Methyl Myristate is witnessing a surge in demand driven by the booming personal care and cosmetics industry, as well as the expanding needs of chemical companies. This versatile compound, derived from myristic acid and methanol, finds extensive use as an emollient, lubricant and solvent in various skincare and cosmetic formulations. Its non-greasy texture and skin friendly properties make it a preferred choice in lotions, creams and makeup products. Additionally, chemical companies are recognizing its value as a raw material in the production of various chemicals, further contributing to its increasing prominence in the market.
According to Coherent Market Insights, the market for Methyl Myristate estimated at US$ 19.1 billion in 2022 and is anticipated to grow at a CAGR of 4.7% from 2023 to 2030 to reach US$ 26.69 billion.
Prominent Companies in the Methyl Myristate Industry:
1. CREMER:
Founded in 1946, CREMER is headquartered in Hamburg, Germany. With a global presence in over 30 countries, including the United States, China and Brazil, CREMER is renowned for its chemical distribution services. Specializing in distributing chemicals, food ingredients and raw materials, CREMER plays a pivotal role in the supply chain. Recently, CREMER expanded its Methyl Myristate offerings, catering to the growing demand in the personal care and industrial sectors. They introduced a high-purity variant, aligning with market preferences for premium quality ingredients.
2. KLK OLEO:
Established in 2002, KLK OLEO has its headquarters in Malaysia. Operating across more than 20 countries, including Indonesia, Thailand, and Europe, KLK OLEO specializes in oleochemicals and derivatives. Their diverse portfolio includes Methyl Myristate, utilized as an emollient and thickening agent in cosmetics. In response to sustainability trends, KLK OLEO recently announced an initiative to enhance the eco-friendliness of their Methyl Myristate production, focusing on reducing carbon emissions and minimizing environmental impact.
3. VVF Ltd:
Founded in 1939 and headquartered in India, VVF operates globally with a presence in North America, Asia and Europe. Specializing in oleochemicals and personal care products, VVF offers Methyl Myristate for applications in skincare formulations. In a recent market move, VVF collaborated with a renowned cosmetic brand, incorporating Methyl Myristateinto a new line of premium moisturizers, thereby strengthening their foothold in the personal care sector.
4. Wilmar:
Established in 1991 and based in Singapore, Wilmar operates across 50 countries across 50 countries, including China, Indonesia and Africa. As a leading agribusiness group, Wilmar specializesin palm and lauric oils. Their Methyl Myristate derivatives find usage in soaps, detergents and cosmetics. Wilmar’s recent market development involves a strategic partnership with a European fragrance company, showcasing Methyl Myristate as a key ingredient in a range of high-end perfumes.
5. Inoue Perfumery MFG:
Founded in 1952 in Japan, Inoue Perfumery has a reputation for fragrance creation. While headquartered in Japan, the company’s fragrances are celebrated globally, especially in North America, Europe and Asia. Inoue Perfumery employs Methyl Myristic as a fixative in perfumes, enhancing scent longetivity. Their recent innovation includes incorporating Methyl Myristate in a collection of eco-conscious fragrances, responding to the market’s growing demand for sustainableluxury.
6. Godrej Industries:
Established in 1897 in India, Godrej industries has a widespread presence, including Africa, North America and Asia. Specializing in diverse industries, including consumer products and chemicals, Godrej industries integrates Methyl Myristate in personal care solutions, tapping into the rising demand for nourishing and revitalizing hair treatments.
*Definition- The Methyl Myristate market encompasses companies specializing in oleochemicals and cosmetics, distributing or utilizing this compound for skincare, fragrances and industrial applications, with recent developments focusing on sustainability and innovative formulations.
