Lyophilization Market Size

Lyophilization Market size was over USD 1.03 billion in 2023 and is poised to cross USD 2.97 billion by 2036, witnessing more than 8.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lyophilization is evaluated at USD 1.1 billion. The advancements in lyophilization technology, along with the growing demand for lyophilized products globally, are expected to fuel the growth of this market. Lyophilization effectively increases the shelf life of the products by removing the water from them without excessive heating and enhances their stability in a dry state. This results in rapid and easy dissolution of the reconstituted product, which is projected to contribute significantly to the adoption of this technology on a global scale. The growth of the market can also be attributed to factors, such as, the increasing awareness about healthy products among consumers, and the rising need for longer shelf life and higher stability of products. With the growth in the processed food industry, there is a rising need for products with enhanced shelf life while maintaining their nutrient level at the same time. Lyophilization is increasingly being preferred for dehydration of products, on the back of the preservation of quality and characteristics of food, such as, aroma and bioactivity through this process. The high food expenditure backed by the growing population, is expected to directly increase the expenditure on lyophilized food products. According to the data collected from the U.S. Department of Agriculture, USD 1.7 trillion was spent on total food expenditures in the U.S. in 2018, up USD 78.2 billion from the previous year. In 2019, the total expenditure on food by final purchasers increased by approximately 4% over the previous year. Additionally, lyophilization is also used for production of biomedical and pharmaceutical products, which is expected to boost the demand for lyophilization.