by Microcrystalline cellulose is a partially depolymerized form of cellulose that improves flow properties and compaction behavior of powder blends in pharmaceutical and food industries. It is also used as a bulking agent, adsorbent, anticaking agent and stabilizer. The key advantage of microcrystalline cellulose is its compressibility and stability, which makes it an excellent excipient for tablet production. The pharmaceutical industry widely uses microcrystalline cellulose for tableting due to its binding properties.
The global microcrystalline cellulose Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The growth of pharmaceutical industry, especially in emerging economies, provides high growth opportunity for microcrystalline cellulose market during the forecast period. Pharmaceutical sector is expanding rapidly in developing regions such as Asia Pacific and Latin America owing to increasing healthcare expenditure, rising disposable income, growing elderly population and prevalence of chronic diseases. According to statistics, global pharmaceutical sales are expected to grow at a rate of 4-7% during the forecast period. Rapid industrialization and improving standard of living have boosted the demand for pharmaceutical products in developing countries over the years. Increasing demand for drugs and medicines are driving the use of microcrystalline cellulose as an important excipient in pharmaceutical formulations. The rising pharmaceutical industry offers great potential for the growth of microcrystalline cellulose market.
Porter’s Analysis
Threat of new entrants: The trypsin market has moderate threat of new entrants as it requires large capital investments and technical expertise to build manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate to high in this market as trypsin has many applications and end-users can switch between suppliers easily.
Bargaining power of suppliers: The key raw materials are animal pancreas which gives suppliers moderate bargaining power over manufacturers.
Threat of new substitutes: There exists a threat of substitutes like papain, bromelain etc. but trypsin has certain unique properties so threat is moderate.
Competitive rivalry: The trypsin market experiences high competitive rivalry due to presence of many global and local players operating in this space.
SWOT Analysis
Strength: Trypsin has wide applications in food processing, leather processing, pharmaceuticals etc. It is cost-effective and efficient for its applications.
Weakness: Supply chain vulnerabilities exist as trypsin supply depends on availability of animal by-products.
Opportunities: Growing food processing, meat and leather industries offer lucrative growth opportunities. Demand for cleaner label products also boosts trypsin market.
Threats: Stringent regulations around procurement and processing of animal by-products act as a restraint. Substitute products challenge trypsin’s demand.
Key Takeaways
The Global Trypsin Market Share is expected to witness high growth on account of expanding pharmaceutical, food processing and personal care industries. The global microcrystalline cellulose Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030.
The Asia Pacific region dominates the global trypsin market and is expected to grow at the fastest pace during the forecast period. Key growth drivers for the region include strong growth in food processing industry and increasing domestic consumption in populous countries like India and China. North America is another major market for trypsin owing to well-established pharmaceutical and cosmetics industries in the region. Rising health awareness and growing meat consumption will further augment demand.
Key players operating in the trypsin market are De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd. These companies are focusing on new product development, capacity expansions and partnerships to strengthen their market position.
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Source: Coherent Market Insights, Public sources, Desk research
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