The global lauric acid market size is anticipated to reach USD 683.9 Million in 2032 and exhibit growth at a considerable CAGR of 13.4% in the forecast period (2022 to 2032). High demand for lauric acid in the textile industry for usage as a processing agent, as well as a lubricant is likely to spur the market in the upcoming years.
As per the report, the global lauric acid market is set to be valued at USD 165.1 Million in 2022. The surging need for organic personal care products among the millennial population is mainly attributed to market growth.
| Report Attribute | Details |
|---|---|
| Lauric Acid Market Estimated Base Year Value (2021) | USD 150.6 Million |
| Lauric Acid Market Expected Market Value (2022) | USD 165.1 Million |
| Lauric Acid Market Anticipated Forecast Value (2032) | USD 683.9 Million |
| Lauric Acid Market Projected Growth Rate (2022 to 2032) | 13.4% CAGR |
Lauric acid is referred to as a saturated fatty acid, which naturally occurs in numerous vegetable fats, such as palm kernel and coconut oil. It is a powdery, white solid with a slight odor of soap or bay oil.
It is usually categorized into the medium chain fatty acids and includes a 12-carbon atom chain. As compared to the commonly available fatty acids, lauric acid is relatively cost-effective and provides a long shelf life to end products.
Increasing usage in hair care and skin care products across the globe is anticipated to boost sales of lauric acid in the assessment period. The USA Food and Drug Administration (FDA), for instance, has listed lauric acid under the Generally Regarded as Safe (GRAS) tag for cosmetics and personal care applications. Further, high demand for shampoos, shower gels, body washes, and facial cleansers in various parts of the globe is projected to push the market. It is also utilized in combination with surfactants, especially in personal care product formulations to improve their efficacy.
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Increasing concerns regarding body odor are set to propel the usage of fragranced bathroom products worldwide. The emergence of unique bath bombs, bath salts, and body washes infused with floral scents and essential oils is expected to drive the popularity of spas. Apart from that, the high demand for intimate hygiene products is another factor that is set to foster the global lauric acid market growth in the upcoming years.
Moreover, high demand for aesthetically appealing bath and body products backed by rising disposable income and improving living standards is expected to fuel the market.
In July 2021, for instance, Wipro Consumer Care and Lighting introduced a new range of shower gels across its wide range of brands to cater to major consumer needs. It has launched body washes under its brands, including Yardley, Aramusk, Hygienix, and Santoor. Similar other product launches are projected to augur well for the global market.
Face cleansers, body washes, shampoos, and soaps infused with harmful chemicals claiming to have the desired effects are provided by many small-scale companies at relatively low cost, especially in underdeveloped countries. Such products can lead to adverse effects on hair growth, as well as skin and scalp health.
Apart from that, the increasing popularity of several home remedies, such as the usage of Indian soapberry, curd, Indian gooseberry, and egg yolk for hair cleansing may decline sales of commercial skin and hair care products. Spurred by the aforementioned factors, the global lauric acid market size may get hampered in the evaluation period.
The rising number of beauty-conscious consumers, especially in South Korea, China, Thailand, and Japan is likely to help the Asia Pacific to generate the largest lauric acid market share in future years. The high demand for shampoos infused with organic ingredients to keep the moisture balance of hair is a major factor that is projected to push the need for lauric acid across the Asia Pacific.
The presence of various small- and large-scale hair care product manufacturers in India, Thailand, Indonesia, and China is another vital factor that would foster the market.
In June 2022, for instance, Varesse, a leading Indonesian beauty care brand introduced its latest Serum Shampoo 2-in-1 Conditioner. The product will function as a treatment, conditioner, and shampoo simultaneously. The entry of several start-up companies in the Asia Pacific would also aid growth.
North America is expected to remain in the second position with the rising demand for soaps and detergents across the USA and Canada. Increasing awareness among consumers regarding hygiene and surging penetration of automatic washing machines across North America are estimated to push sales of laundry detergents, thereby spurring the demand for lauric acid.
In June 2022, for instance, COSMOS & HARMONY, a personal care and toiletry essential brand based in Thailand, announced its plans to enter the USA market by introducing its premium natural personal care products. Thus, the entry of numerous renowned soap and detergent brands in the USA and Canada is expected to bolster the North American market.
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Some of the renowned companies present in the global lauric acid market include Kao Corporation, Bakrie Group, KLK OLEO, Permata Hijau, Acme-Hardesty, Emery Oleochemicals, IOI Oleo GmbH, Godrej Industries, AAK AB, Cailà & Parés, PT. Cisadane Raya, Wilmar International Ltd., VVF LLC, Musim Mas Holdings Pte. Ltd., Timur OleoChemicals, Oleon, and Pacific Oleochemicals among others.
The global market is highly competitive with the presence of a large number of international and domestic players. They are mainly striving to expand their portfolios by introducing cutting-edge products in the market through exhaustive research and development activities. A few other key players are aiming to engage in mergers and acquisitions, contracts, and joint ventures to expand their distribution networks and compete in the market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 13.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Purity, Application, End Use, Region |
| Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled |
Kao Corporation; Bakrie Group; KLK OLEO; Permata Hijau; Acme-Hardesty; Emery Oleochemicals; IOI Oleo GmbH; Godrej Industries; AAK AB; Cailà & Parés; PT. Cisadane Raya; Wilmar International Ltd.; VVF LLC; Musim Mas Holdings Pte. Ltd.; Timur OleoChemicals; Oleon; Pacific Oleochemicals |
| Customization | Available Upon Request |
The global lauric acid market is set to surpass USD 683.9 Million in 2032.
Asia Pacific is set to lead the lauric acid market in the forecast period.
Kao Corporation, Bakrie Group, KLK OLEO, Permata Hijau, Acme-Hardesty, Emery Oleochemicals, IOI Oleo GmbH, and Godrej Industries are some of the renowned companies in the lauric acid market.
| Market Estimated Size (2023E) | USD 6,747.17 million |
|---|---|
| Projected Market Valuation (2033F) | USD 12,313.08 million |
| Value-based CAGR (2023 to 2033) | 6.2% |
| Market Value (2022) | USD 160 Million |
|---|---|
| Market Value (2032) | USD 543.13 Million |
| Market CAGR (2022 to 2032) | 13% |
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Lauric Acid Market
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