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The global excipients market size was USD 7.72 Billion in 2022 and is expected to reach USD 13.04 Billion in 2032, and register a revenue CAGR of 6%.
NEW YORK, NEW YORK, UNITED STATES, April 23, 2023 /EINPresswire.com/ — The Excipients Market is projected to experience a significant CAGR of 6% during the forecast period, with revenue expected to reach USD 13.04 Billion in 2032, up from USD 7.72 Billion in 2022. Market growth is being driven by factors such as increasing demand for generic drugs, rising incidence of chronic diseases, and growing research and development activities. Excipients are vital ingredients in pharmaceutical formulations, as they improve medication stability, absorption, and bioavailability, as well as offer the required physical properties such as viscosity, lubrication, and binding capabilities.
Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) have been increasingly outsourcing drug development and manufacturing activities, which has been driving the revenue growth of the excipients market. The demand for excipients is also being driven by the use of innovative drug delivery technologies like liposomes, nanoparticles, and micelles. Excipients are also being utilized for their functional properties, with co-processed excipients and modified excipients being used to enhance compressibility, flowability, disintegration, controlled release, and taste masking.
However, the excipients market is facing challenges such as strict regulatory requirements, high development costs, and the potential for medication interactions and toxicity with some excipients. Regulatory organizations like the U.S. Food and Drug Administration (FDA) and the European Pharmacopoeia have set stringent regulations that excipient producers need to adhere to. Additionally, the development of excipients involves rigorous testing and clinical trials, which can be costly, and there is a risk of potential toxicity and medication interactions with some excipients.
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Segments Covered in the Report –
The global excipients market has been analyzed and forecasted in a report that provides a historical overview of the market and growth projections from 2019 to 2032. The report covers market trends, segmentation by type, functionality, formulation, end-use, and region. The market is segmented into organic, inorganic, and other types based on their chemical composition.
The report also provides an analysis of the functionality of excipients, including fillers and diluents, binders, disintegrants, coatings, flavoring agents, and others. The segmentation of excipients by formulation includes tablets, capsules, topical, parenteral, and others. Moreover, the market has been divided based on its end-use into pharmaceutical, nutraceutical, and others.
The report covers various regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Furthermore, it includes country-level analysis of the U.S., Canada, U.K., Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, and Turkey.
The global excipients market is expected to experience significant growth during the forecast period due to the rising prevalence of chronic diseases and the increasing demand for generic medications. Moreover, the ongoing trend of Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) taking on drug development and manufacturing tasks is also expected to drive market revenue growth. However, the market may face some constraints, such as strict regulatory requirements, expensive development costs, and potential for medication interactions and toxicity with some excipients.
Additionally, the report highlights the importance of functional excipients, which offer benefits beyond their typical functions, such as enhanced compressibility, flowability, and disintegration. Co-processed excipients, mixtures of two or more excipients, are also being utilized more frequently to provide specific functional features. Modified excipients such as starch derivatives and cellulose ethers are also being used to increase stability, control release, and taste masking in medicinal formulations.
Finally, the report notes the rising demand for excipients in the food and beverage sector to enhance the quality, texture, and shelf life of products. Excipients such as emulsifiers, stabilizers, and thickeners are being employed frequently in the food and beverage business. The demand for natural excipients, including plant-based gums and fibers, is also on the rise due to the increasing popularity of clean label and natural products.
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Strategic Development:
To bolster its position in the personal care and pharmaceutical industries, Ashland Global Holdings Inc. acquired the personal care business of Schülke & Mayr GmbH on April 30, 2021.
On June 10, 2020, Avantor acquired Ritter GmbH, a manufacturer of bioprocessing equipment and consumables, to diversify its range of products and services for the biopharmaceutical industry.
Ingredion formed a strategic partnership with Clara Foods, a biotech company that produces animal-free proteins, on April 25, 2019, to collaborate on the development and commercialization of plant-based proteins and other ingredients.
Competitive Landscape:
The global market for food and beverage ingredients is highly competitive and diverse, with a large number of players operating in the industry. Among these, some of the major players include Avantor, DFE Pharma, Ingredion, BASF SE, DuPont de Nemours, Inc., Associated British Foods plc, Ashland Global Holdings Inc., Evonik Industries AG, Roquette Frères, and Kerry Group.
Avantor is a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies sectors. DFE Pharma, on the other hand, is a leading manufacturer of pharmaceutical excipients and has a strong presence in the global pharmaceutical market. Ingredion is a global ingredients solutions company that focuses on developing sustainable ingredients to meet the growing demand for healthier, plant-based products.
BASF SE and DuPont de Nemours, Inc. are two of the largest chemical companies in the world, and they have a strong presence in the food and beverage ingredients market. Associated British Foods plc is a multinational food processing and retailing company, and Roquette Frères is a global leader in the production of plant-based ingredients.
Ashland Global Holdings Inc. is a specialty chemicals company that operates in the personal care, pharmaceutical, and other industries. Evonik Industries AG is a global leader in specialty chemicals, including food and beverage ingredients. Lastly, Kerry Group is a multinational food ingredients and flavorings company that operates in more than 30 countries worldwide.
Overall, these companies and many others are playing a crucial role in the food and beverage ingredients market, developing new and innovative products to meet the changing demands of consumers and manufacturers alike.
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