Microcrystalline cellulose is used in various end-user industries such as pharmaceuticals, food & beverage and cosmetic & personal care among others. The growing demand from the developing region across the globe are the major factors driving the global microcrystalline cellulose market. The growing health consciousness amongst the population has augmented the use of low fat containing a product, which, in turn, is expected to fuel the market demand. Among the various end-use segment pharmaceutical segment closely followed by the food & beverage are the dominant industries and is expected to show the same trend during the forecast years.
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Market Segmentation
The global microcrystalline cellulose market is segmented into source type and end-user industry. On the basis of source type, the market is segmented into wood-based and nonwood-based. On the basis of the end-user industry, the market is further segmented into food & beverages, pharmaceuticals, cosmetic & personal care, and others
Market Scenario
The pharmaceutical segment is the leading the market on account of its growing use as an excipient in the pharmaceutical industry owing to its inertness to chemicals. It is extensively used as solid forms of capsules and drugs. Moreover, the food and beverage segment is also expected to exhibit substantial growth during the forecast years. The growing demand for processed food throughout the globe along with the growing application as a fat substitute is positively affecting the growth of the segment.
Regional Analysis
The global microcrystalline cellulose market is spanned across five key regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific is anticipated to be the fastest growing market with an expanding CAGR during the forecast period. The developing end-user industries in the region such as pharmaceuticals and personal care are expected to fuel the market growth. The Asia Pacific region is expected to register a CAGR of over 7% during the forecast years. The key counties attributing to the growth of microcrystalline cellulose in this region are India, China, and Japan. North America is the largest region in the global microcrystalline cellulose market. The developed end-user industries coupled with the growing adoption of microcrystalline cellulose are the fuelling the market growth. The major countries attributing to this growth are the U.S. and Canada. European microcrystalline cellulose market is mainly driven by the developed pharmaceutical and cosmetic & personal care industry. Moreover, the growing demand for processed food and beverage is expected to have a key impact on the market growth.
Competitive Analysis
Some of the prominent players operating in the global microcrystalline cellulose market are FMC Corporation (U.S.), DFE Pharma (Germany), DuPont (U.S.), Asahi Kasei Corporation (Japan), Mingtai Chemical Co. Ltd (Taiwan), Avantor Performance Materials (U.S.), Tembec Inc. (Canada), JRS Pharma (Germany), Blanver Farmoquimica Ltda. (Brazil), and Sigachi Industries Pvt. Ltd. (India).
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