Global Methyl Myristate Market Is Estimated To
Witness High Growth Owing To Increasing Demand for Personal Care and Cosmetics
Products



The global Methyl Myristate Market is estimated to be valued at US$ 19.1 Bn in
2022 and is expected to exhibit a CAGR of 4.27% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.



Market Overview:

Methyl myristate is a clear, colorless liquid that is derived from myristic
acid and is widely used in the personal care and cosmetics industry. It serves
as an excellent emollient, lubricant, and solvent in various skincare and
haircare formulations. The growing demand for personal care and cosmetics
products, especially in emerging economies, is driving the market for methyl
myristate. The increasing consumer preference for natural and organic
ingredients in their beauty products further boosts the demand for methyl
myristate, as it is derived from natural sources.



Market Key Trends:

One key trend in the global methyl myristate market is the rising popularity of
natural and organic personal care products. Consumers are becoming more
conscious about the ingredients used in their beauty products and are shifting
towards products that are free from harmful chemicals. Methyl myristate,
derived from natural sources, is considered safe and gentle on the skin, making
it a preferred choice for formulators of natural and organic products. For
instance, Procter & Gamble (P&G) Chemicals offers methyl myristate as
an ingredient in their natural skincare line, which has gained significant
traction among environmentally conscious consumers.



PEST Analysis:

Political: The regulatory environment plays a crucial role in the growth of the
methyl myristate market. Government regulations regarding the use of certain
chemicals in personal care and cosmetics products can impact the demand for
methyl myristate. Strict regulations related to product safety and labelling
can also affect market growth.



Economic: The economic growth of a region influences the purchasing power of
consumers, which, in turn, affects the demand for personal care and cosmetics
products. Countries with a higher disposable income tend to have a higher
demand for premium beauty products, including those containing methyl
myristate.



Social: The growing awareness among consumers about the harmful effects of
synthetic chemicals on the skin and the environment has led to a shift towards
natural and organic beauty products. The demand for methyl myristate is driven
by the social trend of using safer and more sustainable ingredients in personal
care formulations.



Technological: Advancements in technology have led to the development of
innovative formulations and manufacturing processes in the personal care and
cosmetics industry. This has enabled the efficient incorporation of ingredients
like methyl myristate into various beauty products, enhancing their performance
and efficacy.



Key Takeaways:

The global methyl myristate market is expected to witness high growth,
exhibiting a CAGR of 4.27% over the forecast period, due to increasing consumer
demand for personal care and cosmetics products. The rising popularity of
natural and organic beauty products further fuels the demand for methyl
myristate.



In terms of regional analysis, Asia Pacific is expected to emerge as the
fastest growing and dominating region in the global methyl myristate market.
The region has a large population base, increasing disposable income, and a
growing preference for personal care and cosmetics products. The rising
middle-class population in countries like China and India is driving the demand
for premium beauty products, including those containing methyl myristate.



Key players operating in the global methyl myristate market include Procter
& Gamble (P&G) Chemicals, CREMER, Wilmar, VVF Ltd., KLK OLEO, Inoue
Perfumery MFG, Wuhan Yuancheng Gongchuang, Changsha Jianglong Chemicals, and
Godrej Industries. These players focus on product innovation, partnerships, and
mergers and acquisitions to strengthen their market position and cater to the
evolving demands of consumers.



In conclusion, the global methyl
myristate market is poised for significant growth driven by increasing
demand for personal care and cosmetics products. The market is witnessing a shift
towards natural and organic ingredients, with methyl myristate being a
preferred choice due to its natural derivation and skincare benefits. The Asia
Pacific region is expected to be the fastest growing market, driven by a large
consumer base and rising disposable income. Key players in the market are
actively working towards product innovation to meet the changing needs of
consumers.