Global Nutraceutical Excipient Market Is Estimated To Witness High Growth Owing To Increasing Demand for Functional Foods and Rising Prevalence of Chronic Diseases.
The Global Nutraceutical Excipient Market is estimated to be valued at US$3.4 billion in 2020 and is expected to exhibit a CAGR of 7.3% over the forecast period of 2020 to 2025, according to a new report published by Coherent Market Insights.
Market Overview:
The Nutraceutical Excipient Market refers to the use of excipients in the formulation of nutraceutical products. Excipients are inactive ingredients that are added to nutraceutical products to provide stability, improve taste, enhance bioavailability, and ensure proper dosage. These excipients play a vital role in the development and manufacturing of nutraceutical products, and are essential for their effective delivery and functionality. The increasing demand for functional foods and dietary supplements, along with the rising prevalence of chronic diseases, is driving the growth of the nutraceutical excipient market.
Market Dynamics:
The market dynamics of the Nutraceutical Excipient market are influenced by two key drivers - the increasing demand for functional foods and the rising prevalence of chronic diseases. The demand for functional foods, which provide health benefits beyond basic nutrition, is growing due to factors such as increasing consumer awareness about health and wellness, the rising aging population, and changing dietary preferences. Additionally, the rising prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and obesity, is driving the demand for nutraceutical products. Nutraceutical excipients play a crucial role in the formulation of these products by ensuring their stability, efficacy, and safety. Overall, these drivers are expected to fuel the growth of the Nutraceutical Excipient market over the forecast period.
SWOT Analysis for the Nutraceutical Excipient Market:
Strength:
The Nutraceutical Excipient market has witnessed strong growth due to the increasing demand for nutritional supplements and functional foods. The market is supported by the growing health-conscious population and rising awareness about the benefits of nutraceutical products. Key players in the market, such as DuPont and Kerry Group, have a strong brand reputation and offer a wide range of innovative excipient solutions.
Weakness:
One weakness of the Nutraceutical Excipient market is the high cost associated with the development and production of specialized excipients. This can limit the affordability and accessibility of nutraceutical products for some consumers. Another weakness is the stringent regulatory requirements for nutraceutical excipients, which can pose challenges for manufacturers in terms of compliance and time-to-market.
Opportunity:
An opportunity for the Nutraceutical Excipient market lies in the emerging markets, particularly in Asia Pacific, where the demand for nutraceutical products is rapidly increasing. Growing disposable incomes, urbanization, and changing lifestyles are driving the demand for functional foods and dietary supplements in these regions. Additionally, advancements in excipient technology offer opportunities for market players to develop novel and improved excipients with enhanced functionalities.
Threats:
One threat to the Nutraceutical Excipient market is the increasing competition from alternative delivery forms, such as oral films and liquid formulations. These alternative forms offer convenience and ease of consumption, challenging the dominance of traditional solid dosage forms that require excipients. Another threat is the stringent regulatory landscape governing nutraceutical products, which can pose barriers to entry for new market players and lead to slower product approvals.
Key Takeaways:
The global Nutraceutical Excipient market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand for nutritional supplements and functional foods. Asia Pacific is anticipated to be the fastest-growing and dominating region in the market, driven by the rising disposable incomes and changing lifestyles of the population. Key players operating in the Nutraceutical Excipient market include DuPont, P&G Chemicals, Kerry Group plc, and Roquette Freres, among others. These key players have established a strong market presence and offer innovative excipient solutions to cater to the growing demand for nutraceutical products.
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