Microcrystalline cellulose is a purified, partially depolymerized cellulose produced from various natural sources like wood pulp and cotton. It is commonly used as a food additive, binder, disintegrant and stabilizer. Microcrystalline cellulose has wide industrial applications ranging from pharmaceutical formulations and drug delivery systems to food and beverages. It acts as an anti-caking agent, encapsulating agent, texture enhancer and bulking agent in processed food products. With expanding food processing industry and consumer demand for plant-based and functional food items, the use of microcrystalline cellulose is increasing among food manufacturers.
The global microcrystalline cellulose market is estimated to be valued at US$ 1349.84 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for novelty food ingredients from consumers is fueling the demand for microcrystalline cellulose in the food industry. Microcrystalline cellulose finds use in manufacturing low-fat, sugar-free and gluten-free food items as a thickening agent, bulking agent and texture enhancer. It allows food manufacturers to reduce fat, sugar and calorie content in processed snacks and baked goods while maintaining texture and mouthfeel. Additionally, microcrystalline cellulose is expected to be flourished by increasing popularity of plant-based and vegan foods. It is widely used as an emulsifier, encapsulating agent and thickener in manufacturing imitation meat products, dairy alternatives and other vegan food options. The rapid expansion of global food processing industry, along with growing health consciousness, is projected to drive the microcrystalline cellulose market over the forecast period.
Segment Analysis
The global microcrystalline cellulose market is dominated by the pharmaceutical segment. The segment accounted for over 50% share of the global market in 2020. Microcrystalline cellulose finds widespread application in pharmaceutical industry as an excipient in tablet and capsule manufacturing. It is used as binders, fillers and diluents in formulation of solid oral dosage forms owing to its cost effectiveness and desirable physical properties. The food segment is another major consumer of microcrystalline cellulose. It is used as stabilizers, thickeners and anti-caking agents in food products like processed meat, soups and sauces.
PEST Analysis
Political: The regulations on pharmaceutical and food industries are quite stringent. Any change in regulatory norms could impact the demand for microcrystalline cellulose.
Economic: Growth in pharmaceutical and food industries will boost the microcrystalline cellulose market. Developing economies offer lucrative opportunities due to demand for low cost medication.
Social: Increasing health consciousness and demand for nutritional food propel the consumption of microcrystalline cellulose.
Technological: Advanced production technologies help reduce manufacturing cost and enhance product quality. Continuous research enables development of customized grades as per end-use.
Key Takeaways
The Global Microcrystalline Cellulose Market Share is expected to witness high growth ffrom 2024 to 2031.
Regional analysis: North America dominates the global market and is expected to maintain its lead position during the forecast period. This can be attributed to strong pharmaceutical industry and rising health awareness. Asia Pacific is identified as the fastest growing market for microcrystalline cellulose. Countries like India and China offer immense opportunities owing to their large population base and burgeoning middle class.
Key players operating in the microcrystalline cellulose market are Thermo Fisher Scientific, Inc., Illumina, Inc., PerkinElmer Genomics, QIAGEN, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Macrogen, Inc., Abbott, PacBio, Zymo Research Corporation, Oxford Nanopore Technologies plc, Tecan Trading AG, Hamilton Company, ZS Genetics, Inc. LI-COR, Inc.
