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Nutraceutical Excipients Market Outlook 2024: Global Insights and Future Growth
Nutraceutical Excipients Market Outlook
According to The Business Research Company's, The nutraceutical excipients market size has grown strongly in recent years. It will grow from $3.73 billion in 2023 to $4.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing demand for nutraceutical products, growing awareness of the health benefits of nutraceuticals, advancements in technology and product innovation, increasing healthcare costs and the need for preventative healthcare, growing aging population and prevalence of chronic diseases.
The nutraceutical excipients market size is expected to see strong growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing awareness regarding nutraceutical applications, growing demand for functional foods, rising prevalence of chronic diseases, advancements in technology and product innovation, growing healthcare infrastructure and insurance coverage in developing countries. Major trends in the forecast period include clean label excipients, advanced delivery systems, customized excipient solutions, focus on sustainability.
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Market Drivers and Trends:
The growing demand for health and wellness is expected to propel the growth of the nutraceutical excipients market going forward. Health and wellness encompass a holistic state of physical, mental, and social well-being, reflecting the harmonious balance of lifestyle choices, preventive measures, and positive behaviors that contribute to an individual's overall thriving and optimal quality of life. Nutraceutical excipients are essential components used to improve the bioavailability, stability, delivery, palatability, and regulatory compliance of nutraceutical products, ultimately enhancing their effectiveness in supporting overall health and wellness. For instance, in April 2021, according to a survey of 7,500 consumers by McKinsey & Company, a US-based management consulting company, around 79% of consumers think wellness is important, and 42% consider it a top priority. Further, around 37% of consumers were expected to spend more on wellness services in 2022. Therefore, the growing demand for health and wellness is driving the growth of the nutraceutical excipients market.
Major companies operating in the nutraceutical excipients market are focusing on the development of innovative products such as Omyanutra 300 DC and Omyanutra 300 Flash to overcome processing challenges and improve the effectiveness of nutraceutical products. Omyanutra 300 DC and Omyanutra 300 Flash are innovative nutraceutical excipients based on functionalized calcium carbonate (FCC) and croscarmellose sodium and are free from nanoparticles, non-GMO, and made of high-purity minerals. For instance, in July 2021, Omya, a Switzerland-based chemical industry company, launched two new excipients for nutraceutical tablets called Omyanutra 300 DC and Omyanutra 300 Flash. These excipients were designed to overcome processing challenges for dietary supplements and nutraceutical tablets. Both excipients are made of high-purity, natural mineral material and are free from nanoparticles and GMOs. It improves supplement processing and responds to the demand for orally disintegrating tablets (ODTs) in the nutraceutical industry. Additionally, it offers better compatibility compared to benchmark excipients, allowing manufacturers to create hard tablets at low compression forces.
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Major Key Players of the Market:
Cargill Incorporated, BASF SE, Air Liquide, CJ CheilJedang Corporation, Evonik Industries AG, Associated British Foods plc, Dow DuPont Inc. , International Flavors And Fragrances Inc, Conagra, Kerry Group plc, Ingredion, Givaudan, Lonza Group, Glanbia plc, Barilla Group , Sensient Technologies Corporation, Azelis Group, Hilmar Cheese Company Inc , Ashland Inc., Hawkins Inc., Innophos, SPI Pharma Inc., Nexira, Pfanstiehl Inc., Biogrund GmbH
Nutraceutical Excipients Market 2024 Key Insights:
• The nutraceutical excipients market is expected to grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• The Role Of Health And Wellness In Driving Growth In The Nutraceutical Excipients Market
• Innovative Nutraceutical Excipients Spearhead Market Advancements
• North America was the largest region in the nutraceutical excipients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nutraceutical excipients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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