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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About Grand View
Research
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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Grand View Research, Inc.
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Email: sales@grandviewresearch.com
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