Rise in use of glycerin as a substitute for alcohol in herbal and botanical tincture preparation drives the growth of the pharmaceutical glycerine market
PORTLAND, Ore., April 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Glycerine Market by Application (Excipient, Glycerin As Care Product): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global pharmaceutical glycerine industry was estimated at $89.89 million in 2020, and is anticipated to hit $246.48 million by 2030, registering a CAGR of 11.0% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in use of glycerin as a substitute for alcohol in herbal and botanical tincture preparation drives the growth of the pharmaceutical glycerine market. In addition, increase in adoption of glycerin in the pharmaceutical industry, owing to its low cost and various medical benefits has supplemented the market growth yet more. On the other hand, adverse effects of pharmaceutical glycerin such as diarrhea, polyuria, nausea, dry mouth, and others restrain growth to some extent. However, ongoing R&D activities related to pharmaceutical glycerin are expected to pave the way for lucrative opportunities in the industry.
Covid-19 Scenario-
- The fact that glycerine is extensively used in the manufacturing of soaps, handwashes, and sanitizers has increased the demand for pharmaceutical glycerine ever since the pandemic has broken out. This, in turn, has impacted the global pharmaceutical glycerine market positively.
- This trend is quite likely to continue post pandemic as well.
The excipient segment to lead the trail-
By application, the excipient segment accounted for the highest market share in 2020, generating nearly two-thirds of the global pharmaceutical glycerine market. The same segment is also anticipated to cite the fastest CAGR of 11.2% from 2021 to 2030. The fact that glycerin is a predominant excipient for pharmaceutical products drives the segment growth.
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Asia-Pacific, followed by Europe and North America, to dominate by 2030-
By region, Asia-Pacific, followed by Europe and North America, contributed to the major market share in terms of revenue 2020, holding nearly half of the global pharmaceutical glycerine market. The same region is also projected to cite the fastest CAGR of 11.9% from 2021 to 2030. This is owing to the presence of top glycerin-producing countries such as Malaysia, Indonesia, India, and Japan.
Prominent market players-
- Cargill
- Universal Preserv A Chem Inc.
- Godrej Group
- Reagents Company
- Archer Daniels Midland Company
- Renewable Energy Group, Inc.
- TCC Glycerin
- Procter and Gamble Co
- Emery Oleochemicals Group
- DuPont
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