Freeze-drying Market Size

Freeze-drying Market size was valued at USD 5.72 Billion in 2023 and is likely to reach USD 32.51 Billion by 2036, registering around 14.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of freeze-drying is estimated at USD 6.44 Billion.. The demand for lyophilization services is being increased due to the focus on better manufacturing practices. Lyophilization services are being used by pharmaceutical manufacturers to keep APIs and medicinal products sterile. Centers for Medicare & Medicaid Services (CMS) estimates that the National Health Expenditure (NHE) in the United States increased by 5.2% in 2020 compared to 2019.

Due to the fact that freezing is a kind of concentration and does not need any additives in order to enhance its flavor, all freeze-drying procedures or components do not have to be treated differently. This factor is steadily boosting the market growth of freeze-drying. According to information obtained from the U.S. Department of Agriculture, the country spent USD 1.7 trillion on food overall in 2018, an increase of USD 78.2 billion from the previous year. The overall amount spent on food by final consumers increased by almost 4% in 2019 compared to the previous year.