The growth of the cyclodextrin market is driven by burgeoning demand for remdesivir injections due to COVID-19, expanding cosmetics & personal care industry, growing health concerns pertaining to food & beverages, and surging uptake of dietary supplements.
2027 forecasts show the ‘food & beverage’ segment retaining its dominance:
With respect to application, the food & beverage segment is anticipated to grow at a CAGR of over 5.5% through the forecast period. Cyclodextrins possess low immunogenicity and toxicity, which makes them compatible with food products. They also enhance the sensorial qualities of food products and improve the final product’s appeal, which has escalated the popularity of Cyclodextrins among food & beverage manufacturers. Additionally, they prevent contamination, thereby considerably increasing the shelf life of final products. Thus, prominent demand for fortified foods due to mounting health concerns, coupled with rising incidences of illnesses, is likely to accelerate segmental growth through the analysis period.
Impact of COVID-19 pandemic on cyclodextrin market:
The COVID-19 outbreak expedited research efforts to identify effective therapeutic methods to battle the novel coronavirus. For instance, Gilead Sciences, Inc., the American biotech giant, discovered and developed Remdesivir (GS-5734), a promising antiviral agent for the treatment of the COVID-19 infection marketed as ‘Veklury’. Remdesivir consists of the excipient sulfobutylether-beta-cyclodextrin (SBECD), which has proliferated market demand recently. Furthermore, studies also suggested that the use of mouthwash containing ß-cyclodextrin (beta-cyclodextrin) and citrox could help reduce the dissemination of SARS-CoV-2, the COVID-causing virus, which has also stimulated product adoption during the pandemic.
Leading market players:
Major companies in the cyclodextrin industry include Cyclolab, Merck KGaA, Shandong Xinda Biotechnology Co., Ltd., Zhonglan Industry Co., Ltd., Wacker Chemie AG, Roquette Frères, Ottokemi, Central Drug House, Zibo Qianhui Biological Technology Co., Ltd., and Salvavidas Pharmaceutical Pvt. Ltd., among others.