by Nutraceutical excipients are food additives used in nutraceuticals and functional food & beverages products to aid formulation, processing and stability of the products. Commonly used nutraceutical excipients include binders, fillers, diluents, lubricants, flavoring agents and colouring agents. Binders allows binding of ingredients while fillers helps improving product volume. Nutraceutical excipients are used in dietary supplements for conditions including diabetes, obesity, heart health, sports nutrition and more.
The global Nutraceutical Excipient Market is estimated to be valued at US$ 2680.29 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand for nutraceuticals products is a major driver estimated to boost growth of the nutraceutical excipient market over the forecast period. According to a data by CRN Foundation, spending on dietary supplements is around US$ 68 billion annually in America alone. Nutraceuticals demand is growing owing to increasing health awareness and preventive healthcare trend among consumers. Second driver is continuous new product launches in the nutraceutical market that need specific excipients to provide desired functionality, quality, safety and stability to the end products. As new nutraceutical categories emerge in the market, need for suitable excipients will continue to rise at a significant pace over the coming years.
SWOT Analysis
Strength: The nutraceutical excipient market has grown at a decent pace in the past few years, driven by factors such as rising health awareness and the growing focus on preventive healthcare. The growing demand for functional and fortified foods supplements the growth of the nutraceutical excipient market. The introduction of advanced nutraceutical products with specific health offerings is also fueling market growth.
Weakness: There are challenges related to the standardization of nutraceutical products. In many countries, regulations surrounding the approval and marketing of nutraceuticals are not well defined. This leads to confusion among consumers regarding product claims. The COVID-19 pandemic had also negatively impacted the demand for certain categories of nutraceutical excipients in 2020.
Opportunity: The Asia Pacific region presents significant growth opportunities for players in the nutraceutical excipient market. Growing health consciousness and rising disposable incomes in countries like India and China are driving the demand for nutraceuticals. Rapid urbanization is also encouraging the adoption of preventive healthcare approaches. Technological advancements are allowing manufacturers to develop advanced delivery systems for nutraceutical excipients.
Threats: Stringent regulations associated with the approval of new excipients pose a threat to market players. The availability of cheaper alternatives also poses pricing challenges. Environmental regulations surrounding manufacturing processes may increase compliance costs.
Key Takeaways
The global nutraceutical excipient market is expected to witness high growth over the forecast period supported by factors such as the rising demand for functional foods and supplements.
Regional analysis: The Asia Pacific region dominates the global nutraceutical excipient market, both in terms of production and consumption. China, India, Japan, and Australia are the key markets in the region. Factors such as the rising health awareness, growing disposable incomes, and rapid urbanization are driving the demand for nutraceuticals and correspondingly, nutraceutical excipients in Asia Pacific. The growing senior population base is also boosting market growth rates.
Key players: 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. The market is fairly consolidated with the top players accounting for a major share. Companies are focusing on developing advanced delivery technologies and value-added excipients for application in newer product formats.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
