Active Ingredients Market Size, Share, Growth Analysis, By Synthesis(Synthetic and Biotech), By Application(Cardiology, Pulmonology, Oncology, Ophthalmology), By Business Mode(Captive API and Merchant API), By Brand(Patented/ Innovative API and Generic API), By Region - Industry Forecast 2024-2031

Global Active Ingredients Market size was valued at USD 224.56 Billion in 2022 and is poised to grow from USD 237.47 Billion in 2023 to USD 371.41 Billion by 2031, growing at a CAGR of 5.75% in the forecast period (2024-2031).

Increasing consumer trends towards personal grooming and cosmetics are driving demand for active ingredients in skin care, hair care, color and cosmetics. Increasing disposable income, urbanization and changing lifestyles are contributing to the expanding market for active ingredients in the personal care and cosmetics industry. Technological advances and innovations in the pharmaceutical industry led to the development of new drugs and treatments that require the use of active ingredients (APIs). The demand for high-quality and efficient APIs is driving investment in research and development, driving market growth in the pharmaceutical industry.

The number of elderly people worldwide is increasing. According to the United Nations, there are expected to be 771 million people aged 65 and older in the population by 2022, rising from 994 million in 2030 to 1.6 billion in 2050. The number of older people in Africa shows the fastest growth rate, also including those aged 60 and over. The population is projected to triple, followed by Latin America to 18.8 billion by 2050. Growth is viewed as high risk of developing diseases including cardiovascular diseases hence rapidly increasing global elderly population could be a major confirmatory influence for the global active ingredients market.