1. Antiseptic – Prevents growth of unwanted microorganisms
2. Flavor / Flavoring / Flavor Enhancer – Provides or enhances a particular taste or smell
3. Fragrance / Fragrance Component – Provides or enhances a particular smell or odor
4. Surfactant – Reduces the surface tension to allow mixtures to be formed evenly. Emulsifier is a specific type of surfactant which allows two liquids to mix together evenly
Caprylic acid is the common name for the eight-carbon saturated fatty acid known by the systematic name octanoic acid. Its compounds are found naturally in the milk of various mammals, and as a minor constituent of coconut oil and palm kernel oil. It is an oily liquid that is minimally soluble in water with a slightly unpleasant rancid-like smell and taste.
Caprylic acid is used commercially in the production of esters used in perfumery and also in the manufacture of dyes.
Caprylic acid is an antimicrobial pesticide used as a food contact surface sanitizer in commercial food handling establishments on dairy equipment, food processing equipment, breweries, wineries, and beverage processing plants. It is also used as disinfectant in health care facilities, schools/colleges, animal care/veterinary facilities, industrial facilities, office buildings, recreational facilities, retail and wholesale establishments, livestock premises, restaurants, and hotels/motels. In addition, caprylic acid is used as an algaecide, bactericide, fungicide, and herbicide in nurseries, greenhouses, garden centers, and interiorscapes on ornamentals. Products containing caprylic acid are formulated as soluble concentrate/liquids and ready-to-use liquids. Caprylic acid is also taken as a dietary supplement.
Scientific References :
1. PubChem: https://pubchem.ncbi.nlm.nih.gov/compound/379
Regulatory References :
1. US FDA Generally Recognized As Safe (GRAS) 
2. International Fragrance Association Transparency List