Asia Pacific Microcrystalline Cellulose Market Forecast 2020-2028
The Asia Pacific microcrystalline cellulose market is set to garner a CAGR of 6.30% in terms of revenue, and a CAGR of 5.91% with regard to volume, during the forecast period, 2020-2028. The growing adoption of microcrystalline cellulose in several industries like cosmetics and food & beverage is fueling the market growth in the region. Also, the rising demands for microcrystalline cellulose in developing nations like India and China, along with fast-paced urbanization, are projected to further facilitate the market growth.
The countries evaluated for market growth analysis of the Asia Pacific microcrystalline cellulose market include Indonesia, Japan, Vietnam, Australia & New Zealand, Thailand, China, South Korea, India, and the rest of Asia Pacific. In Japan, the market growth is boosted by the growing pharmaceutical industry. The government is facilitating the approval of innovative new drugs in a bid to promote the current pharma companies, including both foreign and domestic, so as to attract new companies to the market. The cosmetics industry of the country is ranked third in the world, with a 3% annual growth rate. The skincare and makeup segments constitute two-thirds of the market. The increasing usage of anti-aging products in Japan is leading to growth in demand for microcrystalline cellulose. The Asia Pacific region is witnessing an improvement in economic conditions, and a change in lifestyles, all of which leads to growth in consumption of processed food and low-fat ice cream, and other dairy products. This further sets for significant market growth.
Gujarat Microwax Limited, Avantor Performance Materials Inc, Huzhou City Linghu Xinwang Chemical Co Ltd, Ming Tai Chemical Co Ltd, Sigachi Industries Pvt Ltd, etc. are some of the prominent companies operating in the market.
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