DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
The global L-carnitine market size is expected to reach USD 276.0 million by 2028, expanding at a CAGR of 5.1%.
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.
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 products 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.
L-carnitine Market Report Highlights
- 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 Sante 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.
Market Dynamics
Market Driver Analysis
- Growing Awareness Regarding Product Benefits
- Increasing use of the product in animal feed
Market Restraint Analysis
- Rising consciousness regarding the side-effects of product and misleading advertisements
Industry Challenges
- Complex manufacturing process
Business Environmental Analysis – L-Carnitine Market
- L-carnitine Market – Porter’s Five Forces Analysis
- L-carnitine Market – PESTLE Analysis
Companies Mentioned
- Lonza
- Northeast Pharmaceutical Group Co., Ltd. (NEPG)
- Biosint S.p.A.
- Cayman Chemical
- Merck KGaA
- Tokyo Chemical Industry Co., Ltd.
- Ceva
- Kaiyuan Hengtai Nutrition Co., Ltd.
- ChengDa PharmaCeuticals Co., Ltd.
- Huanggang Huayang Pharmaceutical Co. Ltd.
- HuBeiYuancheng SaichuangTechnology Co, .Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/iy3vkd
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900