June 22, 2024

The Rising Popularity Of Functional Food Products Is Anticipated To Openup The New Avenue For Nutraceutical Excipient Market

Nutraceutical excipients include a wide range of inert substances that enable the manufacture and production of nutraceutical supplements. They comprise of emulsifiers, preservatives, thickeners, bulking agents, and others that help in improving the shelf life, texture, and appearance of nutraceutical products. Nutraceutical excipients provide functional benefits such as protection against oxidation, moisture management, and UV protection. Some key nutraceutical excipients are microcrystalline cellulose, carrageenan, glycerin, and xanthan gum. They are used in the manufacture of tablets, capsules, softgels, and other delivery formats of nutraceutical supplements.

The Nutraceutical Excipient Market is estimated to be valued at Us$ 2,680.29 Mn in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growth of the global nutraceutical excipient market is ascribed to the rising health-consciousness among consumers and increasing demand for functional foods and dietary supplements. Consumers are increasingly adopting preventive healthcare approach and using nutraceutical products to supplement their nutritional needs as well as to reduce the risk of chronic diseases. Moreover, the COVID-19 pandemic has heightened health awareness and boosted the demand for immunity-boosting supplements. This has accelerated the need for appropriate excipients in the manufacturing of such supplements.

Additionally, advancements in excipient technologies have enhanced the capabilities of excipients in improving bioavailability,protecting actives, enhancing stability and patient compliance. The introduction of multi-functional excipients that impart diversity of functionalities is also fueling the market growth.

Segment Analysis

The global nutraceutical excipient market is dominated by the dry segment. Within dry segment, the major sub-segments include fillers & diluents, binders, and coatings. The dry segment is dominating as majority of nutraceutical formulations are present in solid oral dosage forms like tablets, hard & soft gelatin capsules, which require excipients like fillers, binders, and coatings in large volumes.

PEST Analysis

Political: The regulations governing the development and sales of nutraceuticals are facilitating the market growth. Various government initiatives focused on preventive healthcare are further boosting the demand.

Economic: Rising disposable income and growing health consciousness among consumers are driving the sales of high value-added nutraceutical products worldwide.

Social: Changing lifestyles, aging population, and growing consumer preference for healthy diet are propelling the nutraceutical industry.

Technological: Manufacturers are making heavy investments in R&D to develop novel excipients with multi-functionalities, enhanced stability, and improved bioavailability. Several innovative drug delivery technologies are also being explored.

Key Takeaways

The Global Nutraceutical Excipient Market Size  is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing consumer health awareness and growing demand for functional food products.

The North American region dominated the global market in 2023, owing to robust nutraceutical industry, rising health consciousness, and presence of leading players in the region. Asia Pacific is estimated to be the fastest growing market during the forecast period, driven by rising incomes, surge in lifestyle diseases, and growing geriatric population in major Asian countries.

Key players operating in the nutraceutical excipient market are DuPont de Nemours, Inc., Roquette, and Innophos Holdings, Inc. These players are focusing on new product launches, acquisitions, and geographical expansion to strengthen their market position and cater to diversified needs of customers.For instance, in 2022, Roquette expanded its production capacity for functional excipients at its site in Gurnee, Illinois, USA to meet the growing demand from dietary supplement and medical food manufacturers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it