Microcrystalline Cellulose Market: Surging Uptake by Food Industry to Provide a Prominent Push to Revenue Growth
Future Market Insights provides key insights on the global microcrystalline cellulose market in its latest report titled “Microcrystalline Cellulose Market: Global Industry Analysis 2013-2017 and opportunity assessment 2018-2028”, which examines the microcrystalline cellulose market and offers critical insights for the next ten years. Based on the findings specified in the report, the market is anticipated to witness healthy growth during the forecast period, backed by rapid urbanization, industrialization and the shifting consumer preference towards healthy and fibrous food. The outlook for the global microcrystalline cellulose market is anticipated to remain positive and the market is projected to expand at a value CAGR of 4.7% during the forecast period.
Approved Use of Microcrystalline Cellulose as a Food Ingredient by the FDA, EU & Indian Government supports Market Growth
Steady economic growth in emerging markets such as China and India along with rising per capita disposal income are the primary drivers for the growth of food & beverage, personal care and pharmaceutical sectors. This in turn will fuel the demand for microcrystalline cellulose during the forecast period. Moreover, the shifting trend towards outdoor eating habits and the increasing consumer preference for fibrous food and fat alternatives are among the other factors driving the growth of the microcrystalline cellulose market. Additionally, the FDA, European Union and Indian government approvals for the use of microcrystalline cellulose as a food ingredient further support the market growth. The food & beverage applications of microcrystalline cellulose includes various sectors such as dairy products, desserts, meats, frozen foods, and baked goods.
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On the other hand, high production cost and low yield output may limit the potential applications of microcrystalline cellulose across various end-use industries. Market participants are emphasizing on shifting their production bases to China, India, Vietnam and Japan, due to the availability of raw materials at economical prices, presence of skilled labour and favourable regulations and government policies. Moreover, various market participants and research institutions are making investments to optimize the production of microcrystalline cellulose through non-wood based pulp (such as agricultural wastes) for use as an alternative to high-value wood pulp.
By Material Type, Wood-Based Segment Dominates Microcrystalline Cellulose Market with a Lion’s Share
On the basis of material type, wood-based microcrystalline cellulose is derived from wood pulp and the wood-based segment dominates the global market. The wood-based segment dominates the global market with a lion’s share; however, the non-wood based segment is projected to witness lucrative growth backed by the increasing need for economical sources of MCC. This has resulted in the exploration of other lingo-cellulosic materials and such exploration activities are set to drive the growth of the non-wood based microcrystalline cellulose segment over the course of the forecast period
On the basis of application, microcrystalline cellulose is primarily used in the pharmaceutical industry as a binder and disintegrating agent, owing to its chemical inertness, non-toxicity and bio-degradability. Another lucrative application of microcrystalline cellulose is in the food & beverage industry as an anti-caking agent and a fat alternative. Pharmaceutical and food & beverage segments collectively accounted for about 70% of the overall consumption of microcrystalline cellulose in 2017 and are expected to follow the same trend through the forecast period.
SEA & Other APAC, China and India to account for Significant Demand Growth in Microcrystalline Cellulose Market
The North America region dominated the global microcrystalline cellulose market in 2017 and is anticipated to witness steady growth during the forecast period. Growth in the demand for microcrystalline cellulose is anticipated to be centered towards SEA & Other APAC, China and India, driven by the growing population, rapid industrialization and urbanization in these regions. SEA & Other APAC, China and India are collectively estimated to create about half of the total opportunity in the global microcrystalline cellulose market during the forecast period. In 2017, about 25% of the market for microcrystalline cellulose in food & beverages applications in North America, 20% in China, 17% in Western Europe and 6% in Japan.
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Global Microcrystalline Cellulose Market: Vendor Insights
Microcrystalline Cellulose Market
The global microcrystalline cellulose market is moderately fragmented with a large number of manufacturers present around the globe. Some of the leading market participants included in the global microcrystalline cellulose market report are DowDupont Inc., Asahi Kasei Corporation, Roquette Frères, Mingtai Chemical Co., Ltd, Accent Microcell Pvt. Ltd, JRS Pharma, NB Entrepreneurs, Pharmatrans-Sanaq AG, DFE Pharma and Wei Ming Pharmaceutical Mfg. Co., Ltd.