Northbrook, IL 60062 -- (SBWire) -- 01/10/2024 --In a recent research report titled "Nutraceutical Excipients Market," published by MarketsandMarkets, the global nutraceutical excipients market is projected to grow from USD 4.2 billion in 2023 to USD 6.1 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period. The surge in popularity of nutraceuticals reflects their diverse therapeutic applications in addressing ailments ranging from cancer and heart conditions to various other health concerns.
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Key Findings:
Consumer Preference for Natural Products Driving Market Growth:
- The organic chemicals product source segment of nutraceutical excipients is a major driver, fueled by consumer preference for natural and organic ingredients.
- The clean label trend, emphasizing transparency and simplicity in ingredient lists, contributes to the rising prominence of organic chemicals in nutraceutical excipients.
Dry Formulation Segment Exhibits High Growth:
- The dry formulation segment, with its versatility and ability to offer formulation flexibility, exhibits the highest CAGR in driving the nutraceutical excipients market growth.
- Dry excipients enhance solubility and dissolution rates of active compounds, contributing to efficient drug delivery systems and improved bioavailability.
North America Leads Market Share:
- North America accounts for the largest share of the nutraceutical excipients market, driven by the strong presence of key companies and increasing lifestyle diseases and health concerns.
- Prominent players in North America actively engage in research, innovation, and product development, contributing significantly to market growth.
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Key Players in the Nutraceutical Excipients Market:
- Key players in the market include International Flavors & Fragrances Inc, Kerry Group plc, Ingredion, Sensient Technologies Corporation, Associated British Foods plc, BASF SE, Roquette Frères, MEGGLE GmbH & Co. KG, Cargill, Incorporated, Ashland, IMCD, Hilmar Cheese Company, Inc, Air Liquide, Azelis Group, and Biogrund GmbH.
The research report highlights the impact of factors such as the aging population, rising healthcare costs, advancements in food technology, and growing consumer awareness of the link between diet and health in driving the nutraceutical excipients market. The demand for enhanced formulations and specialized excipients underscores the significant growth prospects for the pharmaceutical industry in this sector.
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Global Nutraceutical Excipients Market Set to Reach USD 6.1 Billion by 2028, Fueled by Consumer Demand for Natural and Organic Ingredients
Nutraceutical Excipients Market by Product Source (Organic Chemicals, Inorganic Chemicals), Functionality (Binders, Colorants, Flavors & Sweeteners), End Product, Formulation, Functionality Application and Region - Global Forecast to 2028