by The global nutraceutical excipients market is estimated to be valued at US$2,427.8 million in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 10.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nutraceutical excipients are substances added to nutraceutical products to enhance their stability, bioavailability, and formulation. These excipients play a crucial role in ensuring the quality and effectiveness of nutraceutical products. The increasing demand for functional ingredients in the nutraceutical industry is one of the key factors driving the growth of the market. Nutraceutical products, such as vitamins, minerals, antioxidants, and probiotics, are gaining popularity due to their numerous health benefits. The need for high-quality excipients to enhance the properties of these products and optimize their performance is driving the demand for nutraceutical excipients.
Market key trends:
One key trend in the nutraceutical excipients market is the growing demand for natural and organic excipients. Consumers are becoming more conscious about the ingredients used in nutraceutical products and are inclined towards natural and organic options. This trend is driven by the belief that natural and organic excipients are safer and healthier compared to synthetic alternatives. Manufacturers are focusing on developing natural and organic excipients to cater to this demand. Additionally, stringent regulations on the use of synthetic excipients in certain regions are also driving the adoption of natural and organic alternatives. This trend is expected to continue and create opportunities for the growth of the nutraceutical excipients market.
Porter’s Analysis:
The threat of new entrants: The nutraceutical excipients market exhibits a moderate threat of new entrants. Although the market is growing at a significant rate, the presence of well-established key players and high entry barriers such as complex regulatory requirements for excipients, limit the entry of new players.
Bargaining power of buyers: The bargaining power of buyers in the nutraceutical excipients market is moderate. Buyers have the ability to negotiate prices due to the presence of numerous suppliers in the market. However, the limited availability of unique excipients and the criticality of these ingredients in the manufacturing process give suppliers some power.
Bargaining power of suppliers: The bargaining power of suppliers is strong in the nutraceutical excipients market. Suppliers have control over the availability and pricing of excipients, allowing them to exert influence on manufacturers. Additionally, the high switching costs associated with changing suppliers strengthen the supplier’s position.
Threat of new substitutes: The threat of new substitutes in the nutraceutical excipients market is low. Nutraceutical excipients play a crucial role in the formulation and delivery of active ingredients, and finding alternatives with similar properties and effectiveness is challenging. This reduces the likelihood of substitution.
Competitive rivalry: Competitive rivalry in the nutraceutical excipients market is intense. The market is fragmented, with several key players competing for market share. These players engage in strategies such as mergers and acquisitions, partnerships, and product launches to gain a competitive edge.
Key Takeaways:
The nutraceutical excipients market is expected to witness high growth, exhibiting a CAGR of 10.4% over the forecast period (2022-2030). This growth can be attributed to the increasing demand for nutraceutical products driven by factors such as the growing focus on preventive healthcare, rising disposable income, and changing consumer lifestyles.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the nutraceutical excipients market. The region has a well-established healthcare infrastructure, increasing consumer awareness about the benefits of nutraceuticals, and a high demand for dietary supplements.
Key players operating in the nutraceutical excipients market include DuPont, P&G Chemicals, Eastman Chemical Corporation, Huntsman Corporation, Kerry Group plc, ABF, Roquette Freres, Ingredion, Meggle, Hilmar Ingredients, JRS Pharma, Sensient, Innophos, Cargill, IMCD, Avantor Performance Materials, Zydus Wellness, BASF SE, Lubrizol Corporation, Colorcon Inc., Finar Limited, and Shin-Etsu Chemical Co., Ltd. These players focus on product innovation, partnerships, and expansion strategies to gain a competitive advantage and capture a larger market share in the nutraceutical excipients market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
