According to a new research report by Global Market Insights Inc., the Cyclodextrin Market size is set to surpass USD 390 million by 2027.
Cyclodextrins belong to the cyclic oligosaccharide’s family and are produced from starch by an enzymatic conversion. Cyclodextrins are mainly used in the pharmaceuticals, food & beverages, drug delivery, environmental engineering, chemical, and agriculture industries. They are complex agents, which help in the oral formulation of products. They are also used as food additives in food & beverages. They also extend the shelf life of the final product and enhance the sensorial qualities of the final product.
The COVID-19 pandemic has also resulted in rising health awareness among consumers. Consumers are also accepting nutritional supplements for better health and to improve the overall immune system. These factors are accelerating the cyclodextrin market as most of the dietary supplement products are in oral formulations. Moreover, patients, who have recovered from COVID-19 disease are also opting for nutritional supplements to revive their health, further increasing the cyclodextrin market demand.
Increasing demand for nutraceuticals is expected to drive the market growth
The global alpha type market surpassed USD 90 million in 2020. Increasing consumer awareness of personal health and well-being is anticipated to be a major factor boosting the dietary supplement market. This factor, in turn, will propel the alpha cyclodextrin market over the foreseeable timeframe. The increasing spending power of consumers in healthcare products in developed economies is also propelling market growth. Moreover, the increasing struggle among working population across the globe to fulfill daily nutritional requirements due to busy schedules is further increasing the demand for nutraceuticals. This factor is increasing the demand for alpha cyclodextrins; however, the high cost of alpha cyclodextrins compared to beta cyclodextrins is restraining the global market growth as it increases the cost of the final product.
Browse key industry insights spread across 300 pages with 171 market data tables and 18 figures & charts from the report, “Global Cyclodextrin Market Size, By Type (Alpha, Beta, Gamma], Application (Pharmaceutical, Food & Beverage, Chemicals, Cosmetics & Personal Care), Regional Outlook, Industry Analysis Report, Price Trend, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Increasing demand for anti-aging ingredients in cosmetics will stimulate the cyclodextrin market growth
The cyclodextrin market from cosmetics & personal care is expected to exceed USD 15 million by 2027. Anti-aging products are highly accepted in all kinds of societies and communities around the world due to the changing consumer perception of their overall looks. Rising anxiety about aging, the importance of appearance, sociocultural pressures, and self-esteem are increasing the demand for anti-aging products, which in turn, is increasing the demand for cyclodextrin in face masks, topical formulations, creams & many more.
Anti-aging compounds, such as L-ascorbic acid, retinyl palmitate, and retinol, are formulated with cyclodextrin to produce the final product. Moreover, increasing reluctance among societies, especially among women, to embrace aging gracefully is increasing the demand for anti-aging products, which in turn, is proving positive for the cyclodextrin market growth.
Rising production in the pharmaceutical industry is expected to drive the market growth
The Asia Pacific cyclodextrin market is expected to exceed USD 90 million by 2027. Growing investments in the pharmaceutical industry are proving positive for the product market. The region has abundant availability of raw materials at cost-effective prices with low-cost labor and production expenses owing to which it is a growing pharmaceutical hub.
The cyclodextrin market in Asia Pacific is fragmented with local players, providing cyclodextrin at a cost-effective price. Moreover, rising government support to uplift the pharmaceutical market is accelerating the market growth. Countries including China, Japan, and India are dominating the region owing to the high production of pharmaceutical & nutraceutical products.
The region is also proving to be a major hub of the COVID-19 pandemic as China and India hold almost one-third of the world population with maximum cases. The production & consumption of dietary supplements and remdesivir injections have increased in this region due to this. Furthermore, the region is also supplying medical & nutraceutical products to other countries, which is expected to propel the cyclodextrin market growth during the forecast period.
The global cyclodextrin industry is competitive and comprises various companies such as Merck KGaA, Shandong Xinda Biotechnology Co., Ltd., Cyclolab, Roquette Frères, Zhonglan Industry Co., Ltd., Wacker Chemie AG, Ottokemi, Zibo Qianhui Biological Technology Co., Ltd., Central Drug House, and Salvavidas Pharmaceutical Pvt. Ltd. These companies are mainly focusing on expansion strategies owing to the rising demand for cyclodextrin to enhance their existing customer base.