Nanocellulose Market

How big is Nanocellulose Market in 2026?

The nanocellulose market is estimated at USD 673.1 million in 2025 and is projected to reach USD 801.7 million in 2026. The market is expected to grow at a 19.1% CAGR and reach USD 4.6 billion by 2036.

Nanocellulose market share is highest in packaging, with 40% of 2026 end-use sales likely to come from converters seeking fibre-based barriers to replace plastic films. USD 801.7 million of nanocellulose purchases is projected for 2026, against an estimated USD 673.1 million in 2025. FMI's forecast sees a 19.1% CAGR from there, for a 2036 total of USD 4.6 billion. CelluForce launched the CelluShield barrier coating in September 2025, with oxygen transmission below 1 cc/m²·day at a 1 gsm coat weight on mono-material PE, PP or PET. A cellulose coating thin enough to keep a pack recyclable gives converters a route to extended producer responsibility rules without changing the base film.

Packaging converters and paper mills run hottest on a heat map of nanocellulose buyers, since an estimated 40% of 2026 sales go to packaging and 14% to paper, bought in high-tonnage orders. Composites makers, near 11%, buy in medium lots as automotive and building trials move into production. Food, cosmetics, pharmaceutical, electronics and textile users, each between 4% and 8% (estimated), stay cool, buying small high-purity lots at premium prices. FiberLean launched small-scale MFC grinders in June 2025 for specialty paper mills and moulded fibre producers that need lower volumes. Suppliers will chase tonnage contracts with board mills and serve cool segments through distributors.

Key Market Trends & Insights

• Cellulose nanofibrils are projected at 45% of 2026 product type sales, seven points ahead of cellulose nanocrystals (estimated 38%).
• Two in five end-use sales in 2026, 40%, are likely to come from packaging. MFC made with FiberLean grinders now appears in the food contact recommendations of Germany's BfR, at up to 100% by weight in food contact paper and board.

Regional Highlights

• First-time Indian packaging users give India the quickest pace in the country table, a projected 20.3% CAGR, 1.2 points over the market rate of 19.1%.
• China and South Korea are expected to grow near 19.6% and 19.5%, with Germany and France close to the market at 19.3% and 19.2%. The United Kingdom, the United States and Japan, between 18.1% and 18.7%, grow from larger existing bases.
• Anomera appointed MASSO in May 2026 to distribute cellulose cosmetic powders in France, Spain, Portugal, Poland, the Czech Republic and five other European countries.

Market Size & Forecast

Table 1: Market Size and Forecast for the Nanocellulose Market (USD million and percentage), 2025 to 2036

Metric	Value
2025 Market Size	USD 673.1 million
Estimated Market Size in 2026	USD 801.7 million
Projected Market Size by 2036	USD 4,603.7 million
CAGR, 2026 to 2036	19.1%
Added Revenue, 2026 to 2036	USD 3,802.1 million
Market Expansion Multiple	5.7x

Nanocellulose orders move from trial lots to tonnage once a food-contact or product approval is in place. BfR listed MFC from FiberLean grinders for food contact paper and board, baking papers and absorber pads, and FiberLean announced the listing on 10 November 2025. Board mills are also adding capacity, and Stora Enso expects the new consumer board line at Oulu to reach full capacity during 2027. Paper barriers made with nanocellulose compete with film, and with a 6.4% CAGR projected for the barrier coated papers market, nanocellulose will gain share inside a slower parent. New sales of some USD 3,802.1 million are predicted across the decade on FMI's forecast, leaving the 2036 market about 5.7 times as large as in 2026. Slow end markets are the main risk, since Stora Enso described demand across many end markets as subdued in July 2026.

Barrier Coatings, Food-Contact Approval and Biodegradability

Recyclable barriers are now a leading commercial target for cellulose nanocrystal producers such as CelluForce. CelluShield from CelluForce is water-based, PFAS-free and supports mono-material PE, PP and PET packs that go through existing recycling streams. CelluForce also reported that CelluRods showed 86% biodegradation in the OECD 301B freshwater test and 94% in the OECD 311 anaerobic test. Recyclable and biodegradable claims backed by standard tests will decide which grades converters approve, FMI's review of producer data suggests, and a 7.3% CAGR expected for the biodegradable packaging market widens the pool of buyers.

