According to a recent report by Future Market Insights, market research and competitive intelligence provider, in terms of revenue, The global L-carnitine supplements market is projected to surpass US$ 386 million by the end of 2033, in terms of revenue. The market is projected to register a CAGR of 6% during the forecast period.
The main driver accelerating the growth of the L-carnitine supplements market is the growing awareness of patients about the treatment of various diseases. Unhealthy lifestyle, growing geriatric population base globally, obesity-related complications such as chronic fatigue, diabetes, and heart attack, are also invigorating the demand for L-carnitine supplements. Further, the rising use of L-carnitine supplementation for post-exercise recovery, weight management, and healthy aging, is further propelling the market forward.
In individuals with cachexia or wasting syndrome, L-carnitine is also given as a supplement to treat involuntary weight loss and raise the body mass index (BMI). In order to improve lean body mass, persons with wasting syndrome are consuming more L-carnitine. Furthermore, the advantages of L-carnitine in terms of boosting endurance, weight control, and facilitating effective food conversion into energy encourage its use.
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Key Takeaways from Market Study
- The United States is the world’s third-largest market for biopharmaceuticals and a global leader in biopharmaceutical research and development. The growth of the pharmaceutical and biopharmaceutical sectors in the United States is predicted to increase the use of L-carnitine in medicines to treat diabetes, thyroid illness, high blood pressure, and coronary heart disease.
- L-carnitine and its derivatives, provide considerable protective effects against severe COVID-19 individuals, according to researchers from the MRC Integrative Epidemiology Unit (IEU) at Bristol Medical School in the United Kingdom. According to the study, doubling carnitine levels in the blood reduces the incidence of severe COVID-19 by 40%. However, the favorable benefit of L-carnitine on severe COVID 19 patients is predicted to have a short-term impact on its demand.
- The most frequent manufacturing processes are chemical synthesis and bioprocess. Due to the highest yield and environmental benefits it delivers, bioprocess generated the most market share in 2021, and this trend is expected to continue during the projection period.
- Because of its capacity to synthesize L-carnitine on a large scale, the chemical synthesis method is steadily gaining traction. Asymmetric synthesis, chemical multi-step racemization, enzymatic approaches, resolution by diastereomeric derivatives, and synthesis employing chiral materials are only a few of the chemical procedures accessible for the synthesis of L-carnitine.
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Who is Winning?
Due to the fierce rivalry, the sector is projected to face pricing pressure. Increased mergers have been observed in the market, and this trend is projected to continue during the forecast period. Increased market mergers are expected to raise rivalry among high-value firms even further. The industry is likely to see a surge in new market entrants, resulting in increased competition.
Ceva, for example, agreed to buy IDT Biologika GmbH’s veterinary biopharmaceutical business in 2019. IDT will manufacture human biotechnology vaccines and pharmaceuticals for worldwide and national markets as part of the deal. Ceva will be able to strengthen its biological innovation and development as a result of the acquisition.
Some of the leading companies offering L-carnitine supplements are Northeast Pharmaceutical Group Co. Ltd. (NEPG), Huanggang Huayang Pharmaceutical Co. Ltd, Lonza Group Ltd., Ceva Santé Animale S.A., Tokyo Chemical Industry Co. Ltd., and Kaiyuan Hengtai Chemical Co. Ltd.
“Market operators are finding it difficult to adapt their marketing strategies to each country’s restrictions as new rules regulating supplement markets are increasingly implemented in different countries. For a larger client base and a stronger worldwide presence, such players emphasize the separation of nutritional declarations and product ingredients according to the rules and consumer expectations. Furthermore, in order to reach rising vegan consumers, manufacturers are incorporating a line of vegan L-carnitine supplements into their product line too.” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the L-carnitine supplements market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on L-carnitine supplements based on application (functional drink, medicine, healthcare product, and animal food), end-use (male infertility, kidney treatment, and bone mass), and distribution channel (online and offline) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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