Methyl Myristate Market Anticipated to Witness High Growth Owing to Increasing Demand for Fragrance and Flavor Industries

Methyl Myristate Market


Methyl myristate is an odorless ester compound obtained through the esterification of myristic acid with methanol. It finds applications as a flavoring agent and fragrance ingredient in several food products, perfumes, soaps and other personal care products. The pleasant nutty and floral aroma of methyl myristate makes it a preferred choice as a fragrance compound. As a flavoring agent, it imparts a sweet and creamy taste in baked goods, chocolates, chewing gums and other confectionery items. The growing food processing and cosmetics industries have augmented the demand for authentic and natural flavor and fragrance compounds, fueling the methyl myristate market size. Additionally, methyl myristate also serves as a lubricant and emollient in skin and hair care products owing to its moisturizing properties.

The Global methyl myristate market is estimated to be valued at US$ 22.95 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the methyl myristate market are Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. These companies are focused on expanding their production capacities and geographical reach to tap the increasing demand.
The key opportunities in the market include growing scope in personal care and cosmetic industry for methyl myristate as an emollient and lubricating agent. Moreover, increasing use of natural and authentic ingredients in food industry also provides growth avenues.
Global players are focusing on establishing manufacturing bases in Asia Pacific and Latin American countries to leverage low costs and cater to the rising local demand. Many regional players are also coming up with innovative application developments and collaborative strategies to consolidate their position in international markets.

Market drivers:
- Growing food processing industry globally has augmented the demand for Methyl Myristate Market Demand as a natural flavoring agent in various food products like baked goods, snacks, and confectionery items
- Increasing spending on personal care products and changing lifestyle has also fueled the consumption of cosmetic products using methyl myristate for its moisturizing properties

Market restraints:
- Availability of substitute products may hamper the methyl myristate market growth. For instance, esters of other fatty acids can be used as alternatives for flavoring and fragrance.
- Stringent regulations pertaining to the use of synthetic and chemical ingredients in cosmetics and food products may also restrict the market growth to some extent.
Segment Analysis

The methyl myristate market is dominated by the flavors & fragrances segment. Methyl myristate is extensively used as a flavoring agent and perfuming ingredient in cosmetics, soaps, detergents and other personal care products. It imparts musky, nutty and floral notes and is widely preferred in the formulation of perfumes for men. The product also acts as a masking agent and is employed to prepare complex bases for developing fragrances. Growing demand from the flavor and fragrance industry will continue to boost sales of methyl myristate in the flavors & fragrances segment.

Global Analysis
North America currently accounts for the largest share of the global methyl myristate market and the trend is expected to continue during the forecast period. Presence of leading players in USA and Canada along with high demand for personal care goods and food & beverages are driving the growth. The Asia Pacific region is projected to witness the fastest growth owing to increasing consumer incomes, expanding middle class population and rising focus of international brands in countries like China and India. Europe also holds significant share and the growth is supported by well-established personal care and food processing industries across Germany, UK, France and Italy.

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