LONDON--(BUSINESS WIRE)--The carboxymethyl cellulose market is expected to grow by USD 452.07 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Players in the food and beverage industry are increasing the use of carboxymethyl cellulose (CMC) as a fat replacer in ready-to-eat food products. CMC is used to add thickness and texture to low-calorie food products such as fat-free ice creams. It is also used in various processed food and healthy nutrition bars to make them thick and creamy without adding fat. With growing awareness about the consumption of healthy and processed food, the demand for CMC is increasing in the food industry. This is one of the factors driving the growth of the carboxymethyl cellulose market.
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As per Technavio, the increasing demand for pharmaceutical specialty drugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Carboxymethyl Cellulose Market: Increasing Demand for Pharmaceutical Specialty Drugs
Specialty drugs are either injected or infused or prescribed to be taken orally to cure various chronic diseases such as cancer, multiple sclerosis, and arthritis. It is one of the fastest-growing categories in the global pharmaceuticals market and the presence of better distribution facilities has increased its demand across the world. CMC is widely used as a disintegrate to enhance the effectiveness of specialty drugs. Therefore, the increased demand for specialty drugs is expected to boost the growth of the global carboxymethyl cellulose market during the forecast period.
“Rising demand for packaged food and beverages and the expansion of oil and gas industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Carboxymethyl Cellulose Market: Segmentation Analysis
This market research report segments the carboxymethyl cellulose market by geography (APAC, North America, Europe, MEA, and South America) and application (food and beverages, pharmaceutical and cosmetics, oil and gas, paper, detergents, and others).
The APAC region led the carboxymethyl cellulose market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising demand for food let by the increasing population in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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