The L-carnitine market is anticipated to expand at a CAGR of 3.2% by 2030, owing to the growing health concerns among the geriatric population. L-carnitine is known to enhance post-exercise recovery among the elderly. It also helps in reducing fatigue and boosting mental functioning. Moreover, it minimizes the risk of skeletal decline, which is common among the aging population. The product is beneficial in maintaining lean muscle mass, reducing muscle degradation, and promoting healthy aging.
The product is also used for supplementing individuals with low levels of natural L-carnitine. Deficiency may occur due to various factors such as genetic disorders, consumption of certain drugs, and medical conditions such as skeletal myopathies. Such factors have exclusively bolstered demand for L-carnitine as dietary supplements.
The spread of coronavirus has made consumers more cautious about their health. Therefore, the demand witnessed in the market is likely to improve, as economies bounce back after the crisis.
“Increasing health awareness among consumers regarding health and increasing prevalence of chronic diseases such as cancer, diabetes, owing to busy lifestyles and improper dietary patterns are major factors driving growth of the global l-carnitine market.” says the FMI analyst.
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Key Takeaways from L-Carnitine Market Study
- L-carnitine and its derivatives witnessed substantial demand in 2018 and the trend is expected to continue over the forecast period.
- Healthcare products such as nutritional supplements for weight management, energy, and endurance accounted for the largest market share.
- The functional drinks segment is expected to witness the fastest CAGR in the foreseeable future.
- Investors are worried that coronavirus spread will destroy economic growth and may not be enough policy action to prevent decline. Several nations, including the UK, have seen central banks slash interest rates, in response.
- The pharmaceutical sector in North America is the largest continental pharma market across the globe.
- Market players are focused on providing vast product portfolio, better customer service, and enhanced value to their customers.
Key players operating in the market include Lonza Group Ltd., Northeast Pharmaceutical Group Co., Ltd. (NEPG), Biosint S.p.A., Cayman Chemical, Merck KGaA, Tokyo Chemical Industry Co., Ltd., Ceva Santé Animale S.A., Kaiyuan Hengtai Chemical Co., Ltd., Chengda Pharmaceuticals Co. Ltd., Huanggang Huayang Pharmaceutical Co. Ltd., and Hubei Yuancheng Technology Co. Ltd.
Market players are focused on providing vast product portfolio, better customer service, and enhanced value to their customers In addition, they are offering standalone or integrated and cost-effective solutions to assist organizations. They put high emphasis on providing customized products to their clients to gain a competitive edge. Moreover, these companies ensure to equip their facilities with high technical expertise and operational capacity to offer integrated services to their clients.
Find More Valuable Insights on L-Carnitine Market
Future Market Insights, in its new report, brings to fore an unbiased analysis of the global L-carnitine market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the L-carnitine market on the basis of product, the market is segmented into food & pharma grade and feed grade. Based on process, the market is segmented into chemical synthesis and bioprocess. Based on application, the market is segmented into healthcare product, functional drink, medicine and animal food. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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