Latin America Excipients Market to Reach US$626.9 mn by 2023; Growth Steered by High Demand from South American Countries : TMR
Transparency Market Research has released a new market report titled “Excipients Market – Latin America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.” According to the report, the excipients market in Latin America was valued at US$359.0 mn in 2014 and is anticipated to reach US$626.9 mn by 2023, expanding at a 6.4% CAGR between 2015 and 2023.
Excipient acts as a carrier for active ingredients of a medication. It allows convenient and accurate dosage by bulking up the formulation that contains potent active ingredients. Generally, substances are not easily absorbed in the human body. Hence, an active ingredient is mixed or dissolved with an excipient in most cases.
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Excipients primarily aim to prevent active ingredients from getting denatured and ensure that these do not fall out of the solution. Excipients used in medication are further classified in terms of the route of administration. They also help maintain the purity level of the active ingredient. Excipients are used in various forms in food, cosmetics, and medicine industries. These act as binders, suspension & viscosity agents, fillers & diluents, coatings, solvents, capsules, flavoring agents, disintegrants, lubricants & glidants, colorants, and preservatives. Besides the pharmaceutical industry, excipients are often manufactured for usage in various industries such as food, cosmetics, and personal care.
South America dominated the excipients market in Latin America in 2014, led by the high demand for sugar & other excipients products in Brazil, Argentina, and Colombia. Led by the rising demand for excipients in the pharmaceutical industry, Brazil held the largest share of the excipients market in South America in terms of volume in 2014. Furthermore, Mexico was the fastest growing market for excipients in terms of volume in 2014. This trend is expected to continue during the forecast period. In terms of volume, polymers was the largest product segment of the excipients market in 2014 owing to the significant increase in application of crosspovidone (disintegrants) and povidone (binders). The sugar & other excipients is anticipated to be the fastest growing product segment of the excipients market during the forecast period owing to their high consumption in pharmaceutical industry. Controlled release was the fastest growing function segment of the excipients market in 2014 due to the technological advancement in the excipients market in Latin America. In terms of volume, oral was the largest route of administration segment of the excipients market in 2014 owing to the increasing demand for liquids & semisolids type of drugs in Latin America.
Increasing consumption of oral solid dosage drugs and growth of the pharmaceutical market in Latin America are the driving factors for the excipients market in the region. Novel development of excipients in the field of controlled release function segment is projected to create new opportunities for players in the excipients market. Research and development is being conducted to expand the utilization of excipients in pediatrics medicine of healthcare industries. Key players in the excipients market include Ashland Inc., BASF SE, FMC Corporation, The Dow Chemical Company, Merck KGaA, Evonik Industries AG, and Croda International Plc, CP Kelco, JRS Pharma, Roquette Pharma, Avantor Performance Materials Inc., Colorcon Inc., Innophos Holdings Inc., Cargill Inc., The Lubrizol Corporation, Eastman Chemical Company, Asahi-Kasei Corporation, Cabot Corporation, and Archer Daniels Midland (ADM) Company.
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