The global glucosamine market is expected to reach USD 757.3 million by 2022, according to a new report by Grand View Research, Inc. Growing application scope of the product in the manufacturing of nutritional supplements which aid in the prevention of osteoarthritis among consumers is expected to fuel demand over the next seven years.
Increasing number of vegan consumers particularly in developed countries including U.S. is expected to be another driver for the industry over the forecast period. The product is primarily manufactured from crustaceans including shrimp and crab; however, Cargill and Cyanotech have pioneered vegetarian glucosamine by extracting the ingredient from ‘aspergillus niger’ fungi.
Increasing population, rapidly growing healthcare industry and consumer awareness regarding joint and bone health is expected to fuel use of glucosamine in various food & beverage products. In addition, supporting regulatory framework in Europe regarding product use in the manufacturing of food & beverages is expected to propel industry growth over the next seven years. However, increasing number of substitutes including fish oil and omega-3 may challenge product demand over the forecast period.
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Further key findings from the report suggest:
· Nutritional supplements is expected to be the fastest growing application segment at a CAGR over 4.0% from 2015 to 2022. Rising bone and joint health concerns, increasing occurrences of joint problems and rising awareness regarding product benefits among consumers is expected to propel market growth over the next seven years.
· Japan market was valued at over USD 200.0 million in 2014. Growing consumer awareness coupled with rising geriatric population is expected to propel product utilization over the next seven years. In addition, high cost of medical services is expected to facilitate the adoption of preventive measures, thus driving industry growth over the forecast period. However, market saturation coupled with increasing penetration in other regions is expected to hamper growth over the next seven years.
· Asia Pacific product demand in nutritional supplements was estimated at over 2,000.0 tons in 2014. Increasing consumption of sports nutrition in Thailand and weight management products in China and South Korea is expected to have a positive impact on product demand over the next seven years. In addition, growing need for functional food & beverages is expected to propel industry growth over the forecast period.
· The global industry is highly competitive on account of presence of numerous market players. Rising R&D expenditure for new product development coupled with the need to reduce manufacturing cost are key trends witnessed within the industry. Capacity expansion is one of the strategies witnessed within the industry.
· In February 2016, Nutramax Laboratories invested USD 15 million in their distribution center at Lancaster to expand company's presence in the UK. In May 2015, Amway opened a 60,000 square feet facility in California dedicated for nutrition and R&D.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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