Medical and cosmetic buyers pay premium prices for small, pure lots. Anomera signed TAOS in May 2026 to distribute ChromaPur cellulose powders across the US personal care and cosmetics market. Small, high-purity lots for these uses will stay a niche by volume and a strong source of margin.

Table 2: Barrier, Approval and Distribution Indicators for the Nanocellulose Market (values, dates and growth), 2025 to 2026

Indicator	Data Point	Relevance	Source
CelluShield oxygen transmission, September 2025	Below 1 cc/m²·day at 1 gsm	Thin coatings keep packs recyclable.
BfR food contact listing for MFC, November 2025	Up to 100% MFC by weight	Board mills can use MFC in food packs.
CelluRods OECD 301B result, June 2025	86% biodegradation	Biodegradable claims support approvals.
FiberLean small-scale grinders, June 2025	Lower-volume units launched	Smaller mills can make MFC on site.
Stora Enso Oulu board line, July 2026	Full capacity during 2027	More board capacity needs strength additives.
Anomera US distribution, May 2026	TAOS agreement	Cosmetic grades reach US formulators.

Analyst Perspective

“Packaging approvals will turn nanocellulose from a trial material into a tonnage product over the next five years. The BfR listing for MFC in food contact board and CelluForce barrier coatings for recyclable films give converters two ready routes. My advice to producers is to lock in supply contracts with board mills and flexible packaging converters now, as those buyers will order by the truckload once the first approved lines run.”

- Nikhil Kaitwade, Principal Consultant, Future Market Insights.

How is the nanocellulose market segmented?

The market is segmented into product type, end use, and region. Cellulose nanofibrils are likely to hold 45% of product type sales in 2026, and packaging is expected to account for 40% of end-use sales.

By product type: cellulose nanofibrils (CNF), cellulose nanocrystals (CNC), and bacterial nanocellulose (BNC).

By end use: packaging, paper, composites, food ingredients, cosmetics and personal care, textiles, electronic devices, pharmaceutical and biomedical, and others.

By region: nanocellulose coverage for North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa.

Why do cellulose nanofibrils lead nanocellulose sales by product type?

Cellulose nanofibrils are expected to lead product type sales with 45% share in 2026, ahead of cellulose nanocrystals at an estimated 38%.

Table 3: Product Type Share for the Nanocellulose Market (percentage share), 2026

Product Type	Estimated Share (2026)
Cellulose Nanofibrils (CNF)	45%
Cellulose Nanocrystals (CNC)	38%
Bacterial Nanocellulose (BNC)	17%
Total	100.0%

Table 4: Product Type Leadership and Market Growth for the Nanocellulose Market (segment and CAGR percentage), 2026 to 2036

Metric	Value
Global CAGR (2026 to 2036)	19.1%
Leading Segment	Cellulose Nanofibrils (CNF)

Cellulose nanofibrils are expected to lead with 45% share in 2026, mainly because paper and board mills make CNF and MFC by grinding pulp on site, which avoids drying and shipping costs and suits continuous tonnage use. Cellulose nanocrystals, an estimated 38%, need acid hydrolysis and dedicated plants, so CNC grades cost more and go mainly into coatings, cosmetics and biomedical uses. Bacterial nanocellulose, about 17%, is grown by fermentation and sold in small, pure lots for wound care and food. A board mill choosing a strength or barrier additive will pick CNF made on the mill's own site, which keeps CNF ahead.

• Microfibrillated cellulose, enzymatic CNF and TEMPO-oxidised CNF make up the nanofibril group.
• Small-scale MFC grinders launched by FiberLean on 17 June 2025 are aimed at specialty paper mills and moulded fibre producers.

Why does packaging lead nanocellulose sales by end use?

Packaging is projected to lead end-use sales with 40% share in 2026, with paper at an estimated 14%.

