Nutraceutical Excipient Market is Estimated to Witness High Growth Owing to Opportunity for Improving Functionality

 Nutraceutical excipients are ingredients that are added to nutritional supplements and nutraceutical products to improve their functionality and ensure the desired effect. They help in the proper absorption of active ingredients, aid tablet disintegration, and improve the sensory appeal and shelf life of products. With the increasing health consciousness among consumers and growing adoption of preventive healthcare, the demand for high-quality nutraceutical supplements is surging. This growing nutraceutical industry offers ample opportunities for excipient manufacturers to develop advanced solutions that can enhance the efficacy of supplements.

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 Opportunity:
The opportunity for improving functionality through innovative excipients is driving the nutraceutical excipient market. Excipient manufacturers are investing in R&D to develop excipients that can enhance the bioavailability of active ingredients in supplements. They are focusing on solubility enhancement and controlled release technologies to ensure that the body absorbs higher amounts of nutrients over an extended duration. This can boost the effectiveness of nutraceutical products. Developing efficient excipients customized for different product forms like tablets, capsules, softgels etc. also presents new opportunities. The need for multifunctional excipients that serve various purposes like binding, moisture protection and taste-masking together is growing. Manufacturers who provide innovative functionality solutions through specialized excipients will have an opportunity to strengthen their position in this evolving market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While some excipient formulations require large R&D investments and regulatory approvals, excipient manufacturing does not require highly advanced technical expertise and new companies can easily enter this market by acquiring excipient manufacturing equipment.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Large nutraceutical companies have significant buyer power and negotiate for better pricing and supply conditions from excipient manufacturers. Substitute products also impact buyer bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers for excipients include corn, potato and tapioca suppliers who have moderate influence over pricing due to availability of substitutes. However, suppliers of specialized functional excipients have higher bargaining power.
Threat of new substitutes: The threat of substitutes is moderate. While some generic excipients have perfect substitutes, certain excipients with unique functional characteristics have low threat of new substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players.

SWOT Analysis
Strength: The nutraceutical excipient market is growing at a healthy pace driven by the increasing demand for nutraceutical products and favorable regulations. Excipients improve functionality, stability and bioavailability of nutraceutical formulations.
Weakness: High R&D costs and stringent regulatory norms associated with functional excipients increase product development timelines. Limited expertise and technology availability for developing novel excipients.
Opportunity: Growth opportunities exist in developing multi-functional and targeted delivery excipients. Emerging economies with large nutraceutical markets offer potential for market expansion.
Threats: Threat from substitute ingredients and products. Industry consolidation could increase supplier bargaining power.

Key Takeaways
The Global Nutraceutical Excipient Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 2680.29 Mn and is projected to reach over US$ 5,000 Mn by 2030, expanding at a CAGR of 6.3%.

Regional analysis- North America dominates the global nutraceutical excipient market currently, owing to large nutraceutical industry and presence of major market players in the region. Asia Pacific is projected to be the fastest growing market during the forecast period supported by expanding nutraceutical markets in China, India and Southeast Asian countries.

Key players - Key players operating in the nutraceutical excipient market include 3M, Eko Devices, Thinklabs Medical, HD Medical Inc., and Welch Allyn, a subsidiary of Hillrom. 3M and Eko Devices are market leaders in electrocardiograph equipment while Thinklabs, HD Medical and Welch Allyn offer stethoscopes and other medical examination devices.

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