by The nutraceutical excipients market is estimated to be valued at US$ 2,427.8 million in 2023 and is expected to exhibit a CAGR of 10.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutraceutical excipients are inactive substances used in the formulation of nutraceutical products. These excipients help in improving the stability, bioavailability, and overall performance of the active ingredients in nutraceuticals. They are widely used in various products such as dietary supplements, functional foods, and beverages. The increasing demand for functional foods and beverages, driven by rising consumer awareness about health and wellness, is expected to drive the growth of the nutraceutical excipients market.
Market Dynamics:
The nutraceutical excipients market is driven by two main factors – the rising demand for functional foods and increasing consumer awareness about the benefits of nutraceutical products. Functional foods and beverages are gaining popularity as they offer additional health benefits beyond basic nutrition. Consumers are becoming more health-conscious and are willing to pay a premium for products that offer functional benefits. Additionally, increasing consumer awareness about the benefits of nutraceutical products, such as weight management, improved digestion, and enhanced immune function, is further fueling market growth.
Segment Analysis:
The nutraceutical excipients market can be segmented based on type and application. In terms of type, the dominating segment is fillers & diluents. This segment is expected to dominate the market due to its wide range of applications and benefits. Fillers & diluents are commonly used in the formulation of tablets and capsules to improve their physical properties, such as size, shape, and appearance. They also help in achieving uniformity in dosage and facilitating drug delivery. With the growing demand for nutraceutical products in the pharmaceutical industry, the demand for fillers & diluents is expected to increase significantly.
PEST Analysis:
Political: The nutraceutical excipients market is influenced by various political factors such as government regulations and policies regarding food and pharmaceutical products. These regulations aim to ensure the quality, safety, and efficacy of nutraceutical products in the market.
Economic: The economic factors that affect the nutraceutical excipients market include GDP growth, disposable income, and consumer spending. As the global economy continues to grow and consumers become more conscious about their health and wellness, the demand for nutraceutical products is expected to increase.
Social: Changing consumer lifestyles and preferences towards healthier alternatives are driving the growth of the nutraceutical excipients market. Consumers are becoming more aware of the benefits of nutraceutical products in maintaining overall health and wellness.
Technological: Technological advancements in the formulation and delivery of nutraceutical products are driving the market growth. Innovations in excipient technologies, such as nanotechnology and microencapsulation, are enabling the development of more effective and efficient nutraceutical products.
Key Takeaways:
The nutraceutical excipients market is expected to witness high growth, exhibiting a CAGR of 10.4% over the forecast period. This growth can be attributed to the increasing demand for nutraceutical products in the pharmaceutical industry, as well as changing consumer preferences towards healthier alternatives.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the nutraceutical excipients market. This can be attributed to the presence of major market players, technological advancements, and the high adoption rate of nutraceutical products in the region.
Key players operating in the nutraceutical excipients market include DuPont, P&G Chemicals, Eastman Chemical Corporation, Huntsman Corporation, Kerry Group plc, ABF, Roquette Freres, Ingredion, Meggle, Hilmar Ingredients, JRS Pharma, Sensient, Innophos, Cargill, IMCD, Avantor Performance Materials, Zydus Wellness, BASF SE, Lubrizol Corporation, Colorcon Inc., Finar Limited, and Shin-Etsu Chemical Co., Ltd. These players are focusing on strategic initiatives such as mergers and acquisitions, product launches, and partnerships to maintain their market position and cater to the growing demand for nutraceutical excipients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
