Controlled substances are products which are regulated under laws and international treaties. Some of the commonly used controlled substances include colorants, flavoring agents, preservatives and antioxidants. These products help enhance taste, shelf-life and appeal of food and beverages.
The global Controlled Substance Market is estimated to be valued at US$ 37.33 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of controlled substances such as colorants, flavors and preservatives in food and beverage industry is one of the key factors driving the growth of the controlled substance market. Manufacturers are increasingly using these regulated products to enhance sensory appeal, visual appeal and shelf life of products. The growing demand for processed and packaged food and beverages has also propelled the demand for controlled substances from the food industry. Furthermore, changing lifestyle and consumption patterns have increased the demand for variety in processed food and beverages, thereby augmenting market growth.
Segment Analysis
The global controlled substance market is dominated by the pharmaceutical segment. Pharmaceutical sub-segment accounts for over 50% market share due to high usage of controlled substance in prescription drugs such as pain killers, psychiatric medicines, and other medications. The growth of this sub-segment is driven by rising prevalence of diseases such as cancer, diabetes, and mental illness.
Key Takeaways
The Global Controlled Substance Market Demand is expected to witness high growth over the forecast period from 2024 to 2031. The market size is projected to increase from US$ 37.33 Mn in 2024 to over US$ 59 Mn by 2031, expanding at a CAGR of 6.6%.
Regional analysis:
North America region currently dominates the global controlled substance market and is expected to remain the major revenue generating region during the forecast period. Higher healthcare spending and growing pharmaceutical industry in the US and Canada are major factors contributing to market growth in North America. Asia Pacific region is expected to show fastest growth over the coming years due to expanding pharmaceutical sector and improving healthcare infrastructure in major countries like China and India.
Key players:
Key players operating in the controlled substance market are GNT International B.V., Roha Dyechem Pvt. Ltd., D.D. Williamson & Co., Inc., Kalsec Inc., Chr. Hansen A/S, Archer Daniels Midland Company, Adama Agricultural Solutions Ltd. (LycoRed), Naturex S.A., Sensient Technologies Corporation, and Symrise AG. Majority of key players are focusing on new product launches and expansion strategies to strengthen their market position.
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