Microcrystalline Cellulose (MCC) Market by Application (Food & Beverage, Pharmaceutical, Cosmetics & Personal Care), Raw Material Source (Wood-based, Non-wood - based), and Region (North America, Europe, APAC, RoW) - Global Forecasts to 2024
The microcrystalline cellulose (MCC) market is projected to grow from USD 938 million in 2019 to USD 1,315 million by 2024, at a CAGR of 7.0%, between 2019 and 2024. MCC is widely used in pharmaceutical, food & beverage, and cosmetic & personal care applications. As it is chemically inert and not absorbed in the human body, it is widely used in the pharmaceutical and food & beverage applications as a thickener, stabilizer, binder, dispersant, and bulking & anti-caking agent. The growth of the pharmaceutical application has also helped increase the demand for MCC as it is widely used in the form of excipient. Apart from this, the significant demand from the emerging economies is one of the major opportunities in the MCC market.
However, the availability of substitutes for specific food & beverage and pharmaceutical applications restrains the growth of the market.
“The non-wood segment is projected to register the highest CAGR from 2019 to 2024, in terms of both value and volume”
Non-wood-based MCC is being increasingly used in the MCC market, primarily because of the high demand for non-wood-based MCC from various applications, such as pharmaceutical and food & beverage. The cost of MCC produced from non-wood-based source is very low compared to the wood-based MCC as the raw material used for the manufacture of non-wood-based MCC is basically agricultural waste, which is available at very low prices.
“Pharmaceutical to be the fastest-growing application of MCC market during the forecast period”
The MCC market in the pharmaceutical application is witnessing a high growth rate. The growth of the global MCC market is dependent on the growth of the pharmaceutical excipient market. MCC acts as a filler, binder, disintegrant, suspending agent, lubricant, and glidant in pharmaceutical manufacturing. It is used in the direct compression method as it reduces the production cost. MCC is an essential component in every form of oral dosage, which includes pellets, capsules, tablets, and sachets.
“The MCC market in APAC is projected to register the highest CAGR, between 2019 and 2024, in terms of both value and volume”
The MCC market in APAC is projected to register the highest CAGR during the forecast period, in terms of both value and volume. This growth can be attributed to the increasing demand for MCC from the region’s growing pharmaceutical, food & beverage, and cosmetics & personal care applications, which are extensively using MCC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted as follows:
- By Company Type: Tier 1 - 35%, Tier 2 - 25%, and Tier 3 - 40%
- By Designation: C level - 30%, Director level - 25%, and Others - 45%
- By Region: North America - 30%, Europe - 25%, APAC - 30%, and RoW - 15%
- DuPont (US)
- Asahi Kasei Chemicals Corporation (Japan)
- Rayonier Advanced Materials (US)
- Roquette (France)
- DFE Pharma GmbH & Co.KG (Germany)
- JRS Pharma GmbH & Co. KG (Germany)
- Avantor Performance Materials Inc. (US)
- Gujarat Microwax Limited (India)
- Sigachi Industrial Pvt. Ltd. (India)
This report covers the MCC market and forecasts the size of the market until 2024. The report includes the segmentation of the market based on application, source type, and region. Porter’s Five Forces analysis and key market dynamics, such as drivers, restraints, challenges, and opportunities influencing the growth of the MCC market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the market.
Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the MCC market in the following ways:
- This report segments the MCC market and provides the closest approximation of revenues for the overall market and its subsegments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities of the MCC market.
