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, 2021 - 2028
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "L-carnitine Market Size, Share & Trends Analysis Report By Process, By Product, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129566/?utm_source=GNW
L-carnitine Market Growth & Trends
The global L-carnitine market size is expected to reach USD 276.0 million by 2028, expanding at a CAGR of 5.1%, as per a new report. 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 Santé 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.
Read the full report: https://www.reportlinker.com/p06129566/?utm_source=GNW
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