The North America Plant-based API Market would witness market growth of 4.5% CAGR during the forecast period (2023-2030).
The vital elements of medications in charge of their therapeutic effects are active pharmaceutical ingredients (APIs). These contain sophisticated chemical components that are in charge of eliciting the required physiological reaction. Both patented and non-patented medication formulations make use of APIs. Various industry-based goods, including APIs, can now be made from plant raw materials owing to the modern revolution in advanced technologies (such as genetic, metabolic, and enzymatic engineering). The market is expanding due to growing interest in and awareness of plant-based medicines, rising chronic illness prevalence, and expanding genomic and biotechnological research.
Canada is supporting the development of plant-based APIs similarly. In order to efficiently extract plant-based APIs, the country is focusing on developing new technologies. The Canadian government is funding researchers and starting to support the pharmaceutical sector, making the sector one of the most inventive businesses in Canada. It comprises businesses producing over-the-counter drug goods, generic medications, and novel treatments. According to the Government of Canada, with a 2.1% market share, pharmaceutical sales in Canada rank as the ninth-largest market in the world. Contract research organizations (CROs), government agencies, SMEs, academic institutions, and pharmaceutical companies are all participating in developing new drugs and drug candidates. Hence, the region presents lucrative growth prospects for market growth.
The US market dominated the North America Plant-based API Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,021 million by 2030. The Canada market is poised to grow at a CAGR of 6.9% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 6% during (2023 - 2030).
Based on End-use, the market is segmented into Pharmaceuticals, Nutraceuticals, and Herbal Based Industries & Others. Based on Molecule Type, the market is segmented into Alkaloids, Anthocyanin, Flavonoids, Phenolic Acids, Lignin & Stilbenes, Terpenoids, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Plant-based API Market is Projected to reach USD 42.6 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Evonik Industries AG (RAG-Stiftung), Cargill, Incorporated, Roquette Freres SA, Arboris, LLC, Centroflora Group, Kothari Phytochemicals & Industries Ltd., Brains Bioceutical Corp., Indo Phytochem Pharmaceuticals and HimPharm.
By End-use
By Molecule Type
By Country
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