Growth of the Frozen Food Industry Driving the Demand for Myristic Acid
London, Apr 11, 2018: There is an increase in the overall global spending on processed foods, personal care, and cosmetic products due to economic growth. As these are the major end-users of myristic acid, and it has led to the growth of the global myristic acid market. Additionally, the increase in demand for natural fatty acids in food products from end-consumers ensures that they focus on production of food, which contains the necessary amount of natural fatty acid, such as myristic acid.
SpendEdge’s latest procurement research report on the global myristic acid market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the chemicals, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.
“Myristic acid acts as a preservative within the frozen food industry due to its food quality retention properties. The frozen food industry is expected to grow at a CAGR of 3.6% by 2019, and thereby increase the demand for myristic acid” – A. Kowshik, chemicals expert at SpendEdge.
The raw materials market for myristic acid experiences seasonal volatility due to natural calamities such as hurricanes, tsunamis, floods, or drought. Also, the production of nutmeg, coconut oil, palm oil, and palm kernel oil, which are major raw materials of myristic acid require a tropical climate. Therefore, such seasonal weather changes affect tree plantation and interrupt the supply of myristic acid in adequate amounts causing a major procurement problem.
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- Supply markets, growth drivers, trends, and imminent restraints
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- Pricing models and category innovations
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