The nutraceutical excipient helps in enhancing the bioavailability of various vitamins, minerals, herbal extracts and botanicals used in dietary supplements and nutraceutical products. Nutraceutical excipients are used to develop micro and nano formulations along with tablet and capsule formulations to improve stability, absorption and delivery of nutraceutical actives.
The global Nutraceutical Excipient Market is estimated to be valued at US$ 2680.29 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for dietary supplements across the globe owing to rising health and wellness trend among consumers is a major factor driving the growth of nutraceutical excipient market. As per a research, the dietary supplements market worldwide was valued at more than US$ 125 billion in 2017 and is further expected to exhibit a CAGR of 7-10% during the forecast period. With the rising nutraceutical industry, the demand for nutraceutical excipients is also increasing to manufacture various dietary supplement formulations with enhanced functionality and delivery. Moreover, increasing expenditure on R&D activities by major excipient manufacturers for developing innovative delivery systems using nanotechnology for nutraceuticals is further propelling the nutraceutical excipient market growth.
Strength: The nutraceutical excipient market has experienced steady growth rates due to the rising awareness around preventive healthcare and nutraceutical products.
Weakness: Stringent regulations and approval processes for new nutraceutical excipient products may hinder market growth to some extent.
Opportunity: Growing demand for customized nutraceutical excipients and the emergence of multifunctional excipients present lucrative opportunities for players in this market.
Threats: Availability of alternative ingredients and economic slowdowns impacting disposable incomes pose threats to the nutraceutical excipient market.
The Global Nutraceutical Excipient Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Nutraceutical Excipient Market is estimated to be valued at US$ 2680.29 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
The North America region currently dominates the market and is expected to maintain its leading position through 2030. Major factors driving the North America nutraceutical excipient market include the growing health awareness among consumers, easy availability of advanced technologies, strong distribution networks, and presence of prominent players.
Key players operating in the nutraceutical excipient market are 3M Littmann, Eko Devices, Thinklabs Medical, HD Medical Inc., and Welch Allyn (a subsidiary of Hillrom). These players are focusing on new product launches, acquisitions, and expansions to strengthen their market presence. For instance, in 2022, 3M Littmann launched its new Littmann digital stethoscope model 3000 for telehealth capabilities, sound quality and easy of use.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it