L-Carnitine Market Size – USD 166.7 Million in 2018, Market Growth – CAGR of 4.4%, L-Carnitine Market Trends – Rising geriatric population
NEW YORK CITY, NEW YORK, UNITED STATES, March 25, 2020 /EINPresswire.com/ — The global L-Carnitine market is expected to reach USD 247.3 Million by 2027, according to a new report by Reports and Data. The growth of the market is attributed to growing end-use applications of L-Carnitine.
L-Carnitine is popular for is role in energy metabolism. L-Carnitine is found in constituents usually incorporated in pet food formulations, though, the proportion of L-Carnitine may differ. The proportion of L-Carnitine is maximum in constituents derived from poultry and meat. The heart is a vital muscular organ that requires energy and nutrients for its proper functioning. On average, a human heart beats 72 bpm, whereas the heart of a dog beats at about 120 bpm, and that of a cat is nearly 180 bpm. Therefore, nutrient demands for pets such as cats and dogs may be likely to be much higher as compared to humans. It has been found that the heart functions mostly on fatty acids and, as a result, L-Carnitine to assist in meeting its energy requirements. Hence, the surging demand for L-Carnitine in animal feed is likely to drive market growth.
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According to a study conducted by the Association for Pet Obesity Prevention (APOP), around 50% of the cats and dogs are either overweight or obese. Also, with increase in the life span of pets, the challenges related to overweight disorders are likely to increase, resulting in several health issues.
Growing consumption of L-Carnitine to maintain a healthy lifestyle is playing an instrumental role in boosting the market demand. It is progressively consumed as a dietary supplement and as a weight loss supplement amongst the health-conscious people, which is anticipated to fuel the market over the forecast period. Additionally, surging consumption of meat in countries, including China and India, owing to the fast economic growth and a rise in the level of disposable income, is driving the market growth.
Further key findings from the report suggest
• By production method, chemical synthesis contributed to a larger market share in 2018 and is likely to grow at a rate of 3.6% in the forecast period.
• By grade, feed grade L-Carnitine dominated the market in 2018. The feed grade products are considered functional, safe, and suitable for use in animal food.
• By distribution channel, the online distribution channel is projected to witness a faster growth rate of 5.7% in the period 2019-2027.
• By application, pharmaceutical application is likely to grow at a rate of 7.4% in the forecast period.
• North American market held the market share in 2018 and is anticipated to experience a CAGR of 4.0% in the period 2019-2027. The market dominance of North America may be attributed to the rising prevalence of diseases and growing demand in animal feed formulations. Moreover, increasing R&D activities in the pharmaceutical sector in the region is driving the growth of the market.
• Key participants include Northeast Pharmaceutical Co. Ltd., Biosint SPA, Cayman Chemical, Merck KGaA, Tokyo Chemical Industry Company Limited, Chengda Pharmaceutical Co. Ltd., Huanggang Huayang Pharmaceutical Co. Ltd., Kaiyuan Hengtai Chemical Co., Ltd., Lonza Group Ltd., and Hengtai Chemical, among others.
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For the purpose of this report, Reports and Data have segmented the global L-Carnitine market on the basis of production method, grade, distribution channel, application, and region:
Production Method Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
• Chemical Synthesis
Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
• Food Grade
• Feed Grade
• Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
• Animal Feed
• Functional Food & Beverage
Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
• North America
• Asia Pacific
• Latin America
Browse the Complete Report Description and Full TOC@ https://www.reportsanddata.com/report-detail/l-carnitine-market
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Source: EIN Presswire