Nutraceutical Excipient Market is Estimated to Witness High Growth Owing to Increasing Demand for Nutraceutical Products
Market Dynamics
Increasing demand for nutraceutical products and growing health awareness among consumers: The increasing demand for functional foods and dietary supplements is one of the major drivers propelling the growth of the global Nutraceutical Excipient market. Consumers are increasingly adopting preventive healthcare measures to maintain well-being and reduce medical expenses. Additionally, growing health awareness regarding lifestyle disease risk factors has augmented the demand for nutraceuticals. Nutraceutical Excipients help improve absorption and effectiveness of these supplemental products which further boosts their demand.
Development of novel Nutraceutical Excipients: Manufacturers are focusing on developing novel excipients to enhance the functionality and efficacy of end products. For instance, in 2020 Arkema launched Vanceva ColorMatrix technology that enables direct formulation of oil, water-soluble nutrients, probiotics, and prebiotics into gummy and soft chew formats with vibrant colors. Growing innovation in excipients tailored for specific delivery systems and actives is augmenting the market growth.
SWOT Analysis
Strength: Nutraceutical Excipient Market Size has strong growth opportunities owing to the rising health and wellness trends amongst consumers. The excipients help in enhancing the manufacturing processes and stability of nutraceutical products. They also aid in improving the solubility, palatability and taste of supplements. With an increasing preference for natural and organic ingredients, excipients support manufacturers in formulating products using sustainable sources.
Weakness: High dependence on agricultural commodities for raw materials exposes the Nutraceutical Excipient market to price volatility. Additionally, stringent regulations associated with GMP compliance increases operational costs for players.
Opportunity: Growth in nutraceutical consumption driven by the aging population and prevalence of lifestyle diseases provides vast opportunities. The development of innovative and multifunctional excipients tailor-made for specific applications can further expand the market scope. Adoption of advanced processing technologies would increase efficiencies.
Threats: Intense competition among existing playerslimits pricing flexibility. Further, the availability of alternatives like microencapsulation poses threats. Fluctuations in foreign currency exchange rates can impact import/export of raw materials.
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