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 REGIONS COVERED
1.3.2 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.2 SECONDARY DATA
2.2.1 KEY DATA FROM SECONDARY SOURCES
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
2.2.2.2 Key industry insights
2.2.2.3 Breakdown of primary interviews
2.3 MARKET SIZE ESTIMATION
2.3.1 SUPPLY-SIDE ANALYSIS
2.3.2 SEGMENT ANALYSIS
2.3.3 FORECAST
2.4 DATA TRIANGULATION
2.5 ASSUMPTIONS
2.6 LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES IN THE MCC MARKET
4.2 MCC MARKET, BY SOURCE TYPE
4.3 MCC MARKET, BY APPLICATION AND REGION
4.4 MCC MARKET, BY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Growing use of MCC in the pharmaceutical industry
5.2.1.2 Increasing acceptance of MCC as a pharmaceutical excipient
5.2.1.3 Growth in the processed food industry
5.2.2 RESTRAINTS
5.2.2.1 Availability of substitutes for specific food & beverage and pharmaceutical applications
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing demand from emerging economies
5.2.3.2 Growth in manufacturing of non-wood-based MCC
5.2.4 CHALLENGES
5.2.4.1 Production of low-cost MCC
5.3 VALUE CHAIN ANALYSIS
5.4 PORTER’S FIVE FORCES ANALYSIS
5.4.1 THREAT OF NEW ENTRANTS
5.4.2 THREAT OF SUBSTITUTES
5.4.3 BARGAINING POWER OF SUPPLIERS
5.4.4 BARGAINING POWER OF BUYERS
5.4.5 INTENSITY OF COMPETITIVE RIVALRY
5.5 PATENT ANALYSIS
5.5.1 INSIGHT
6 MCC MARKET, BY SOURCE TYPE
6.1 INTRODUCTION
6.2 WOOD BASED
6.2.1 WOOD-BASED MCC MARKET SIZE, BY REGION
6.3 NON-WOOD BASED
6.3.1 NON-WOOD BASED MCC MARKET SIZE, BY REGION
7 MCC MARKET, BY APPLICATION
7.1 INTRODUCTION
7.2 FOOD & BEVERAGE
7.2.1 MCC MARKET SIZE IN FOOD & BEVERAGE APPLICATION, BY REGION
7.3 PHARMACEUTICAL
7.3.1 MCC MARKET SIZE IN PHARMACEUTICAL APPLICATION, BY REGION
7.4 COSMETICS & PERSONAL CARE
7.4.1 MCC MARKET SIZE IN COSMETICS & PERSONAL CARE APPLICATION, BY REGION
7.5 OTHERS
7.5.1 MCC MARKET SIZE IN OTHER APPLICATIONS, BY REGION
8 MCC MARKET, BY REGION
8.1 INTRODUCTION
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MCC MARKET SIZE, BY APPLICATION
