PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320185
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320185
The Plant-Based API Market size was valued at USD 26,908.1 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
The Active Pharmaceutical Ingredient (API) manufacturing process is a series of related operations that result in the finished product. The major operations may include multi-step chemical synthesis, fermentation, purification, drying, milling, and labeling. During the manufacturing process, APIs must be stored in a sterile environment. This requires the use of a quality control system that ensures consistency and accuracy. There are several examples of API machinery. The availability of a plant-based API may present new business opportunities for companies looking to enter the market for plant-based foods or broaden their current product offers.
The plant-based API market is witnessing growth due to factors such as the rising awareness and interest in plant-based medicines, the increasing prevalence of chronic diseases, and growing advancements in genomics and biotechnology.
Natural treatments and plant-based medicines are growing in acceptance and prominence. Consumers were looking for an effective alternative to conventional pharmaceuticals, and plant-based APIs provided that. Additionally, the global burden of chronic diseases, such as diabetes, cardiovascular diseases, and certain cancers, was on the rise. These stimulated individuals to explore plant-based treatments and preventive measures. According to World Health Organization, Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Because the demand for plant-based products and information is not limited to certain geographic regions, there is an opportunity for plant-based APIs to service an international customer base. However, the legal framework that surrounds plant-based APIs is expected to impede industry growth, though.
The Global Plant-Based API Market is segmented on the basis of Molecule type, Application, and Region.
The market is divided into seven categories based on Molecule type: Alkaloids, Anthocyanin, Flavonoids, Phenolic Acids, Terpenoids, Lignin & Stilbenes, and Others. Alkaloids dominate the market. Because Alkaloids are a class of chemical compounds that are frequently found in plants. Alkaloids are widely known to have potent physiological effects on both people and animals and have been used historically for both medicinal and recreational purposes.
The market is divided into two categories based on application: Pharmaceuticals, Nutraceuticals, Herbal Based Industries, and Others. The pharmaceutical sector is expected to dominate the market. From the perspective of the pharmaceutical industry, APIs are the active ingredients of medications that directly treat a disease or condition. These active components are what provide the medication with its therapeutic effects.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Plant-Based API Market, due to the rise of ayurvedic products, combined with the rising demand for antioxidants in the healthcare sector. Herbal dietary supplement sales in the United States surpassed USD10 billion for the first time in 2020, totaling an estimated USD11.261 billion, according to the Nutrition Business Journal (NBJ).
The market for plant-based APIs is influenced by the rising popularity of plant-based goods, sustainable living, and the need for plant-based substitutes across a range of sectors, including the food, cosmetics, and pharmaceutical industries, among others. The sector was becoming more and more competitive due to the large number of companies and startups offering products and services made from plants. This competition also includes platforms that make data and details on leading a plant-based lifestyle available via APIs. Businesses that concentrate on plant-based wellness, food, nutrition, and sustainability may provide developers and other businesses with APIs to access their information and resources. For instance, In Oct 2018 Luxembourg-based pharmaceutical group, C2 Pharma (formerly known as Centroflora CMS) announced the successful validation of its manufacturing process for two APIs-digoxin and digoxin micron. Europe is the second-largest market for Plant-Based API. As the world became more aware of the health advantages of plants, Europe offered a sizable market for plant-based APIs in both traditional and modern medicine.
In June 2022, Consumer preferences for natural food production and consumption of animal-based products are growing. Plant-based feed additives have particularly high growth potential as a component of healthy animal feed. To support feed customers in this growing space, the world's leading agribusiness company Cargill currently announced it has signed a binding agreement to acquire Delacon, the globally leading expert in plant-based phytogenic additives.
The scope of this report covers the market by its major segments, which include as follows: