Pharmaceutical Excipients Market is Forecast to Grow at a CAGR of 5.80% in the Forecast Period
Published | 11 April 2022
The pharmaceutical excipients market is growing at a high CAGR because of the thriving pharmaceutical sector, as well as considerable research and development efforts in this field…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the pharmaceutical excipients market was worth USD 8.0 billion in the year 2021. It is estimated to grow at a CAGR of 5.80%, earning revenue of around USD 11.8 billion by the end of 2028. The thriving pharmaceutical sector, as well as considerable research and development efforts in this field, are credited with the market's rise. Furthermore, the pharmaceutical excipients market is expected to benefit from the rising generics sector. However, the increasing cost of pharmaceutical excipients may act as a huge restraining factor for market growth.
Expanding Pharmaceutical Manufacturing Industry Is Driving The Pharmaceutical Excipients Market Growth
The pharmaceutical manufacturing industry is gaining significant momentum over the past few years, especially in emerging economies. Developing countries such as China, India, etc., are providing sanctions and subsidies to encourage manufacturers to establish their production plants in the countries. These developments are also attracting manufacturers due to their low-cost production and easy availability of human resources. Due to this, the pharmaceutical excipients market is projected to flourish in the forecast period.
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Increasing Application Of Pharmaceutical Excipients In The Food Industry
The pharmaceutical excipients are gaining traction in the food industry. With the expanding food production industry, the demand for excipients is anticipated to surge several folds in the upcoming years. These ingredients are primarily used in food in improving how nutrients and active ingredients are accessed and absorbed by the body. They are also commonly used as additives in supplements for different purposes including changing the appearance of active substances, increasing their bioavailability, and increasing their stability.
Pharmaceutical Excipients Market - By Functionality
Based on functionality, the pharmaceutical excipients market is segmented into fillers & diluents, suspending & viscosity agents, coating agents, binders, flavoring agents & sweeteners, disintegrants, colorants, lubricants & glidants, preservatives, emulsifying agents, other functionalities. The fillers & diluents segment accounts for the largest market share. Diluents and fillers are widely used as a diluting agents as well as increasing the weight and improving content uniformity. With the increasing production of medicines, the demand for diluents and fillers is projected to increase in the forecast period.
Pharmaceutical Excipients Market - Regional Insights
Geographically, the pharmaceutical excipients market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the pharmaceutical excipients market because of the increased attention and investment in the generic medicine business. Furthermore, the pharmaceutical excipients market is expected to benefit from favorable government measures aimed at promoting the pharmaceutical industry's growth. The Asia-Pacific area, on the other hand, is expected to develop at the fastest rate throughout the forecast period.
Impact of COVID-19 on Pharmaceutical Excipients Market
The pharmaceutical excipients market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The countries' sanctions have a direct impact on the pharmaceutical industry's operations by disrupting the flow of raw materials. As a result, during the initial outbreak, demand for pharmaceutical excipients dropped dramatically. The market, on the other hand, is expected to thrive in the post-lockdown era, thanks to increased drug consumption and the rising incidences of various medical conditions
The leading market players of the pharmaceutical excipients market are Ashland, Croda International PLC, BASF SE, Archer Daniels Midland Company, DuPont, The Lubrizol Corporation, Roquette Frères, Associated British Foods PLC, Evonik Industries AG, Peter Greven GmbH & Co. KG, Pfanstiehl, Inc, Croda International Plc, Chemische Fabrik Budenheim, and other prominent players. The market is fragmented with the presence of several global and regional industry players. The companies constantly launch new products and significantly invest in research and development activities to bring innovations into their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the pharmaceutical excipients market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the pharmaceutical excipients market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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