April 20, 2024
Methyl Myristate Market

Methyl Myristate Market is Estimated to Witness High Growth Owing to Increased Usage in Fragrances

Methyl myristate is an ester of myristic acid and methanol, and is majorly used as flavoring and fragrance agent due to its pleasant, waxy and fatty odor. It is used in cosmetic and personal care products like soaps, detergents and lotions. Methyl myristate offers benefits such as good emollient properties, lubrication and moisturization to the skin. The increasing demand for premium beauty and personal care products is driving the consumption of methyl myristate.

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 account for major share of the market.

The market offers growth opportunities in the form of expansion into application areas like plasticizers, lubricants and food additives. There is immense scope for utilization of methyl myristate as fragrance ingredient in personal care products.

Major players are focusing on global Methyl Myristate Market Demand expansion by tapping into developing regions of Asia Pacific and Latin America. The increasing spend on personal care and beauty products in emerging economies will support market growth over the forecast period.

Market Drivers

The primary market driver for methyl myristate is rise in demand for fragranced personal care products. Methyl myristate is widely used fragrance agent in soaps, perfumes and colognes due to its pleasant floral and fruity scent. Increase in spending capacities of consumers globally has boosted sales of premium cosmetic brands which utilize methyl myristate. Growing personal grooming culture is propelling market revenues.
PEST Analysis

Political: Regulations regarding the use of chemicals and solvents play an important role in the methyl myristate market. Stringent environmental laws can impact the production process.

Economic: The global economy influences the spending power of end-use industries such as personal care products, food & beverages, pharmaceuticals, etc. which forms the demand for methyl myristate.

Social: Changes in consumer preferences towards organic and natural ingredients boost the use of methyl myristate in cosmetics and skincare products. Wide acceptance of Western culture and changing lifestyles fuel the personal care industry.

Technological: Advancements in biotechnology facilitate sustainable production methods for methyl myristate such as enzymatic synthesis that are environment-friendly. New applications are explored in industries such as food additives, coatings, etc. driving the market.

Geographically, the methyl myristate market in terms of value is highly concentrated in North America and Europe due to stringent regulatory frameworks and robust personal care and pharmaceutical industries in countries like the U.S., Germany, the U.K., and France. Asia Pacific is also a major market led by industries in China, Japan, and India.

The methyl myristate market is witnessing the fastest growth in Asia Pacific. Expanding middle-class population, rising disposable income, growing health and beauty consciousness are fueling demand from personal care products. Countries like China, India are industrializing rapidly with established chemical sector and burgeoning end-user industries translating to increased consumption of methyl myristate in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it