May 21, 2024
Nutraceutical Excipient Market

Nutraceutical Excipient Market Poised For Substantial Growth Due To Rising Demand For Enhanced Medicinal Properties

The nutraceutical excipient market is poised to witness substantial growth driven by increasing consumer consciousness regarding their well-being and demand for enhanced medicinal properties. Nutraceutical excipients such as binders, coatings, fillers, diluents, colors etc impart medically active ingredient properties such as dissolution, release and shelf-life stability to the finished products. They facilitate efficient delivery of nutraceuticals in applications ranging from tablets, capsules to gummies and beverages.

The Global nutraceutical excipient Market is estimated to be valued at US$ 3087.7 Bn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the nutraceutical excipient market are Arkema S.A., Evonik Industries A.G., Solvay S.A., Mitsubishi Gas Chemical Company Inc., Kemira Oyj, Thai Peroxide Limited (TPL), Taekwang Industrial Co. Ltd., PeroxyChem LLC, Hansol Chemical, and Nouryon. These companies are focusing on capacity expansion through partnerships and acquisitions to strengthen their market share.

The market offers huge opportunities for new players to offer innovative and customized solutions to manufacturers. The growing popularity of organic, non-GMO and clean label products presents lucrative opportunities.

Asia Pacific region dominates the Nutraceutical Excipient Market Demand  and is expected to grow at the fastest pace owing to rising health consciousness, growing middle class and increasing domestic production in major Asian countries. Established players are expanding their geographic footprint in emerging economies to tap the demand from local nutraceutical companies.

Market drivers

Growing geriatric population and associated health issues have boosted the demand for dietary supplements and nutraceuticals. As nutraceutical excipients play a key role in determining product formulations, properties and shelf life, their demand is increasing concurrently. This remains a key driver for nutraceutical excipient market growth over the forecast period.

PEST Analysis
Political: The regulatory landscape governing the manufacturing and sale of nutraceutical excipients is constantly evolving with increased focus on product quality and safety. Stringent regulations around the world aim to ensure approved ingredients are used.
Economic: With the growing health consciousness and rising disposable incomes, the demand for nutraceutical products is increasing globally. This drives the need for development of innovative delivery systems using novel excipients.
Social: Aging population and focus on preventive healthcare is a major factor leading to rising social acceptance of dietary supplements. Consumers prefer efficacious products promising health and wellness benefits.
Technological: Excipient manufacturers are investing in R&D to develop customized carrier systems, enhanced solubility solutions and other delivery technologies. Nanotechnology and microencapsulation techniques help overcome challenges in formulating certain active ingredients.

Geographical Regions of Concentration
North America accounts for the largest share of the global nutraceutical excipient market value-wise currently. This can be attributed to factors like growing health issues, aging population seeking alternative treatment options and presence of major players. The United States in particular has witnessed increased consumption of supplements and functional foods in recent years.

Fastest Growing Regional Market
The Asia Pacific region is poised to be the fastest growing market for nutraceutical excipients during the forecast period. Rising living standards, health consciousness and shift towards preventive healthcare are driving the demand for nutraceuticals. Further, growing elderly population and increasing incidence of chronic diseases are key influencers. The developing nutraceutical industry in countries like India and China offer promising opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it