Table 5: End Use Share for the Nanocellulose Market (percentage share), 2026

End Use	Estimated Share (2026)
Packaging	40%
Paper	14%
Composites	11%
Food Ingredients	8%
Cosmetics and Personal Care	7%
Pharmaceutical and Biomedical	7%
Electronic Devices	5%
Textiles	4%
Others	4%
Total	100.0%

Packaging holds first place on 40% of 2026 sales because board mills and converters need strength and barrier additives in high volume to replace plastic layers. Paper, an estimated 14%, uses nanofibrils to cut fibre weight in printing and specialty grades, though demand for graphic paper is shrinking. Composites, near 11%, add CNF to plastics and cement in trials that take years to reach production. Food ingredients, about 8%, use cellulose as thickeners under food approvals. Cosmetics and pharmaceutical uses, near 7% each, pay premium prices for small lots. Development-stage uses make up the remainder, with electronic devices near 5%, textiles about 4% and other uses about 4%. Growth of the molded fiber packaging market adds another outlet for MFC strength additives. Converters replacing plastic films will keep packaging in the lead.

• Barrier-coated board, moulded fibre trays and recyclable flexible films form the packaging group.
• CelluForce launched CelluShield on 22 September 2025 as a PFAS-free barrier coating for mono-material packs.

What are the drivers, restraints, and opportunities in the nanocellulose market?

Packaging rules that reward recyclable and plastic-free packs are pulling nanocellulose into board and film barriers. High production costs and slow approvals hold back new uses, and cosmetics and medical grades offer high-margin niches.

• Driver: Converters facing producer-responsibility fees for hard-to-recycle packs are testing cellulose barriers that keep packs recyclable.
• Restraint: High energy use in grinding and acid hydrolysis keeps prices above conventional additives, and each new use needs separate approval.
• Opportunity: Cosmetic and biomedical formulators pay premium prices for natural, biodegradable cellulose that replaces microplastics or synthetic scaffolds.

Recyclable Barrier Rules Pull Nanocellulose into Packaging

Packaging rules are creating a large new use for nanocellulose. CelluForce says CelluShield supports extended producer responsibility rules and the EU packaging and packaging waste regulation by keeping packs mono-material. BfR allows a coating layer of up to 100% MFC to contact food. Coated mono-material films also add to growth of the flexible plastic packaging market, as cellulose layers replace multi-material barrier laminates. Converters with approved cellulose barriers will move packs off those laminates first.

High Costs and Slow Approvals Limit New Uses

Cost and approval time hold back new nanocellulose uses. FiberLean developed small-scale grinders because full-scale units suit only large multi-grinder installations at paper mills. Stora Enso reported subdued demand across many end markets for January to June 2026. Producers will need lower-cost grades and more approvals before composites and electronics buy at scale.

Cosmetic and Medical Grades Open High-Margin Niches

Natural cellulose powders are replacing microplastics in cosmetics. Anomera describes ChromaPur as a 100% natural, biodegradable alternative to microplastics and appointed MASSO as European distributor in May 2026. Moorim P&P in South Korea lists cosmetic materials and eco-friendly paint among new uses for pulp-based cellulose, MTN reported in July 2026. Growth of the cellulose derivative market shows formulators already using cellulose, and nanocellulose grades will add higher-value lots on top.

Which country CAGRs are profiled in the nanocellulose market?

Table 6: Country CAGR Comparison for the Nanocellulose Market (CAGR percentage), 2026 to 2036

Country	CAGR (2026 to 2036)
India	20.3%
China	19.6%
South Korea	19.5%
Germany	19.3%
France	19.2%
United Kingdom	18.7%
United States	18.2%
Japan	18.1%

How do country-level CAGRs compare in the nanocellulose market?

German food contact rules now cover MFC in paper and board after the BfR update announced in November 2025. India and China lead on FMI's forecast at 20.3% and 19.6%, as both add packaging capacity quickly from small nanocellulose volumes. South Korea, Germany and France grow just faster than the 19.1% market figure, between 19.2% and 19.5%. Japan and the United States already run CNF and CNC plants, so growth there of 18.1% and 18.2% comes from a larger base, and the United Kingdom is projected near 18.7%.

• Indian fibre makers such as Birla Cellulose are trialling microbial cellulose in lyocell.
• Chinese suppliers such as Hainan Guangyu are scaling up microbial cellulose batches.
• Korean paper groups such as Moorim P&P are developing CNF for paint, cosmetics and farms.
• German board makers can now use MFC under BfR food contact rules.
• French cosmetic formulators receive cellulose powders through new distributors.
• British MFC technology suppliers sell grinders to mills abroad.
• American cosmetic brands are sourcing cellulose powders through new distribution.
• Japanese paper groups already run nanofibril plants for consumer goods.

