June 12, 2024
Nutraceutical Excipient Market

Nutraceutical Excipient Market is Expected to be Flourished by The Rising Health Awareness Among Consumers

The nutraceutical excipients are functional ingredients added to dietary supplements during manufacturing which provide binding, thickening, fillers and other functionalities during formulation. These excipients play an important role in delivering bioactive compounds to the target sites and improving absorption, safety and processing. Some common nutraceutical excipients are starch, microcrystalline cellulose, hypromellose, magnesium stearate, silicon dioxide among others. The increasing consumer awareness regarding health and wellness coupled with rising lifestyle diseases is propelling the growth of dietary supplements which in turn boosting the demand for nutraceutical excipients.

The global nutraceutical excipient market is estimated to be valued at US$ 3087.7 Bn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rising health awareness among consumers is one of the primary drivers fueling the growth of the global nutraceutical excipients market over the forecast period. According to a survey conducted by the International Food Information Council, 86% of Americans seek nutrition information on food labels to track calories, carbohydrates, proteins, sugars, and sodium content. This rise in health consciousness among consumers encourages them to opt for functional supplements to prevent diseases and lead healthier lives.

Moreover, millennial consumers constitute the dominant demographic segment with high expenditure on preventive healthcare measures, including nutraceuticals. High standards of living coupled with disposable incomes enable them to prioritize nutritional supplements over conventional medicines. This rising preference for dietary preventive care is aiding the increase in sales of nutraceuticals, consequently propelling the demand for associated excipients during formulation. Additionally, medical practitioners also recommend supplements to address nutritional deficiencies and treat chronic ailments safely. All these factors are expected to fuel the growth of the global nutraceutical excipients market in the upcoming decade.

Segment Analysis
The global nutraceutical excipient market is dominated by the dry form segment which accounts for over 60% share. Dry form excipients offer advantages such as ease of handling, storage stability at room temperature, and compatibility with various formulation types which has resulted in their widespread adoption. Pharmaceutical grade excipients also constitute a notable segment owing to stringent purity and consistency requirements for nutraceutical products.

PEST Analysis
Political: Governments worldwide are promoting nutraceutical products for their potential health benefits. Favorable regulations regarding excipient purity and standards are boosting market growth.
Economic: Rising per capita incomes and growing health consciousness are driving consumer spending on premium nutrition products. Developing nations with large populations offer high market potential.
Social: Social media marketing highlighting the health advantages of nutraceuticals is enhancing product awareness. Customers are increasingly adopting preventive healthcare approaches involving nutraceutical supplements.
Technological: Advancements in excipient functionalities enable developing innovative delivery systems. Emergence of multifunctional excipients supporting controlled/sustained release is expanding applications.

Key Takeaways
The global nutraceutical excipient market is expected to witness high growth over the forecast period driven by growing nutraceutical industry, aging population, and increasing consumer health awareness. Global Nutraceutical Excipient Market Size is estimated to be valued at US$ 3087.7 Bn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

Regionally, Asia Pacific dominates led by countries like China, India and Japan and accounts for around 45% share attributed to rising disposable incomes, large population base and increasing chronic disease prevalence. Factors like burgeoning middle class, rising health consciousness and rapid economic development in leading country-markets of China, India and Japan will propel regional demand. These countries are projected to emerge as the top nutraceutical consumers globally in the coming decade.

Key players operating in the nutraceutical excipient market are Arkema S.A., Evonik Industries A.G., Solvay S.A., Mitsubishi Gas Chemical Company Inc., Kemira Oyj, Thai Peroxide Limited (TPL), Taekwang Industrial Co. Ltd., PeroxyChem LLC, Hansol Chemical, and Nouryon. They provide a diverse range of dry and liquid excipients including binders, fillers, coatings and others tailored to varied nutraceutical product forms.

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