International Flavors & Fragrances, Inc. (US), Ashland Global Holdings, Inc (US) and Evonik Industries AG (Germany) are Leading Players in the Pharmaceutical Excipients Market
The pharmaceutical excipients market is projected to reach USD 11.5 billion by 2027 from USD 8.6 billion in 2022, at a CAGR of 5.9% during the forecast period. Market growth is driven mainly by factors such as increasing popularity of biopharmaceutical and rising global demand for pharmaceuticals. Moreover, adoption of orphan drugs in the pharmaceutical industry, coupled with the increasing number of indication approvals for orphan drugs, is also expected to drive the demand for pharmaceutical excipients during the forecast period.
The global pharmaceutical excipients market is highly competitive. The prominent players operating in this market include Ashland Global Holdings, Inc (US), International Flavors & Fragrances, Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), Roquette Frères (France), Associated British Foods plc (UK), Archer Daniels Midland Company (US), Lubrizol Corporation (US), Innophos Holdings (US), Kerry Group plc (Ireland), Wacker Chemie AG (Germany), Air Liquide (France), Dow Chemicals (US), Colorcon (US), DMV-Fonterra Excipients (Germany), JRS Pharma GmbH (Germany), Meggle GmbH & Co Kg (Germany), Finar Limited (India), Fuji Chemical Industries Co., Ltd (Japan), Merck KGaA (Germany), Captisol (US), Ideal Cures Pvt. Ltd (India), Corel Pharma Chem (India), Biogrund GmbH (Germany), Nitika Pharmaceutical Specialties Pvt. Ltd (India). Geographic expansions and collaborations are the key growth strategies undertaken by these companies to maintain their positions in the market.
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International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc. manufactures food, beverage, health & biosciences, scent & pharma solutions, and adjacent complementary products, including cosmetic active & natural health ingredients. In February 2021, International Flavors & Fragrances Inc (IFF) merged with and into Nutrition & Biosciences, Inc., a subsidiary of DuPont holding its Nutrition and Biosciences business. The company operates through four business segments—Nourish, Health & Biosciences, Scent, and Pharma Solutions. The company offers pharmaceutical excipients through its Pharma Solutions segment. The company has a global presence and operates in North America, the Asia Pacific, Europe, Latin America, and the Middle East.
Ashland Global Holdings Inc
Ashland has a diversified product portfolio, which comprises a wide range of tablet binding, tablet disintegration, tablet film coating, solubilizers, and rheology modifier excipients. Ashland’s leading position in the market is attributed to its R&D activities, strong manufacturing capabilities, and wide distribution footprint, enabling it to serve customers in more than 100 countries. The company is focusing on expanding its product portfolio in the pharmaceutical excipients market to meet the rising consumer demand.
Ashland incessantly focuses on developing the specialty chemicals business by investing in product discovery. The company’s strategic priority is to leverage its position in the market by focusing on product launches through customer-focused innovation, enabling it to target a larger customer base and diversify its revenue streams.
Evonik Industries AG
Evonik serves the health, consumer, and real estate markets globally with a major focus on health, nutrition, and resource efficiency. The company operates in five business segments: Nutrition & Care, Smart Materials, Specialty Additives, Performance Materials, and Technology and Infrastructure. The Nutrition & Care segment deals with pharmaceutical excipients by offering polymers and excipients for the controlled release of pharmaceuticals. These business segments also deal with active pharmaceutical ingredients and nutritional materials.
Evonik Industries has a vast polymer product portfolio in the pharmaceutical excipients market. The company’s wide geographical presence with its production facilities, subsidiaries, and distribution channels enables it to reach out to a large customer base. Evonik mainly focuses on expanding its product portfolio in other industries to meet customer expectations. Evonik has 174 subsidiaries and is present in more than 100 countries across the globe, with production sites in 25 countries
Related Reports:
Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohydrates), Inorganic Chemicals (Calcium Phosphate)), Functionality (Fillers, Binders, Lubricants, Preservatives), Formulation (Tablets, Capsules, Parenteral) - Global Forecast to 2027
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