Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Plant-based Excipients Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global plant-based excipients market size was estimated to be USD 1.79 billion in 2023 and is expected to reach at USD 3.15 billion by 2034 with a CAGR of 5.28% during the forecast period 2024-2034.
Support from regulatory bodies, heightened research & development in the field of natural & plant-based excipients, rising preference for halal, vegan, & vegetarian pharmaceuticals, growing inclination towards animal-free pharmaceuticals, increased emphasis on innovative plant-based excipient development by various companies, rising consumer demand for natural & minimally processed pharmaceutical products, surge in mergers & acquisitions among industry leaders, increasing need for novel drug delivery systems, the expiration of patents for several blockbuster drugs, and growing number of launches for new plant-based excipient products are some of the key factors boosting the market growth. 
Growing number of launches for new plant-based excipient products is predicted to boost the market growth during the forecast period. Plant-based excipients, being non-toxic, cost-effective, and readily accessible, contribute to enhanced acceptance and are anticipated to positively impact the expansion of the market.
By chemical nature, carbohydrates was the highest revenue-grossing segment in the global plant-based excipients market in 2023 owing to the increasing need for tablet formulation and the continuous introduction of new products have led to a heightened use of natural marine origin excipients. Within pharmaceutical dosage forms, several marine-based polysaccharides such as agar, chitosan, alginate, hyaluronan, carrageenan, and fucoidan are commonly employed as carriers, binders, gelling agents, disintegrating agents, and agents for sustaining drug release. For instance, in November 2022, JRS PHARMA has unveiled its newest natural excipient, LUBRITAB RBW, developed specifically as a lubricant for tablet and capsule formulations. It is applicable for both direct compression and continuous manufacturing, and it can be utilized in dry or wet granulation formulations. Additionally, ethers & carboxylic acids is predicted to grow at the fastest CAGR during the forecast period owing to the increased use of ethers as solubilizers in oral dosage forms is driven by factors such as their convenient administration, high patient compliance, flexibility in designing dosage forms, and cost-effectiveness. Solubilizers or agents for solubilization play a crucial role in enhancing the bioavailability of orally administered medications by improving the solubility of poorly soluble drugs.
By application, binders and diluents was the highest revenue-grossing segment in the global plant-based excipients market in 2023 owing to the utilization of binders in formulations to provide flexibility or enhance the bonding strength among particles is on the rise, accompanied by a growing introduction of innovative products. Binders play a crucial role in enhancing the cohesion of substances in tablets and granules, ensuring that formulations are produced with the required physical strength and quantity. Natural binders find extensive use as excipients in the pharmaceutical and food sectors, driven by their advantages such as low toxicity, biodegradability, ready availability, cost-effectiveness, and other factors. For instance, in April 2023, IFF has revealed the introduction of a new technology based on pectin, expanding its range of vegan softgels. The release of VERDIGEL SC allows manufacturers of vegan softgels to provide products without carrageenan, meeting the increasing demand for carrageenan-free options in various markets. Additionally, film forming and coating agents is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for quick dissolving products and growing new product launches.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing public awareness of the health benefits provided by natural excipients, including non-toxicity, affordability, & easy availability, and growing emphasis on the development of new products. For instance, in December 2022, PhytoSquene, a plant-based excipient substitute for animal-derived excipients, was introduced to the market by Evonik. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing vegetarian & halal population, rising healthcare infrastructure, and increase in acquisitions among industry players aiming to innovate plant-based excipients.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
Study Coverage
- Market Forecast by Type, Material, Product, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Company Profiles of Top 10+ Major Market Players
- Roquette Freres
- Evonik
- Micro Powders Inc.
- Lonza
- JRS PHARMA
- DFE Pharma
- Cristalco
- BASF Corporation
- ADC
- SpecializedRx
- Henan Fumei Bio-Technology
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $1.79 Billion |
| Forecasted Market Value (USD) by 2034 | $3.15 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Report Segmentation:
Plant-based Excipients Market Analysis & Forecast by Chemical Nature:
- Ethers & Carboxylic Acids
- Glycoside & Waxes
- Carbohydrates
- Minerals
- Polymers
- Proteins
- Esters
- Others
Plant-based Excipients Market Analysis & Forecast by Application:
- Film Forming & Coating Agents
- Plasticizers
- Binders & Diluents
- Preservatives & Antioxidants
- Colorants & Flavoring Agents
- Suspending Agents
- Glidants
- Lubricants & Disintegrants
Plant-based Excipients Market Analysis & Forecast by Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/r7fior
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