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The myristic acid industry is being driven by the growing product demand from the major end use sectors. The Asia Pacific is expected to contribute to the growth of the industry in the forecast period significantly. The growth can be attributed to the rising demand for processed food products in the region, thereby propelling the demand for flavouring agents like myristic acid. This is supported by the escalating disposable incomes and the expanding food and beverage industry in the Asia Pacific. In developed regions like Europe and North America, the presence of stringent regulatory policies is compelling manufacturers to produce certified food grade products and certified natural products. For instance, Sigma-Aldrich, a subsidiary of Merck KGaA, follows IFRA guidelines and provides halal and kosher certified grades of myristic acid.
Based on source, the plant based segment is expected to witness an increased growth in the forecast period. This is due to the growing health awareness among consumers and the rising shift towards natural products. Meanwhile, the easy availability of end use products like cosmetics and food and beverages through retail channels like Walmart Inc (NYSE: WMT) and Amazon.com, Inc. (NASDAQ: AMZN) is expected to further propel the market growth over the forecast period.
Market Breakup by Source, Application, End Use, and Region:
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The major players in the global myristic acid market are Axaria Europe S.L., Mosselman S.A., Godrej Industries, Cremer Oleo GmbH & Co. KG, and Central Drug House (P) Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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