Chicago, March 29, 2024 (GLOBE NEWSWIRE) -- Impact of Health Concerns and Lifestyle Diseases:
The rising popularity of nutraceuticals in recent years reflects their widespread use for diverse therapeutic purposes. These products play a significant role in addressing various ailments and diseases, including cancer, heart conditions, cataracts, menopausal symptoms, insomnia, memory issues, gastrointestinal problems, headaches, and migraines induced by stress. The global nutraceutical excipients market is set to witness robust growth, projected to increase 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.
Nutraceuticals derived from combinations such as ginger, garlic, and honey are gaining trust for their effectiveness in addressing specific health concerns. Furthermore, products like green tea, Vitamin E, and Vitamin C target issues such as thinning hair, complexion problems, varicose veins, alcoholism, depression, and lethargy. This surge in nutraceutical usage signifies substantial growth prospects for the pharmaceutical industry.
Several factors are driving the expansion of this market, including an aging population, escalating healthcare costs, advancements in food technology and nutrition, and increasing consumer awareness of the correlation between diet and health. Consequently, the heightened demand for nutraceutical products directly impacts the nutraceutical excipients market, necessitating improved formulations, specialized excipients, and innovative technologies to enhance the efficacy and delivery of these beneficial compounds in various supplements and functional foods.
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Key Players
• International Flavors & Fragrances Inc (US)
• Kerry Group plc (Ireland)
• Ingredion (US)
• Sensient Technologies Corporation (US)
• Associated British Foods plc (UK)
• BASF SE (Germany)
• Roquette Frères (France)
• MEGGLE GmbH & Co. KG (Germany)
• Cargill, Incorporated (US)
• Ashland (US)
• Hilmar Cheese Company, Inc (US)
• Air Liquide (France)
Nutraceutical Excipients Market Drivers
- Advancements in nanotechnology have introduced a multitude of innovative features poised to drive substantial growth within the nutraceutical excipients market.
- Operating at the nanoscale level, nanotechnology offers distinct and advantageous functionalities for the development of excipients in the nutraceutical industry.
- Nano-sized excipients enhance solubility and bioavailability of active ingredients, facilitating superior absorption and utilization of nutrients in the body.
- They amplify the effectiveness of nutraceutical products by improving nutrient absorption.
- Excipients at the nanoscale offer increased stability for delicate nutrients, safeguarding them from degradation and extending the shelf life of nutraceuticals.
- Nanotechnology enables the creation of targeted delivery systems, allowing precise and specific delivery of nutrients to targeted body tissues or cells.
- This optimization maximizes the efficacy of nutraceuticals while minimizing potential adverse effects.
Consumer Preference for Organic Chemicals:
In the nutraceutical excipients market, consumer demand for natural and organic ingredients is a significant driver. This demand is influenced by a growing awareness of ingredient quality and sourcing. Organic chemicals are favored due to their perceived safety and alignment with clean label trends.
Clean Label Trend and Ingredient Transparency:
The clean label trend emphasizes transparency in ingredient lists, leading to increased demand for organic chemicals. These chemicals are viewed as cleaner alternatives and meet consumer expectations for simplicity. Manufacturers respond to this demand by incorporating organic excipients into formulations, thereby driving market growth.
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Growth of the Dry Formulation Segment:
Within the nutraceutical excipients market, the dry formulation segment experiences the highest compound annual growth rate (CAGR). Dry excipients offer flexibility in formulation, accommodating various dosage forms. They are compatible with a wide range of active ingredients, making them popular across industries. Additionally, dry excipients enhance solubility, dissolution rates, and stability, meeting market demands for quality and longevity.
Regional Analysis of nutraceutical excipients market:
Dominance of North America in the Nutraceutical Excipients Market
North America holds the largest share of the nutraceutical excipients market, driven by several factors. Key companies and leading manufacturers in the region play a crucial role in driving growth through continuous research, innovation, and product development.
The region is witnessing growth due to rising health concerns and lifestyle diseases. Conditions such as obesity, cardiovascular diseases, and lifestyle-related ailments are increasingly prevalent, prompting consumers to prioritize preventive healthcare measures. This heightened awareness has led to a surge in demand for nutraceutical products perceived as beneficial for addressing these health issues. Consequently, there's a growing need for nutraceutical excipients, essential components in formulating these health-focused products.
Recent Developments nutraceutical excipients Market
- In September 2022, Roquette, renowned for its expertise in plant-based ingredients and its prominent position as a supplier of pharmaceutical and nutraceutical excipients, finalized the acquisition of Crest Cellulose, an excipient manufacturer based in India. Building upon its prior acquisition of a majority stake in 2018, this recent development underscores Roquette's commitment to advancing its robust expansion goals and addressing the increasing worldwide need for top-tier plant-based excipients. This strategic move aligns with Roquette's endeavors to meet the escalating global demand for high-quality excipients derived from plant sources.
- In February 2021, IFF finalized the merger with DuPont's Nutrition & Biosciences (N&B) division, creating a dominant force in the global ingredients and solutions sector. This amalgamation establishes a leader serving consumer-focused markets such as food & beverage, home & personal care, and health & wellness. Additionally, IFF now offers excipients obtained through the acquisition of DuPont's Nutrition & Biosciences business.
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