Overview and Scope
Alcohol excipients are pharmacologically inactive chemicals that are used in combination with active pharmaceutical ingredients (APIs) to improve drug formulation and delivery. It act as solvents or carriers, increasing drug solubility, stability, and absorption. Alcohol excipients are critical in ensuring the efficacy and safety of pharmaceutical goods by allowing for regulated release and consistent bioavailability.
Sizing and Forecast
The alcohol excipients market size has grown strongly in recent years. It will grow from $2.63 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased consumer preference for self-medication, growth in global healthcare spending, growth in personalized medicine, growth in biologics, and increased consumer awareness of health and wellness.
The alcohol excipients market size is expected to see strong growth in the next few years. It will grow to $4.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, rising investments in pharmaceutical research and development, increasing focus on patient-centric formulations and personalized medicine, increasing consumption of medical drugs, and a growing elderly population. Major trends in the forecast period include natural and plant-based alcohol excipients, technological advancements, controlled-release formulations, multifunctional excipients, and advancements in personalized medicine.
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Segmentation & Regional Insights
The alcohol excipients market covered in this report is segmented –
1) By Type: Sorbitol, Mannitol, Propylene Glycol, Glycerin, Other Types
2) By Application: Pharmaceutical, Personal Care, Cosmetics, Other Applications
3) By Distribution Channel: Direct Tender, Retail Sales, Other Distribution Channels
Asia-Pacific was the largest region in the alcohol excipients market in 2023. The regions covered in the alcohol excipients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing consumption of medical drugs is expected to propel the growth of the alcohol excipients market going forward. A medical drug is a chemical used to diagnose, treat, cure, or prevent disease or to improve health. The increase in the consumption of medical drugs can be attributed to the medicalization of everyday life, the aging population, and healthcare system incentives. Alcohol excipients help to enhance drug solubility, stability, transport, and palatability in pharmaceutical formulations and help ensure that medicinal medications are effective and well-received by patients. For instance, in December 2022, according to the Government of Canada, the sales of patented medications in Canada in 2022 amounted to $18.4 billion, marking a 5.7% increase compared to the preceding year. Therefore, the increasing consumption of medical drugs is driving the growth of the alcohol excipients market.
Key Industry Players
Major companies operating in the alcohol excipients market are Cargill Inc., Archer Daniels Midland Company, The Dow Chemical Company, Honeywell International Inc., Mitsubishi Chemical Holdings Corporation, Merck KGaA, Kerry Group plc, Lonza Group Ltd., The Lubrizol Corporation, Clariant AG, IMCD NV, Azelis Group NV, Roquette Frères SA, Croda International Plc, BASF SE, ABITEC Corporation, Duchefa Farma B.V., Signet Chemical Corporation Pvt. Ltd., Pharm Rx Chemical Corporation, HRV Global Life Sciences Private Limited
The alcohol excipients market report table of contents includes:
1. Executive Summary
2. Alcohol Excipients Market Characteristics
3. Alcohol Excipients Market Trends And Strategies
4. Alcohol Excipients Market – Macro Economic Scenario
5. Global Alcohol Excipients Market Size and Growth
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32. Global Alcohol Excipients Market Competitive Benchmarking
33. Global Alcohol Excipients Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Alcohol Excipients Market
35. Alcohol Excipients Market Future Outlook and Potential Analysis
36. Appendix
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