June 24, 2020
According to the research report titled ‘L Carnitine Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Process; Product; Application, available with Market Study Report LLC, the global L-Carnitine market was worth USD 172.2 million in 2018 and is expected to amass USD 262.6 million by the year 2027, growing with a CAGR of 4.8% over the analysis timeframe.
For the record, L-Carnitine is found in animals and humans as a naturally occurring element produced in the kidneys and liver, which is of great importance as it shuts fatty acids in the cells producing energy. However, some individuals are not able to synthesize or produce right amount of L-Carnitine pertaining to defects or genetic conditions.
Rising cognizance of health among the population and surging demand for nutritional and healthy food & beverages is the key factor driving the growth of global L-Carnitine market. On account of the elderly population the demand for anti-aging products is increasing. L-Carnitine has chemical properties which has bolstered its application in the healthcare industry. Given the widespread outbreak of COVID-19 pandemic, the online sales of L-Carnitine supplement are projected to swell in the approaching years.
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In terms of application spectrum, the market is bifurcated into medicines, functional drinks, animal feed, and healthcare products. In 2018, the healthcare products segment held a significant share of the global L-Carnitine market. L-Carnitine is utilized to produce powder supplements and nutrient supplements for energy, weight management, and endurance, as well as in dietary supplements to aid in treatment of low blood levels.
From the regional point of view, in 2018, North America held a substantial fraction of L-Carnitine market, credited to the growth in food & beverage industry and rising consumption of pharmaceuticals & dietary supplements in nations like Canada and the US. L-Carnitine is also used in animal feed industry as an additive, additionally the awareness of benefits offered by L-Carnitine with respect to animal feed has enhanced the demand of L-Carnitine in North America region. The functional drinks segment is also slated to grow substantially over the forecast timeframe.
The leading organizations in the global L-Carnitine market are Northeast Pharmaceutical Group Co., Ltd, Merck KGaA, Maxsun Industries Incorporated, Lonza Group Ltd, Kaiyuan Hengtai Nutrition Co., Ltd., Huang Gang Hua Yang Pharmaceutical Co., Ltd, Cheng Da PharmaCeuticals Co., Ltd, Cayman Chemical, Biosint S.p.A., and Alpsure Lifesciences Pvt. Ltd among others.