Global Plant-based Excipients Market Report 2023: Sector is Expected to Reach $2.5 Billion by 2030 at a CAGR of 4.28%

DUBLIN, May 9, 2023 /PRNewswire/ -- The "Plant-based Excipients Market Size, Share & Trends Analysis Report By Chemical Nature (Carbohydrates, Proteins, Polymers, Minerals), By Application, By Function (Binders & Diluents), By Region, And Segment Forecasts, 2023 - 2030" report has been added to  ResearchAndMarkets.com's offering.

The global plant-based excipients market size is expected to reach USD 2.50 Billion by 2030, expanding at a CAGR of 4.28% from 2023 to 2030.

The growth of the plant-based excipients market is attributed to the supportive initiatives by regulatory authorities to bring new excipients into the market and an increase in the R&D activities for new plant-based excipients are some major factors supporting market growth.

Growing innovations in animal-free substitutes in vegetarian pharmaceuticals have attracted the attention of vegetarian and vegan consumers. For instance, in March 2022, Paraveganio is the first medicinal product in the world to be registered with the Vegan Society's Vegan Trademark. It is the world's first medicine to be certified to contain no animal-derived products. Paraveganio is a paracetamol product manufactured by Axunio and uses a plant-based source of the excipient magnesium stearate.

In September 2022, the U.S. FDA launched the Pilot Program for the Review of Innovation and Modernization of Excipients. The program emphasized creating a new pathway for manufacturers to obtain FDA review of novel excipients before their use in drug formulations. Through this program, the U.S. FDA intends to improve the development of excipient molecules to support the manufacturers. This is expected to improve the number of plant-based excipients entering the U.S. market in the coming years.

Governments in the MEA region have taken various initiatives to raise awareness about various diseases, especially infectious diseases and lifestyle diseases. This is expected to improve the adoption of pharmaceuticals, thus promoting the use of excipients in the region. There is a growing demand for halal products in the MEA region, as Islamic population does not eat pork. Owing to this reason, it is expected that the adoption of plant-based excipient products is likely to rise in MEA and thus support regional market growth.

Growing R&D for new methods and techniques for production of plant-based excipients has enhanced the manufacturer research activities with active areas of investigation. For instance, in March 2022, Evonik had increased plant-derived cholesterol supply, one of the critical components for the production of gene therapies & mRNA vaccines. The large-scale production of PhytoChol will meet the cholesterol market demand in Germany. This lipid is the key excipient in lipid nanoparticles used in COVID-19 vaccines.

Plant-based Excipients Market Report Highlights

• The carbohydrates segment dominated the overall market in 2022 as they possess characteristics such as water solubility, swelling capacity, non-toxicity, and biodegradability. These carbohydrates are widely used in tablet preparations
• The binders and diluents segment held the largest revenue share in 2022 and is expected to show the fastest growth rate over the forecast period. Binders are aimed at providing the necessary mechanical strength
• North America held the largest share of the plant-based excipients market in 2022 which can be attributed to the rising awareness among the population regarding health and advantages offered by natural excipients, such as non-toxicity, high affordability, and easy availability, are further driving the growth of the regional market

Market Dynamics

Drivers

• Increasing In Demand For Vegetarian, Halal, Kosher Pharmaceutical
• Accelerating R&D For Plant-Based Excipients
• Rising Movement Of Market Players
• Demand For Novel Excipients

Restraints

• Lack Of Alternatives To Standard Products
• Stringent Regulatory Framework

Companies Mentioned

• Roquette Freres
• BASF Corporation
• Lonza
• Pharma Evonik
• JRS Pharma
• Micro Powders, Inc.
• Henan Fumei Bio-Technology Co. Ltd
• ADC
• Specializedrx
• Cristalco

For more information about this report visit https://www.researchandmarkets.com/r/r35n47

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets