The global Chondroitin Sulfate market size is expected to be worth around US$ 1.4 million by 2027, according to a new report by Vision Research Reports.
The global Chondroitin Sulfate market size was valued at US$ 1.13 billion in 2019 and is anticipated to grow at a CAGR of 3.1 % during forecast period 2020 to 2027.
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Increasing demand for nutraceutical products along with the prevalence of osteoarthritis is expected to drive the market growth over the forecast period. It is used mostly for treating osteoarthritis, cataracts, and urinary tract infections in the pharmaceutical grade, which is anticipated to drive the overall demand for the product over the forecast period. It is also used in the form of medicines to improve digestive function, enhance liver function, lower blood sugar, and inhibit tumor metastasis. The growing popularity for its use in the treatment of osteoarthritis and for several other treatments is expected to benefit the overall market growth.
Growing prevalence of arthritis, thus leading to increasing demand for effective joint health supplements, especially among the geriatric and obese population is anticipated to trigger the product demand in the near future.
The market is majorly influenced by supply from China, which is reported by international nutraceutical sector to be of variable and inferior in terms of concentration, missing traceability, quality, and subjected to intentional adulteration. Therefore, raw material suppliers and manufacturers have substantial opportunity to supply quality and uniform products by means of auditable supply chain.
Bovine led the market and accounted for more than 35.0% share of the global revenue in 2019. Bovine-derived sodium chondroitin sulfate is used in various applications including nutraceuticals, pharmaceuticals, and animal feed. Bovine cartilage is a by-product of beef industry, which is being generated on a large scale across the globe. Bovine by-products are already used for human consumption in various parts of the world.
Shark-derived product finds application in various industries including pharmaceuticals, nutraceuticals, and animal feed. Key players in the market are now concerned as the shark is now considered to be an endangered species, which may hamper the industry growth.
Synthetic sodium chondroitin sulfate is manufactured using a two-staged fermentation-based process. The process excludes the use of animal cartilages, thereby, reducing the occurrence of contamination and adulteration. In addition, the extraction process is less complicated, thus, resulting in low production costs.
Nutraceuticals led the market and accounted for more than 36.0% share of the global revenue in 2019. Sodium chondroitin sulfate is widely used in the nutraceutical industry as a dietary supplement for the treatment of osteoarthritis and joint pain. They are consumed to ease the pain caused by arthritis and to strengthen joints, cartilages, and bones.
It is sold as a prescription drug under the European Medicines Agency in Europe. Another application includes its insertion into the bladder for urinary tract infections (UTIs), bladder conditions, or loss of bladder control. Increased consumption of sodium chondroitin sulfate in pharmaceutical applications such as heart diseases, eye drops, joint pain, and osteoarthritis is anticipated to drive the market.
Sodium chondroitin sulfate is used in food preparations in the form of thickener, forming agent, and preservative. It is used in various food applications including beverages, chewing gums, and dairy products.
North America dominated the market and accounted for over 35.0% share of global revenue in 2019. The growth in the region can be attributed to the booming pharmaceutical industry in the U.S. coupled with FDA approval for using sodium chondroitin sulfate infused products.
Asia Pacific is estimated to be the fastest-growing region, with a CAGR of 3.4% over the forecast period owing to the high prevalence of osteoarthritis and rising consumer awareness regarding dietary supplements. In 2019, Asia Pacific was the second-largest regional market, which can be attributed to the expansion of end-use industries including nutraceutical, pharmaceutical, personal care, and cosmetics. Increasing production of the product in the region and increasing exports from key countries such as China and Japan are anticipated to contribute to the industry growth.
Key PlayersTSI Group Ltd. Qingdao Wan toulmin Biological Products Co. Ltd BRF HeBei SanXin Industrial Group Bioiberica S.A.U. Sigma-Aldrich, Inc. Sino Siam Biotechnique Company Limited Bio-gen Extracts Private Limited ZPD SEIKAGAKU CORPORATION
Market SegmentationSource By Application Outlook Bovine Nutraceuticals Pharmaceuticals Animal Feed Personal Care & Cosmetics Others Swine Nutraceuticals Pharmaceuticals Animal Feed Personal Care & Cosmetics Others Poultry Nutraceuticals Pharmaceuticals Animal Feed Personal Care & Cosmetics Others Shark Nutraceuticals Pharmaceuticals Animal Feed Personal Care & Cosmetics Others Synthetic Nutraceuticals Pharmaceuticals Animal Feed Personal Care & Cosmetics Others Regional Outlook North America U.S Canada Mexico Europe Germany Italy Spain UK France Asia Pacific China Japan India Australia South Korea Taiwan Central & South America Brazil Argentina Chile Colombia Middle East & Africa South Africa
Why to Buy this Report?This market report is the perfect presentation of the qualitative and quantitative analysis of the market according to categorization considering economic and non-economic factors. It also provides provision of market value (USD Million) data for every segment and sub-segment. This report further focuses on prominent regions and segmentation of the market, which is anticipated to record the rapid growth and dominate the market.
Key Coverage of the ReportKey Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and Recommendations) Strategic recommendations for major business segments based on accurate estimations Competitive landscape mapping key trends in the regions Company profiling with strategic initiatives, financial standing, and recent events The report evaluated key market features, including revenue, price, capacity utilization, gross margin, production and consumption, demand and supply, import/export, along with market share and CAGR. In addition, the study offers a comprehensive analysis of these factors, along with pertinent market segments and sub-segments. Detailed SWOT analysis. Opportunities and threats faces by the existing vendors in Global Chondroitin Sulfate Market Trending factors influencing the market in the geographical regions. Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major region.
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