Microcrystalline Cellulose Market Analysis | 2023-2028

Market Insights

The microcrystalline cellulose market was estimated at USD 901.57 million in 2022 and is likely to grow at a CAGR of 7.02% during 2023-2028 to reach USD 1355.44 million in 2028.

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Market Dynamics

Introduction

Microcrystalline cellulose mainly refers to wood pulp that is refined in nature and is used in different applications such as an anti-caking agent, extender, and many others. Microcrystalline cellulose is also available as a non-wooden base along with the wooden base. Food & beverage, pharmaceutical, cosmetics, and others are the industries where it is used.

Market Drivers

The prime factors that are contributing to the growth of the global market are:

• Growing pharmaceutical industry: Microcrystalline cellulose is widely used in the pharmaceutical industry as a binder, disintegrant, and filler in tablets, capsules, and other solid dosage forms. The increasing demand for pharmaceutical products, driven by factors such as population growth and rising healthcare expenditures, is fueling the demand for MCC.
• Rising consumer demand for healthy and functional foods: Microcrystalline cellulose is used as a bulking agent, stabilizer, and fat substitute in various food products. With the increasing consumer focus on health and wellness, there is a growing demand for foods with added dietary fiber and reduced fat content, which is driving the demand for MCC in the food industry.
• Advancements in the cosmetics and personal care industry: Microcrystalline cellulose is used in cosmetic and personal care products as a texture enhancer, absorbent, and emulsion stabilizer. The expanding cosmetics and personal care industry, coupled with the growing consumer preference for natural and eco-friendly ingredients, is boosting the demand for MCC in this sector.
• Technological advancements in MCC production: The development of advanced manufacturing techniques and processes for microcrystalline cellulose has improved its quality, functionality, and cost-effectiveness. These advancements have increased production efficiency and expanded the application scope of MCC, driving its market growth.
• Regulatory support for sustainable and eco-friendly materials: Microcrystalline cellulose is derived from renewable sources, primarily cellulose obtained from wood pulp or agricultural residues. As governments and regulatory bodies worldwide emphasize sustainability and eco-friendly practices, MCC's use as a natural, biodegradable, and renewable material is gaining prominence, driving its market growth.

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Key Players

Some of the key players in the global market are:

• Asahi Kasei Chemicals Corporation
• Avantor Performance Materials Inc.
• Accent Microcell Pvt. Ltd.
• Anhui Sunhere Pharmaceutical Excipients Co., Ltd.
• DFE Pharma GmbH & Co.Kg
• The Dow Chemical Company
• Foodchem International Corporation
• Gujarat Microwax Limited
• Huzhou City Linghu Xinwang Chemical Co., Ltd.
• JRS Pharma GmbH & Co. Kg.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Source Type

The microcrystalline cellulose market is segmented into wood-based and non-wood-based. The wood-based segment dominated the market in 2022, in terms of both value and volume and is expected to maintain its dominance during the forecast period. The chemical properties of MCC yielded from various wooden sources differ owing to the variance in the composition of alpha-cellulose in different kinds of wood obtainable. Commercially available microcrystalline cellulose is largely formed from wood-based sources.

By Application Type

The market is segmented into food & beverage, pharmaceutical, cosmetics & personal care, and others. The pharmaceutical application segment dominated the market in 2022, and it is likely to lead the market in the coming five years as well.

Regional Insights

Europe accounted for the largest market for microcrystalline cellulose in 2022. The market is majorly driven by the rising investments in drug development and the incessant efforts of pharmaceutical companies to deliver premium-quality products.

Further, the economic repossession and the rise in the employment rate are the prime factors for the growth of the processed-food industry in the region, which in turn, corroborates the development of the market in the food & beverage application. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s microcrystalline cellulose market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The microcrystalline cellulose market is segmented into the following categories:

By Source Type

• Wood-Based
• Non-Wood Based

By Application Type

• Food and beverage
• Pharmaceutical
• Cosmetics, and Personal Care
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case you need any custom research requirements related to market assessment, competitive benchmarking, sourcing and procurement, target screening, or other requirements, please send your inquiry to sales@stratviewresearch.com.