8.2.2 NORTH AMERICA MCC MARKET SIZE, BY SOURCE TYPE
8.2.3 NORTH AMERICA MCC MARKET SIZE, BY COUNTRY
8.2.3.1 US
8.2.3.1.1 US MCC market size, by application
8.2.3.2 Canada
8.2.3.2.1 Canada MCC market size, by application
8.2.3.3 Rest of North America
8.2.3.3.1 Rest of North America MCC market size, by application
8.3 EUROPE
8.3.1 EUROPE MCC MARKET SIZE, BY APPLICATION
8.3.2 EUROPE MCC MARKET SIZE, BY SOURCE TYPE
8.3.3 EUROPE MCC MARKET SIZE, BY COUNTRY
8.3.3.1 Germany
8.3.3.1.1 Germany mcc market size, by application
8.3.3.2 France
8.3.3.2.1 France MCC market size, by application
8.3.3.3 Italy
8.3.3.3.1 Italy MCC market size, by application
8.3.3.4 UK
8.3.3.4.1 UK MCC market size, by application
8.3.3.5 Switzerland
8.3.3.5.1 Switzerland MCC market size, by application
8.3.3.6 Spain
8.3.3.6.1 Spain MCC market size, by application
8.3.3.7 Rest of Europe
8.3.3.7.1 Rest of Europe MCC market size, by application
8.4 APAC
8.4.1 APAC MCC MARKET SIZE, BY APPLICATION
8.4.2 APAC MCC MARKET SIZE, BY SOURCE TYPE
8.4.3 APAC MCC MARKET SIZE, BY COUNTRY
8.4.3.1 China
8.4.3.1.1 China MCC market size, by application
8.4.3.2 India
8.4.3.2.1 India MCC market size, by application
8.4.3.3 Japan
8.4.3.3.1 Japan MCC market size, by application
8.4.3.4 Rest of APAC
8.4.3.4.1 Rest of APAC MCC market size, by application
8.5 REST OF THE WORLD (ROW)
8.5.1 ROW MCC MARKET SIZE, BY APPLICATION
8.5.2 ROW MCC MARKET SIZE, BY SOURCE TYPE
8.5.3 ROW MCC MARKET SIZE, BY COUNTRY
8.5.3.1 Brazil
8.5.3.1.1 Brazil MCC market size, by application
8.5.3.2 Other Countries
8.5.3.2.1 MCC market size in other countries, by application
9 COMPETITIVE LANDSCAPE
9.1 INTRODUCTION
9.2 COMPETITIVE LEADERSHIP MAPPING
9.2.1 VISIONARY LEADERS
9.2.2 DYNAMIC DIFFERENTIATORS
9.2.3 INNOVATORS
9.2.4 EMERGING COMPANIES
9.3 STRENGHT OF PRODUCT OFFERING
9.4 BUSINESS STRATEGY EXCELLENCE
9.5 MARKET RANKING
9.6 COMPETITIVE SCENARIO
9.6.1 NEW PRODUCT DEVELOPMENTS/LAUNCHES
9.6.2 EXPANSIONS
9.6.3 ACQUISITIONS
9.6.4 AGREEMENTS & PARTNERSHIPS
10 COMPANY PROFILES
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
10.1 DUPONT
10.2 ASAHI KASEI CHEMICALS CORPORATION
10.3 RAYONIER ADVANCED MATERIALS
10.4 ROQUETTE
10.5 DFE PHARMA GMBH & CO.KG
10.6 JRS PHARMA GMBH & CO. KG
10.7 AVANTOR PERFORMANCE MATERIALS INC.
10.8 GUJARAT MICROWAX LIMITED
10.9 SIGACHI INDUSTRIAL PVT. LTD.
10.10 HUZHOU CITY LINGHU XINWANG CHEMICAL CO., LTD
10.11 OTHER COMPANIES
10.11.1 ACCENT MICROCELL PVT. LTD
10.11.2 ANHUI SUNHERE PHARMACEUTICAL EXCIPIENTS CO., LTD
10.11.3 RANQ REMEDIES PVT. LTD
10.11.4 MINGTAI CHEMICAL CO., LTD
10.11.5 FOODCHEM INTERNATIONAL CORPORATION
10.11.6 QUADRA INGREDIENTS
10.11.7 SHANDONG GUANDA TECHNOLOGY
10.11.8 JUKU ORCHEM PRIVATE LIMITED
10.11.9 MAPLE BIOTECH PVT LTD
10.11.10 HUZHOU ZHANWANG PHARMACEUTICAL CO., LTD
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
11 APPENDIX
11.1 DISCUSSION GUIDE
11.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
11.3 AVAILABLE CUSTOMIZATIONS
11.4 RELATED REPORTS
11.5 AUTHOR DETAILS
TABLE 1 MCC MARKET SIZE, 2017–2024
TABLE 2 MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (KILOTON)
TABLE 3 MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (USD MILLION)
TABLE 4 WOOD-BASED MCC MARKET SIZE, BY REGION, 2017–2024 (KILOTON)
TABLE 5 WOOD-BASED MCC MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
TABLE 6 NON-WOOD BASED MCC MARKET SIZE, BY REGION, 2017–2024 (KILOTON)
TABLE 7 NON-WOOD BASED MCC MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
TABLE 8 MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 9 MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 10 MCC MARKET SIZE IN FOOD & BEVERAGE APPLICATION, BY REGION, 2017–2024 (KILOTON)
TABLE 11 MCC MARKET SIZE IN FOOD & BEVERAGE APPLICATION, BY REGION, 2017–2024 (USD MILLION)
TABLE 12 MCC MARKET SIZE IN PHARMACEUTICAL APPLICATION, BY REGION, 2017–2024 (KILOTON)
TABLE 13 MCC MARKET SIZE IN PHARMACEUTICAL APPLICATION, BY REGION, 2017–2024 (USD MILLION)
TABLE 14 MCC MARKET SIZE IN COSMETICS & PERSONAL CARE APPLICATION, BY REGION, 2017–2024 (KILOTON)
TABLE 15 MCC MARKET SIZE IN COSMETICS & PERSONAL CARE APPLICATION, BY REGION, 2017–2024 (USD MILLION)
TABLE 16 MCC MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2017–2024 (KILOTON)
TABLE 17 MCC MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2017–2024 (USD MILLION)
TABLE 18 MCC MARKET SIZE, BY REGION, 2017–2024 (KILOTON)
TABLE 19 MCC MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
TABLE 20 NORTH AMERICA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 21 NORTH AMERICA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 22 NORTH AMERICA: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (KILOTON)
TABLE 23 NORTH AMERICA: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (USD MILLION)
TABLE 24 NORTH AMERICA: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (KILOTON)
TABLE 25 NORTH AMERICA: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
TABLE 26 US: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 27 US: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 28 CANADA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 29 CANADA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 30 REST OF NORTH AMERICA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 31 REST OF NORTH AMERICA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 32 EUROPE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 33 EUROPE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 34 EUROPE: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (KILOTON)
TABLE 35 EUROPE: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (USD MILLION)
TABLE 36 EUROPE: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (KILOTON)
TABLE 37 EUROPE: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
TABLE 38 GERMANY: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 39 GERMANY: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 40 FRANCE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 41 FRANCE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 42 ITALY: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 43 ITALY: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 44 UK: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 45 UK: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 46 SWITZERLAND: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 47 SWITZERLAND: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 48 SPAIN: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 49 SPAIN: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 50 REST OF EUROPE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 51 REST OF EUROPE: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 52 APAC: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 53 APAC: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 54 APAC: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (KILOTON)
