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L-Carnitine Market Size Worth $233.8 Million by 2025 | CAGR: 4.8%: Grand View Research, Inc.
SAN FRANCISCO, Dec. 5, 2019 /PRNewswire/ -- The global L-carnitine market size is expected to reach USD 233.8 million by 2025, expanding at a CAGR of 4.8%, as per a new report by Grand View Research Inc. Growing consumer awareness regarding product benefits, along with increasing demand from end-use industries such as pharmaceutical, nutraceutical, and animal feed, is projected to drive the market over the forecast period.
L-carnitine and its derivatives are used for numerous applications including male infertility, kidney treatment, cardiovascular diseases, weight reduction, and bone mass. It is also used in various products including animal feed, health supplements, functional drinks, medicines, and other nutraceutical products.
Key suggestions from the report:
- Increasing preventive healthcare in major economies across the globe, including U.S., China, and India, has led to rising consumption of functional drinks, which in turn, is expected to propel product demand
- The market exhibits production of L-carnitine through biotechnological techniques using micro-organisms or enzymes. These processes use achiral precursors or racemic mixtures as raw materials for extraction of L-carnitine and offer the highest yield as compared to other means
- Increasing demand for animal feed from emerging economies such as China, India, and Vietnam are expected to drive the feed grade product segment over the forecast period
- Key L-Carnitine Market players 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.
- Manufacturers in the market enter into contracts with suppliers and buyers, thereby gaining a competitive edge in the market. They have also been investing heavily in R&D and capacity expansions to increase their market share.
Read 125 page research report with ToC on "L-Carnitine Market Size, Share & Trends Analysis Report By Process (Bioprocess, Chemical Synthesis), By Product (Food & Pharmaceutical Grade, Feed Grade), By Application, By Region, And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/l-carnitine-market
Manufacturers are focused on R&D activities to reduce the complexity in manufacturing techniques as well as product differentiation. Major manufacturers like Lonza, Ajinomoto, Sigma Tau Group, and Seikatsu have patented their manufacturing processes. Production of L-carnitine by chemical synthesis is executed on an industrial scale. However, manufacturers prefer bioprocess for the production, as the process generates higher yield and lesser waste as compared to chemical synthesis.
Companies engaged in the production and export of L-carnitine follow stringent standards such as current goods manufacturing procedure (CGMP), sanitary standard operation procedure (SSOP), and ISO standards. Companies offering food-grade product are required to obtain kosher and halal certifications.
In 2018, North America emerged as the largest regional market. The growth in this region can be attributed to increasing research and development activities in pharmaceutical and nutraceutical industries. Furthermore, increasing demand for pet supplements and animal feed formulations is expected to drive industry growth over the forecast period.
Grand View Research has segmented the global L-Carnitine market based on process, product, application, and region:
- L-Carnitine Process Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Chemical Synthesis
- L-Carnitine Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Food & Pharmaceutical Grade
- Feed Grade
- L-Carnitine Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Animal Feed
- Healthcare Products
- Functional Drinks
- L-Carnitine Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Central and South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Nutraceuticals & Functional Foods Industry, by Grand View Research:
- Insoluble Dietary Fiber Market – Global insoluble dietary fiber market is expected to witness growth over the forecast period owing to increasing functional foods demand coupled with growing health & nutrition consciousness amongst the consumers.
- Anthocyanin Market – Global anthocyanin market is expected to witness significant growth over the next seven years owing to increasing food and beverages demand especially in the emerging economies of BRICS and South Asia.
- Oligofructose Market – Global oligofructose market is anticipated to grow over the forecast period on account of increasing demand of artificial sweeteners for avoiding diseases like diabetes, heart disease, stress, cancer.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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