Market Research Report
Asia Pacific L-Carnitine Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Process ; Product ; Application
|Published by||The Insight Partners||Product code||936594|
|Published||Content info||114 Pages
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|Asia Pacific L-Carnitine Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Process ; Product ; Application|
|Published: May 12, 2020||Content info: 114 Pages||
Asia Pacific L-Carnitine Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Process (Chemical Synthesis, Bio-process); Product (Food Grade, Pharmaceutical Grade, Feed Grade); Application (Animal Feed, Healthcare Products, Functional Drinks, Medicines).
The Asia Pacific L-Carnitine market was valued at US$ 35.4 Mn in 2018 and is projected to reach US$ 55.1 Mn by 2027; it is expected to grow at a CAGR of 5.0% during the forecast period.
L-Carnitine is a naturally occurring compound in human and animal bodies; it plays an important role of shuttling fatty acids to and fro in the cells to produce energy. It is produced in the liver and kidneys. However, certain individuals are unable to produce or synthesize required amount of L-Carnitine owing to genetic conditions or defects. Such individuals suffer from primary and secondary L-Carnitine deficiency. The US Food and Drug Administration (FDA) has approved the use of oral and intravenous (IV) L-Carnitine for treating primary and secondary Carnitine deficiency. L-Carnitine is today commercially advertised as nutritional supplements to enhance exercise performance and promote weight loss. It is also approved to treat Carnitine deficiencies in patients at the end stage of renal diseases, undergoing hemodialysis. Besides its uses in human nutrition, L-Carnitine is also used as an additive in animal feed formulations. It is used in the poultry industry to increase egg production and improve egg hatchability.
On the basis of application, the L-Carnitine market is categorized into healthcare products, animal feed, functional drinks, and medicines. In 2018, the healthcare products segment accounted for the largest share of the Asia Pacific L-Carnitine market, whereas the functional drinks segment is expected to register the fastest CAGR during the forecast period. L-Carnitine is used in the production of healthcare products such as nutrient supplements and powder supplements for weight management, energy, and endurance. L-Carnitine is an appropriate supplement for athletes. Advanced Nutratech L-Carnitine unflavored raw powder is a healthcare product for vegetarians, which helps boost physical performance with zero sweetener content and zero additives. L-Carnitine supplements improve athletic performance, keep the heart healthy, and delay muscle fatigue. Also, various L-Carnitine sports supplements such as acetyl L-Carnitine are available in the market, which balance weight loss with muscle development. Many companies also provide L-Carnitine with green tea extracts in liquid form. There is an upsurge in the application of L-Carnitine in healthcare products owing to the various health benefits offered by L-Carnitine . Also, with the changing lifestyle and consumers becoming more concerned about fitness and health, the demand for L-Carnitine in healthcare products is expected to rise at an alarming rate in the coming years.
The Asia Pacific L-Carnitine market is sub segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. China accounted for the largest share in the APAC L-Carnitine market. The market in China is characterized by the presence of many small and large-scale players. The country is home to the manufacturing and assembly units of a few major manufacturers of food & beverages, cosmetics, and personal care products. The rising production capacities of these companies are creating a strong demand for food supplements. Additionally, China has the largest population in APAC, and this leads to the growing demands for food and beverages, cosmetics, and personal care products, which, in turn, will lead to the growth of the L-Carnitine market in the country. The low manufacturing and capital costs in China attract new investments and better opportunities for the players operating in the food & beverages industry.
Cayman Chemical, ChengDaPharmaCeuticalsCo., Ltd, Alpsure Lifesciences Pvt. Ltd, Lonza Group Ltd, Maxsun Industries Incorporated, Ltd, Northeast Pharmaceutical Group Co., Ltd, Cayman Chemical, Merck KGaA, HuangGang HuaYang Pharmaceutical Co., Ltd, Kaiyuan and Hengtai Nutrition Co., Ltd., are among the major players in the Asia Pacific L-Carnitine market.
The recent COVID-19 outbreak began in Wuhan (China) in December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall dip in the global market due to COVID-19 is also affecting the growth of the L-Carnitine market due to factory shutdowns, supply chain discontinuation, and economic downturns.
The overall Asia Pacific L-Carnitine market size has been derived in accordance to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the L-Carnitine market.