Full report country CAGRs cover: Counting above and below the 19.1% global rate gives five faster countries and three slower ones. India, China and South Korea lead the faster group, and Germany and France complete that group. The United Kingdom, the United States and Japan form the slower three, and Latin America, Eastern Europe, and Middle East and Africa are reported as regions.

Country-wise Analysis

India Nanocellulose Market Outlook (2026 to 2036)

Rising food and personal care packaging volumes in India support a predicted 20.3% CAGR, the highest of the eight. Birla Cellulose, part of Grasim Industries, spun 580 kg of lyocell fibre from a 200 kg batch of microbial cellulose with Nanollose in the fourth pilot run, Ragtrader reported in March 2026. Fibre makers are testing bacterial cellulose on existing lyocell lines, and packaging converters are testing fibre-based barriers in place of plastic layers.

Key takeaway: Packaging growth from a small base gives India the highest profiled CAGR.

China Nanocellulose Market Outlook (2026 to 2036)

Large pulp and board capacity gives China a projected CAGR of 19.6%. Hainan Guangyu Biotechnology produced the 200 kg microbial cellulose batch for the Nanollose pilot with a new washing and treatment process, and Paradise Textiles in China will turn the fibre into yarn and fabric for partner tests. Board mills can add nanofibril lines beside existing pulp lines, and packaging converters will buy the output as plastic rules tighten.

Key takeaway: Pulp and board scale keeps China second among the profiled countries.

South Korea Nanocellulose Market Outlook (2026 to 2036)

Nanocellulose sales in South Korea are likely to expand at 19.5% over the decade, led by coatings and farm trials. Moorim P&P signed an agreement in July 2026 with the National Institute of Horticultural and Herbal Science and Gyeongsang National University to develop a CNF frost protectant for fruit buds, MTN reported. Paint, coating, cosmetic and electronics makers are the main trial buyers, and domestic paper groups will supply more of the CNF those buyers now import.

Key takeaway: Coatings and electronics trials keep South Korea ahead of the market.

Germany Nanocellulose Market Outlook (2026 to 2036)

BfR recommendations now allow food contact paper and board with up to 100% MFC by weight, and coating layers of MFC may touch food directly. FMI's forecast puts Germany at a 19.3% CAGR. German board and baking paper makers can now move MFC from trials into approved products.

Key takeaway: Food contact approval opens German board and baking paper lines to MFC.

France Nanocellulose Market Outlook (2026 to 2036)

Anomera appointed MASSO in May 2026 to distribute ChromaPur cellulose powders to cosmetics and personal care makers in France and nine other European countries. As cosmetic formulators replace microplastics, France is forecast to grow at a 19.2% CAGR over 2026 to 2036, a tenth of a point ahead of the market.

Key takeaway: Cosmetic formulators make France a steady buyer of high-purity cellulose grades.

United Kingdom Nanocellulose Market Outlook (2026 to 2036)

MFC technology suppliers based in the United Kingdom sell grinders to paper mills abroad, and the United Kingdom is expected to grow at an 18.7% CAGR, 0.4 points under the market. FiberLean launched small-scale MFC grinders in June 2025 for specialty paper mills and moulded fibre producers that need lower volumes. Domestic packaging converters will add fibre barriers as producer-responsibility fees rise.

Key takeaway: Technology exports and packaging fees support growth in the United Kingdom.

United States Nanocellulose Market Outlook (2026 to 2036)

Anomera signed TAOS, a New Jersey ingredients distributor, in May 2026 to supply ChromaPur across the US personal care and cosmetics market. FMI's forecast puts the United States at 18.2%, close to a point under the market rate. Existing CNC and CNF supply means growth comes from new uses, with cosmetics and barrier packaging leading.

Key takeaway: New cosmetic and barrier uses carry growth in the United States.

Japan Nanocellulose Market Outlook (2026 to 2036)

Japanese paper groups such as Nippon Paper, Oji Holdings and Chuetsu Pulp & Paper already run CNF plants, and FMI places Japan at 18.1%, the lowest of the eight. High cost remains the main barrier, and Yano Research Institute data show output at domestic CNF producers well short of plans, Nikkan Kogyo Shimbun reported in June 2026. Itochu, FamilyMart and Sanko built a CNF shipping container for store deliveries in a 2025 Shizuoka trial, and new consumer and industrial uses of this kind will carry growth on a larger base.

