The non-wood-based segment is estimated to grow at the fastest CAGR of 6.7% through 2025, owing to the economic feasibility of non-wood-based sources as compared to other sources for obtaining microcrystalline cellulose. However, the wood-based segment held the largest share in the market in 2017, contributing about 87% of the total revenue. This is attributed to the fact that wood-derived raw materials are widely available and synthesis of microcrystalline cellulose is easier from such wood-based source.
Cosmetics & personal care segment to lead the market:
Cosmetics & personal care segment garnered more than 40% share of the market revenue in 2017 and is projected to dominate the market during the study period. However, the food & beverage segment would manifest the fastest CAGR of 6.1% during the forecast period, owing to the increased use of microcrystalline cellulose for the production of low-fat dairy products. The pharmaceutical segment would grow at a steady rate during the forecast period.
Europe to retain largest market share through 2025:
The microcrystalline cellulose market in Europe contributed more than one-third of the total market revenue in 2017. It is expected to maintain its dominance throughout the forecast period due to high consumption of pharmaceutical products and processed foods. However, the Asia-Pacific region would register the fastest CAGR of 6.2% from 2018 to 2025, owing to increased consumption of low-fat dairy products in the region. The other regions analyzed in the report include North America and LAMEA.
The major market players analyzed in the global microcrystalline cellulose market report include:
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