L-Carnitine Market Share, Size, Trends, Industry Analysis Report, By Process (Chemical Synthesis, Bioprocess); By Product (Food & Pharmaceutical Grade, Feed Grade); By Application (Animal Feed, Healthcare Products, Functional Drinks, Medicines); By Region; Segment Forecast, 2021 - 2028
- Published Date:Oct-2021
- Pages: 101
- Format: PDF
- Report ID: PM2033
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Summary
The global L-carnitine market was valued at USD 184.6 million in 2020 and is expected to grow at a CAGR of 5.3% during the forecast period. The surging health awareness among customers and the rising prevalence of chronic diseases like diabetes due to poor dietary habits and hectic lifestyles are major factors driving the global L-carnitine market. Furthermore, an unhealthy lifestyle and an increasing geriatric population base are some of the other elements driving the L-carnitine sector forward.
Know more about this report: request for sample pages
The manufacturers have a significant potential to establish manufacturing hubs in China and India due to rising raw material production capacity, low cost, and the availability of workforce at a cheap cost, which are few factors that can generate more opportunities for the companies in the coming years.
L-carnitine plays a vital role in the transportation of fatty acids in and out of the cells, and hence it is crucial for the metabolism of fat. Obese people extensively use it for weight management. Presently, there are more than 1.9 billion obese people across the globe. Obesity is associated with diabetes and cardiovascular diseases (CVDs). L-carnitine is also known to decrease the risk of developing diabetes and CVD.
CVDs are the leading cause of death globally and affect 423 people worldwide. Diabetes is a major health problem, and currently, 463 million adults are living with diabetes across the globe, which is expected to increase to 700 million in the next two decades. All these factors have contributed to the increased consumption of health supplements such as l-carnitine among people to reduce the risk of diseases which is expected to favor the L-carnitine market growth.
The emergence of COVID-19 is expected to increase the market demand for the L-carnitine market globally because people across the globe are becoming health conscious during the pandemic time. L-carnitine-based supplements and drinks are also available through e-commerce platforms, which in turn is expected to fuel the market demand of L-carnitine.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
Increasing the geriatric population base and the rising prevalence of various chronic disorders that include diabetes and CVDs globally are key factors fueling the growth of the global market of L-carnitine. Additionally, the increasing awareness among people for a healthy diet and the growing market demand for quality animal feed is expected further to propel the L-carnitine market's growth in the near future.
L-carnitine is synthesized less in some people due to some genetic defects, and these people require supplementation of l-carnitine externally. The FDA has also approved intravenous or oral use of the product to treat people with this genetic defect. L-carnitine is becoming popular as animal feeds. It is known to improve reproduction capacity and enhance energy levels in animals, and hence they are used as animal feed for domestic animals such as cows and horses. These factors augment the market growth of L-carnitine.
Many new products have been introduced in the market in recent years owing to the increased popularity of the product. For instance, iSatori introduced the L-Carnitine fat loss liquid keto drink mix in the United States in 2019. The drink is free of stimulants, calories, and gluten. MitoCarn introduced L-Carnitine based solutions (MitoCarn Heart, MitoCarn Brain, MitoCarn Sport, MitoCarn Weight), in 2019. These formulations are expected to improve the functionality of mitochondria via their antioxidant properties.
Report Segmentation
The market is primarily segmented on the basis of process, product, application, and region.
|
By Process |
By Product |
By Application |
By Region |
|
|
|
|
Know more about this report: request for sample pages
Insight by Product
The food & pharmaceutical grade segment dominated the market and generated the highest revenue in 2020, owing to the surging market demand for L-carnitine from end-use industries. The growing market demand for the product in the pharmaceutical sector for nutritional therapy and from the food & beverage industry for the manufacturing of dietary supplements has led to the increased growth of the market segment. The product is primarily utilized for human consumption in various applications such as weight management, post-exercise recovery, male fertility, baby nutrition, and healthy aging.
The feed grade segment is projected to have a high market growth rate as it is a major element in livestock feed and pharmaceuticals. It is a vital component for metabolic processes in animals and provides numerous benefits to diverse species for healthy liver and heart function.
Insight by Application
The healthcare products segment dominated the market of L-carnitine and generated the highest revenue in 2020. The product is utilized to manufacture various healthcare items such as dietary and powder supplements for weight management, vitality, and endurance. Inclusion of L-Carnitine in dietary supplements aids in the treatment of low blood glucose levels. The numerous chemical properties of the product have resulted in increased utilization in the healthcare sector, which has benefited the segment's market growth.
Geographic Overview
North America is expected to be the most prominent region for the growth of the global market of L-carnitine during the forecast period owing to the increase in consumption of functional foods and beverages in the region. The FDA has also approved L-carnitine in the treatment of genetically related carnitine deficiencies and carnitine deficiency in hemodialysis patients with end-stage kidney disease. In addition, the upsurge in the number of various diseases and rising R&D activities in the pharmaceutical sector will further fuel the region's growth.
Asia Pacific is expected to grow at a high growth rate during the forecast period due to increased awareness for food supplements due to the improved economic situation in China and other South Asian countries. The vast number of obese and diabetic people in countries like China and India will also contribute to the market growth of L-carnitine.
Competitive Insight
Some of the major players in the marketplace include Cayman Chemical, Ceva, ChengDa PharmaCeuticals Co., Ltd., China Qingdao Hongjin Chemical Co., Ltd., Hua Yang Berhad, Huanggang Huayang Pharmaceutical Co., Ltd., Hubei Yuancheng Technology, Kaiyuan Hengtai Chemical, Kaiyuan Hengtai Nutrition Co., Ltd., Koncepnutra, Lonza, Northeast Pharmaceutical Group,, Shanghai Danfan Network Science&Technology Co., Ltd., Shanghai Kangxin Chemical CO., LTD, Tokyo Chemical Industry, and Xinxiang Kangjian Chemical Co., Ltd.
L-Carnitine Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2020 |
USD 184.6 million |
|
Revenue forecast in 2028 |
USD 277.9 million |
|
CAGR |
5.3% from 2021 - 2028 |
|
Base year |
2020 |
|
Historical data |
2016 - 2019 |
|
Forecast period |
2021 - 2028 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
|
Segments covered |
By Process, By Product, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Cayman Chemical, Ceva, ChengDa PharmaCeuticals Co., Ltd., China Qingdao Hongjin Chemical Co., Ltd., Hua Yang Berhad, Huanggang Huayang Pharmaceutical Co., Ltd. , Hubei Yuancheng Technology, Kaiyuan Hengtai Chemical, Kaiyuan Hengtai Nutrition Co., Ltd., Koncepnutra, Lonza, Northeast Pharmaceutical Group,, Shanghai Danfan Network Science&Technology Co., Ltd., Shanghai Kangxin Chemical CO., LTD , Tokyo Chemical Industry, and Xinxiang Kangjian Chemical Co., Ltd. |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Parabolic Flight Tourism Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Sperm Bank Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
- Acerola Extract Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Digital Signage Market Research Report, Share and Forecast, 2018 – 2026
- Food Antioxidants Market Share, Size, Trends, Industry Analysis Report, 2023 - 2032
© 2022 Polaris Market Research and Consulting. All rights reserved
