The global Plant-based Excipients market size was exhibited at USD 2.19 billion in 2022 and is projected to hit around USD 3.33 billion by 2032, growing at a CAGR of 4.29% during the forecast period 2023 to 2032.
Key Pointers:
- The carbohydrates segment held the largest share of 21.19% of market in 2022.
- The binders and diluents segment held the largest share of 20.8% of the market in 2022.
- Film forming and coating agents are peojected to grow at a lucrative rate over the forecast period.
- North America dominated themarket with largest market share of 38.6% in 2022
- Asia Pacific is estimated to show the fastest growth in the market over the forecast period.
Plant-based Excipients Market Report Scope
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.
Some of the prominent players in the Plant-based Excipients Market include:
- Roquette Frères
- BASF Corporation
- Lonza
- DFE Pharma
- Evonik
- JRS PHARMA
- Micro Powders, Inc.
- Henan Fumei Bio-Technology CO., LTD
- ADC
- SpecializedRx
- Cristalco
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Plant-based Excipients market.
By Chemical Nature
- Carbohydrates
- Proteins
- Polymers
- Minerals
- Glycoside & Waxes
- Esters
- Ethers & Carboxylic Acids
- Others
By Applications and Function
- Binders & Diluents
- Glidants
- Lubricants & Disintegrants
- Film Forming & Coating Agents
- Plasticizers
- Suspending Agents
- Preservatives & Antioxidants
- Colorants & Flavoring Agents
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Request Customization
Get a Sample
Get a Sample
Request Customization