Key takeaway: An early start leaves Japan growing from the largest established base.

Who are the notable companies in the nanocellulose market?

CelluForce, Borregaard, Daicel, GranBio, Stora Enso, Sappi, Nippon Paper, Oji Holdings, Chuetsu Pulp & Paper, FiberLean, Anomera and CelluComp are the profiled companies.

Converters choose nanocellulose suppliers on food-contact approval, consistency between batches and price per kilogram of dry solids. CelluForce launched the CelluShield barrier coating in September 2025 for food, pharmaceutical and other sensitive packs. FiberLean secured a BfR food contact listing for MFC made with the company's grinders, which opens a new phase of market expansion in paper and board. Anomera is building distribution for cellulose powders in Europe and the United States. The other companies in FMI's profile set are Borregaard, Daicel, GranBio, Stora Enso, Sappi, Nippon Paper, Oji Holdings, Chuetsu Pulp & Paper and CelluComp.

• Pulp and paper groups: Stora Enso, Sappi, Nippon Paper, Oji Holdings and Chuetsu Pulp & Paper.
• Specialty cellulose producers: CelluForce, Borregaard, Daicel and GranBio.
• Technology and ingredient developers: FiberLean, Anomera and CelluComp.

Competitive Benchmarking: Nanocellulose Market

Table 7: Competitive Benchmarking for the Nanocellulose Market (qualitative documentation ratings), 2026

Company	Packaging Grades	Food Contact Approval	Distribution	Recency
CelluForce	High	Medium	Medium	High
FiberLean	High	High	Medium	High
Anomera	Low	Low	High	High
Stora Enso	High	Medium	High	Medium
Borregaard	Medium	Medium	High	Low

Nanocellulose ratings reflect the detail in dated company releases and are not market shares.

Key Developments in the Nanocellulose Market

• On 24 July 2026, MTN reported that Moorim P&P signed an agreement to develop a CNF frost protectant for fruit buds.
• On 23 July 2026, Stora Enso said the Oulu consumer board line will reach full capacity during 2027.
• In mid-June 2026, Nikkan Kogyo Shimbun reported that output at Japanese CNF producers falls well short of plans.
• On 7 May 2026, Anomera announced a US distribution agreement with TAOS.
• On 1 May 2026, Anomera appointed MASSO as European distributor for ChromaPur.
• On 2 March 2026, Ragtrader reported a 580 kg pilot spin of microbial cellulose fibre by Nanollose and Birla Cellulose.
• On 10 November 2025, FiberLean announced the BfR food contact listing for MFC.
• On 22 September 2025, CelluForce launched the CelluShield barrier coating.
• On 17 June 2025, FiberLean launched small-scale MFC grinders.
• On 5 June 2025, CelluForce reported OECD biodegradability results for CelluRods.

Key Players in the Nanocellulose Market

Pulp and Paper Groups

• Stora Enso
• Sappi
• Nippon Paper
• Oji Holdings
• Chuetsu Pulp & Paper

Specialty Cellulose Producers

• CelluForce
• Borregaard
• Daicel
• GranBio

Technology and Ingredient Developers

• FiberLean
• Anomera
• CelluComp

Nanocellulose Market - Report Scope

Table 8: Report Scope for the Nanocellulose Market (coverage fields and definitions), 2026 to 2036

Coverage field	Report scope
Market breakdown	Product type; end use; region
Quantitative units	USD million
Market definition	Cellulose nanofibrils, cellulose nanocrystals and bacterial nanocellulose used in packaging, paper, composites, food, cosmetics, textiles, electronics, pharmaceutical and biomedical products.
Regions covered	North America; Latin America; Western Europe; Eastern Europe; East Asia; South Asia and Pacific; Middle East and Africa
Countries covered	United States; Canada; Brazil; Mexico; Argentina; Chile; Germany; France; United Kingdom; Italy; Spain; Benelux; Nordics; Poland; Czech Republic; Romania; Hungary; China; Japan; South Korea; India; ASEAN; Australia and New Zealand; GCC Countries; South Africa; Türkiye; Israel
Key companies profiled	CelluForce, Borregaard, Daicel, GranBio, Stora Enso, Sappi, Nippon Paper, Oji Holdings, Chuetsu Pulp & Paper, FiberLean, Anomera, CelluComp
Forecast period	2026 to 2036