TABLE 55 APAC: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (USD MILLION)
TABLE 56 APAC: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (KILOTON)
TABLE 57 APAC: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
TABLE 58 CHINA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 59 CHINA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 60 INDIA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 61 INDIA: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 62 JAPAN: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 63 JAPAN: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 64 REST OF APAC: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 65 REST OF APAC: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 66 ROW: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 67 ROW: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 68 ROW: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (KILOTON)
TABLE 69 ROW: MCC MARKET SIZE, BY SOURCE TYPE, 2017–2024 (USD MILLION)
TABLE 70 ROW: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (KILOTON)
TABLE 71 ROW: MCC MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
TABLE 72 BRAZIL: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 73 BRAZIL: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 74 OTHER COUNTRIES: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (KILOTON)
TABLE 75 OTHER COUNTRIES: MCC MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
TABLE 76 NEW PRODUCT DEVELOPMENTS/LAUNCHES, 2014–2019
TABLE 77 EXPANSIONS, 2014–2019
TABLE 78 ACQUISITIONS, 2014–2019
TABLE 79 AGREEMENTS & PARTNERSHIPS, 2014–2019
The report "Microcrystalline Cellulose (MCC) Market by Application (Food & Beverage, Pharmaceutical, Cosmetics & Personal Care,), Raw Material Source (Wood-based, Non-wood-based), and Region (North America, Europe, APAC, RoW) - Global Forecasts to 2023", The MCC market is projected to grow from USD 885.1 million in 2018 to USD 1,241.4 million by 2023, at a CAGR of 7.0% between 2018 and 2023.
This report provides a comprehensive analysis of the key companies listed below:
DowDuPont (US), Asahi Kasei Chemicals Corporation (Japan), Rayonier Advanced Materials (US), Roquette (France), DFE Pharma GmbH & Co.KG (Germany), JRS Pharma GmbH & Co. KG (Germany), Avantor Performance Materials Inc. (US), Gujarat Microwax Limited (India), Sigachi Industrial Pvt. Ltd. (India), and Huzhou City Linghu Xinwang Chemical Co., Ltd (China). among others.
Research Coverage:
This report covers the MCC market and forecasts the size of the market until 2023. The report includes the segmentation of the market based on application, source type, and region. Porter’s Five Forces analysis and key market dynamics, such as drivers, restraints, challenges, and opportunities influencing the growth of the MCC market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the market.
DowDuPont is an established company in the global MCC market. The company has a strong market presence in North America and Europe. It is focusing on the expansion of its business in emerging markets in the Asia Pacific and South American countries to increase its market presence. As a part of its growth strategy, the company is more inclined toward implementing the strategy of acquisition. In November 2017, the company acquired the health & nutrition business segment of FMC Corporation (US). The acquisition helped the company expand its capabilities in the pharma excipient space. It also benefitted the company in terms of obtaining new ingredients for MCC.
Roquette is one of the key players in the MCC market. The company lays great emphasis on conducting research and development activities to meet the requirements of various end-use industries. As a part of its growth strategy, the company is highly focused on the acquisition strategy. For instance, in September 2017, the company acquired Itacel (Brazil). The acquisition helped the company reinforce its position in the MCC market and become a major supplier to the pharmaceutical industry.
The pharmaceutical application segment is projected to register the highest CAGR in terms of both value and volume during the forecast period.
The growth of the global MCC market is dependent on the growth of the pharmaceutical excipient market. MCC acts as a filler, binder, disintegrant, suspending agent, lubricant, and glidant in pharmaceutical manufacturing. It is used in the direct compression method as it reduces the production cost. MCC is a vital component that is used in every form of oral dosage, which includes pellets, capsules, tablets, sachets, and others.
The wood-based segment is estimated to account for the major market share during the forecast period.
Wood is the traditional choice of raw material for MCC production. Commercially produced wood pulp used to manufacture MCC is obtained from sources such as softwood woods (gymnosperms) and hardwood (dicotyledons). Gymnosperms include fir trees, spruce trees, pine trees, conifers, cycads, and others. The chemical property of MCC produced from different wood sources varies because of the difference in the composition of alpha-cellulose in different kinds of wood available.
Europe is estimated to be the largest market for microcrystalline cellulose in 2018, in terms of value.
Europe was the largest MCC market, in terms of value, in 2017. The European region is segmented into Germany, France, the UK, Switzerland, Italy, and Spain, among others. The overall market growth of the European region is driven mainly by the increasing investments in drug development and the continuous efforts of pharmaceutical companies to offer superior-quality products. In addition, the economic recovery and the increase in employment rate are the growth factors for the processed food industry in the region, which, in turn, supports the growth of the MCC market in the food & beverage application.
