PORTLAND, Oregon, November 2, 2018 /PRNewswire/ --
Recent developments in the pharmaceutical industry and increased demand from emerging economies of the Asia-Pacific region are expected to boost the growth of the global microcrystalline cellulose market.
Allied Market Research recently published a report, titled, "Microcrystalline Cellulose Market by Source Type (Wood-based and Non-wood based) and Application (Pharmaceutical, Food & Beverage, Cosmetics & Personal Care, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers detailed insights on the top investment pockets, drivers & opportunities, changing trends, key market segments, tope investment pockets, and competitive landscape. According to the report, the global microcrystalline cellulose market garnered $937 million in 2017 and is expected to reach $1,451 million by 2025, registering a CAGR of 5.5% from 2018 to 2025.
Recent developments in the pharmaceutical industry, especially extensive utilization of microcrystalline cellulose as an excipient and increased demand for processed foods drive the growth of the global microcrystalline cellulose market. However, availability of substitutes for microcrystalline cellulose such as magnesium stearate and carboxymethyl cellulose (CMC) hampers the market growth. On the contrary, increased demand for microcrystalline cellulose in the emerging economies of the Asia-Pacific and Latin America, Middle East and Africa (LAMEA) regions is expected to create lucrative opportunities for the market players in the upcoming years.
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Non-wood-based segment to grow the fastest by 2025
The non-wood-based segment is estimated to grow at the fastest CAGR of 6.7% through 2025, owing to the economic feasibility of non-wood-based sources as compared to other sources for obtaining microcrystalline cellulose. However, the wood-based segment held the largest share in the market in 2017, contributing about 87% of the total revenue. This is attributed to the fact that wood-derived raw materials are widely available and synthesis of microcrystalline cellulose is easier from such wood-based source.
Cosmetics & personal care segment to lead the market
Cosmetics & personal care segment garnered more than 40% share of the market revenue in 2017 and is projected to dominate the market during the study period. However, the food & beverage segment would manifest the fastest CAGR of 6.1% during the forecast period, owing to the increased use of microcrystalline cellulose for the production of low-fat dairy products. The pharmaceutical segment would grow at a steady rate during the forecast period.
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Europe to retain largest market share through 2025
The microcrystalline cellulose market in Europe contributed more than one-third of the total market revenue in 2017. It is expected to maintain its dominance throughout the forecast period due to high consumption of pharmaceutical products and processed foods. However, the Asia-Pacific region would register the fastest CAGR of 6.2% from 2018 to 2025, owing to increased consumption of low-fat dairy products in the region. The other regions analyzed in the report include North America and LAMEA.
Key market players
The major market players analyzed in the global microcrystalline cellulose market report include DowDuPont, FMC Corporation, Roquette, Accent Microcell Pvt. Ltd., Sigachi Industries Pvt. Ltd., Rayonier Advanced Material, Asahi Kasei Chemicals Corporation, DFE Pharma GmbH & Co.KG, JRS PHARMA GmbH & Co. KG, and Ming Tai Chemical Co. Ltd.
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