge, fast-changing regulations and dynamic trends have all contributed to the rapid evolution of the cosmetic industry during the past two decades. Currently, players in the cosmetics industry are progressively focusing on improving textural sensations, as well as creating sustainable and comprehensive cosmetic solutions and products for the market, which have led them to look out for newer ingredients.
In addition to the demand from cosmetic manufacturers, there has been an increase in the overall spending from pharmaceutical companies, for exploring newer use-cases of multiple ingredients. This has led to various efforts being made to explore its bio-medical usage as a therapeutic agent in pharmaceutical applications.
Owing to the aforementioned factors, the demand is poised to increase at a steady pace during the forecast period
How has COVID-19 Impacted the Demand for Caprylhyoxamic Acid?
During the past year, owing to a shift towards work-from culture, cosmetics products sales experienced a decline. The demand from end-users such as skincare and haircare product manufacturers was hampered by the Covid-19 pandemic’s rapid spread across the globe. A lockdown and travel restrictions prevented cosmetics and personal care products from being sold in the usual offline market.
The demand for these cosmetic ingredients plunged as customers only ventured out for essentials, and social connections were limited. This in turn severely impacted the sales for a cosmetic ingredient such as caprylhydroxamic acid, which primarily depends on demand from cosmetic product manufacturers.
However, the majority of developed nations are quickly approaching vaccinating around 50% of their adult population, and are planning to slowly phase out mask requirements. This would directly impact the cosmetic market, which is projected to return to its previously anticipated growth trajectory, once the pandemic situation subsides.
Asia Pacific Caprylhydroxamic Acid Market Outlook
China, Japan, South Korea, and India are the key business areas across Asia. China accounts for over 20% of Asia Pacific’s revenue share. Japan is considered to be the largest market in terms of the total number of pharmaceutical end-users in Asia. In terms of cosmetics end-users, South Korea is anticipated to offer the highest growth potential in the region.
Additionally, the rising residual income of citizens in India and China is leading to an overall increase in the demand for newer cosmetic products that incorporate herbal constituents such as caprylhydroxamic acid. Moreover, a growing need for non-toxic and herbal preservatives along with the rapid growth of the pharmaceutical and cosmetics industries in these developing nations, are expected to keep them at the forefront of the market growth.
Owing to the aforementioned factors, the demand for herbal constituents such as CHA is anticipated to grow at a steady pace during the forecast period of 2021-31.
Who are the Key Manufacturers of Caprylhydroxamic Acid?
Key players operating in the market include
- Hangzhou Lingeba Technology
- TCI Chemical
- Wuhan Mulei New Material Technology Co. Ltd
- Hebei Crovell Biotech Co Ltd
A decade of breakthroughs in cosmetic technology bodes well for the cosmetic ingredients business in the future. Vital players are increasingly focusing on sustainability to obtain an edge over their competitors in the market.
Vital players are adopting organic growth strategies such as investment into researches for finding out newer use-cases of caprylhydroxamic acid. Besides, various collaborations efforts are being made by cosmetic manufacturers and ingredient suppliers, which is anticipated to support the overall market development. Such initiatives adopted by the players keep the market competitive and ready for newer challenges in the future.
- Cosmetic Grade
- Pharma Grade
- Cosmetic Additives
- Hair care
- Pharmaceutical Intermediaries
- Feed Additive
- Cosmetic Additives
- Biostatic agent
- Fungi-static agent
- Therapeutic agent
- Anti-microbial agent
- Plant growth regulators
- Corrosion inhibitors
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia & Oceania
- India, Thailand, Malaysia, Indonesia, Australia & New Zealand and Rest of South Asia
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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