Microcrystalline Cellulose Market size is forecast to reach $1.4 billion by 2025, after growing at a CAGR of 6.8% during 2020-2025. The growth of the microcrystalline cellulose market is mainly driven by the rising demand for packaged food and the growing production of pharmaceutical and cosmetic and personal care products. It is used as a substitute for unhealthy fat and adds texture to baked food products. The product contains a significant amount of fibers that helps to enhance digestion, it also acts as an outstanding nutrient source to a variety of nutrients. Rapidly growing population, increasing obesity diseases and shifting consumer expectations of healthy food would drive product consumption.
Microcrystalline Cellulose Market Segment Analysis - Type of Material
Wood-based microcrystalline cellulose held the largest share in the microcrystalline cellulose market in 2019, owing to its use as a fat replacement, texturizer, extensor and bulking agent. In the drug formulation for vitamin tablets and supplements, the wood based microcrystalline cellulose is largely applicable. Growing investments in R&D across the pharmaceutical industry would help its drug formulation implementation. Non-wood based microcrystalline cellulose is growing at a significant CAGR with its adaptation for industrial purposes. The decrease in wood supply, combined with increasing demand for pulp from emerging economies in Asia Pacific, Africa and Latin America, would drive the penetration of the segment. Reed stalks, sisal fiber, coconut shells, rice and wheat straws, soy bean husk, jute, sugarcane bagasse, groundnut husk and a variety of other sources are non-wood sources. In addition, due to high abundance and ease of accessibility, agricultural residues are an excellent substitute for wood products.
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Microcrystalline Cellulose Market Segment Analysis - End Use Industry
The pharmaceutical held the largest share in the microcrystalline cellulose market in 2019 and is growing at a CAGR of 7% during the forecast period. In fast release tablets & liquid dosage forms, sustained-release multiarticulate and matrix tablet dosage forms, topical formulations, and chewable & effervescent tablets, microcrystalline cellulose is progressively being used due to its compressibility properties, microcrystalline cellulose is commonly used in the pharmaceutical industry as an excipient and is especially used in solid dose forms, such as tablets. Significant factors expected to fuel the growth of microcrystalline cellulose market are the rising demand for pharmaceutical excipients for the manufacture of medicines coupled with the rapidly growing pharmaceutical industry.
Microcrystalline Cellulose Market Segment Analysis - Geography
Europe held the largest share in the microcrystalline cellulose market in 2019 up to 30%, owning to the growing investments in the production of medicines and the continuing efforts of pharmaceutical firms to deliver products of superior quality. Moreover, economic recovery and an improvement in the employment rate are the growth drivers for the region's processed food industry, which in turn encourages the growth of microcrystalline cellulose market. In addition, the demand in Asia-Pacific is expected to grow relatively faster in terms of revenue in the coming years. Rapidly increasing pharmaceutical manufacturing companies in the country, together with favorable government investment in the manufacture of medicinal drugs, are also expected to generate demand for pharmaceutical excipients, which in turn is expected to help the growth of the Asia Pacific microcrystal cellulose market over the forecast period.
Microcrystalline Cellulose Market Drivers
Growing pharmaceutical and food industry
As a stabilizer, binder, film-forming agent, suspension agent, and disintegrant in tablet formulations, ointments, and other topical therapeutic bases, microcrystalline cellulose is used in the pharmaceutical industry. It is one of the pharmaceutical industry's most relevant and frequently used excipients. It is a primary thinner and is used in pharmaceutical formulations as a binding agent. In drug preparations, such as pills, capsules, sachets, and so on, it is commonly used. The global microcrystalline cellulose market is driven by the increasing development of pharmaceutical products. Emerging countries such as China, Brazil and India are fast-growing markets that are expected to further increase demand for microcrystalline cellulose. As the rapidly rising population mainly propels the food industry. For instance, the population of Indonesia grew to 267 million in 2018, according to the World Bank, compared to 264 million in 2017. Microcrystalline cellulose is used in the preparation of various food products and is preferred to enhance their consistency as a hot and cold stabilizer in ice cream, canned meat, frozen food and seasoning. Cellulose, which is widely accepted as a dietary fiber, is the main component of the formula. It finds important applications in functional & nutraceutical foods to enhance the functioning of lipid metabolizing gastrointestinal tract and expression enzymes. Therefore, owning to these factors the demand for microcrystalline cellulose is increasing.
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Microcrystalline Cellulose Market Challenges
Availability of substitutes
Microcrystalline cellulose, as such, has no replacements available. But there are a variety of goods that are better than MCC and have very particular applications. Carboxymethyl cellulose (CMC), kappa-carrageenan, and croscarmellose sodium are only some of the products available (CCS). To stabilize emulsions in food products such as ice creams and baking products, CMC is used in food & beverages. CMC is also used as a disintegrant, stabilizer, binder, and suspension agent in pharmaceutical applications. Plant-based Guar gum can also be used in ice creams and other dairy products in the food & beverage industry. The current high market prices of guar gum, however may to some degree suppress its demand. In the long run, if the price of guar gum decreases, the growth of the microcrystalline cellulose market would have a negative effect. Therefore, the availability of a possible replacement for microcrystalline cellulose may have a significant effect on the market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Microcrystalline Cellulose Market. In 2019, the market of Microcrystalline Cellulose Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Microcrystalline Cellulose market includes DowDuPont, Asahi Kasei Chemicals Corporation, Rayonier Advanced Materials, Roquette, DFE Pharma GmbH & Co.KG, JRS Pharma GmbH & Co.KG, Avantor Performance Materials Inc., among others.
Acquisitions/Product Launches:
In August 2015, DFE Pharma launched low-moisture lactose grade Pharmacel 112 to formulate active pharmaceutical ingredients.
In November 2017, DowDuPont (US) acquired FMC Corporation's health & nutrition business segment (US). The acquisition allowed the company to expand its capabilities in the field of pharmaceutical excipients. In terms of gaining new ingredients for MCC, the acquisition also benefited the company.
In September 2017, Roquette acquired Itacel (Brazil). The acquisition enabled the company to improve its role in the MCC market and to become a major supplier to the pharmaceutical industry.
Key Takeaways
Improving disposable income in the Asia Pacific region influences consumers to buy multiple varieties of personal care products, thus driving the growth of the demand for microcrystalline cellulose. For instance, the personal care sector in India was valued at around $6.5 billion in 2016 and is expected to cross more than USD 20 billion by the end of 2026.
Increasing the use of microcrystalline cellulose in the food and pharmaceutical industries would primarily increase the penetration of the microcrystalline cellulose market over the forecast period. In addition, skin care, hair care, and oral care products use microcrystalline cellulose as an essential ingredient to boost their consistency and performance.
Due to the COVID-19 pandemic most of the countries has gone under lockdown, due to which operations of various industries such as personal care & cosmetics has been negatively affected, which is hampering the Microcrystalline Cellulose market growth.
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