Nanocellulose Market - Research Methodology

Table 9: Research Methodology for the Nanocellulose Market (research methods and approach), 2026 edition

Method	Approach
Data Sources	Producer releases, company reports, food contact listings and test results published from May 2025 onward.
Desk Research	Desk research covers barrier coatings, food contact approvals, biodegradability tests, grinder supply and distribution deals.
Market Sizing and Forecasting	Sizing starts from the 2025 base of USD 673.1 million and the 19.1% CAGR from 2026 to 2036.
Data Validation	Test results, approvals and launch dates were matched to the company release that reported them.

Nanocellulose Market by Segments

Nanocellulose Market segmented by Product Type:

• Cellulose Nanofibrils (CNF)
• Cellulose Nanocrystals (CNC)
• Bacterial Nanocellulose (BNC)

Nanocellulose Market segmented by End Use:

• Packaging
• Paper
• Composites
• Food Ingredients
• Cosmetics and Personal Care
• Textiles
• Electronic Devices
• Pharmaceutical and Biomedical
• Others

Nanocellulose Market by Region

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• Western Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Benelux
  • Nordics
• Eastern Europe
  • Poland
  • Czech Republic
  • Romania
  • Hungary
• East Asia
  • China
  • Japan
  • South Korea
• South Asia and Pacific
  • India
  • ASEAN
  • Australia and New Zealand
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Türkiye
  • Israel

Research Sources and Bibliography

• [1] CelluForce. (2025, September 22). CelluForce launches a breakthrough barrier for flexible packaging. https://celluforce.com/celluforce-launches-a-breakthrough-barrier-for-flexible-packaging/
• [2] FiberLean Technologies. (2025, June 17). New Product Launch. https://fiberlean.com/resource-hub/news/new-product-launch/
• [3] FiberLean Technologies. (2025, November 10). BfR List MFC for Food Contact Use. https://fiberlean.com/resource-hub/news/bfr-list-mfc-for-food-contact-use/
• [4] Anomera. (2026, May 1). Anomera Appoints MASSO as European Distribution Partner for ChromaPur in Cosmetics and Personal Care. https://anomera.ca/news/anomera-appoints-masso-as-european-distribution-partner-for-chromapur-in-cosmetics-and-personal-care/
• [5] Stora Enso. (2026, July 23). Stora Enso Half-year Report 2026, Optimising our portfolio and driving results through our own actions. https://news.cision.com/stora-enso-oyj/r/stora-enso-half-year-report-2026--optimising-our-portfolio-and-driving-results-through-our-own-actio,c4376981
• [6] CelluForce. (2025, June 5). Naturally biodegradable, CelluForce CNCs meet OECD standards. https://celluforce.com/naturally-biodegradable-celluforce-cncs-meet-oecd-standards/
• [7] Anomera. (2026, May 7). Anomera and TAOS Inc. Announce Strategic Distribution Agreement in the US. https://anomera.ca/news/anomera-taos-inc-announce-strategic-distribution-agreement-in-the-us/
• [8] MTN. (2026, July 24). (Moorim P&P targets the farm market with cellulose and widens the new materials business). https://news.mtn.co.kr/news-detail/2026072411033126372
• [9] Ragtrader. (2026, March 2). Aussie biotech advances tree-free fibre scale-up. https://www.ragtrader.com.au/news/aussie-biotech-advances-tree-free-fibre-scale-up
• [10] Nikkan Kogyo Shimbun. (2026, June 15). (Cutting naphtha dependence by 30%, the strength of plant-based CNF). Newswitch. https://newswitch.jp/p/49460

This bibliography is provided for reader reference. The full report contains the complete reference list and detailed citations.

This Report Answers

• How big is the nanocellulose market during 2026?
• What market size is projected by 2036?
• Which product type holds notable share?
• Which end use holds notable share?
• Which countries have notable growth?
• Which companies are notable in the market?