The global glucosamine market is expected to reach $1,246.4 million by 2020, according to a new study by Grand View Research Inc.
The growth is expected due to the ageing population and its demand for glucosamine, as well as larger numbers of vegans, vegetarians and individuals with shellfish allergies who will drive demand in vegetarian glucosamine.
Nutritional supplement was the most dominant application of glucosamine with global demand exceeding 20,000 tons in 2013 owing to increasing health awareness among the working population, Grand View reports in its new study “Glucosamine Market Analysis By Application (Nutritional Supplements, Food & Beverages, Dairy Products) and Segment Forecasts To 2020.”
Dairy products were a niche application segment in 2013, but are expected to provide vast opportunity for glucosamine manufacturers over the next six years, particularly in Japan. Glucosamine consumption in dairy products was valued at $24.6 million in 2013 and is expected to reach $57.5 million by 2020, growing at a CAGR of 13% from 2014 to 2020.
Other key findings in the report include:
- The U.S. was the largest regional market for glucosamine accounting for more than 30% of global demand in 2013 owing to increased consumption of nutritional supplements.
- Japan is expected to be fastest regional market growing at a CAGR of 16.1% from 2014 to 2020, owing to increasing application scope for glucosamine. The ingredient is being added to food and beverages and dairy products, owing to consumer preference toward fortified over nutritional supplements.
- Global glucosamine demand was 25,582.5 tons in 2013 and is expected to reach 63,789.5 tons by 2020, growing at a CAGR of 14% from 2014 to 2020.
- Food and beverage is expected to be the fastest-growing application for glucosamine owing to popularity of fortified products in Europe and Asia Pacific. Global demand for glucosamine in food and beverage was 4,519.5 tons in 2013 and is expected to grow at a CAGR of 14.6% from 2014 to 2020.
- Key market participants include Alcan Chemical Division, Xiamen Blue Bay Science & Technology Co. Ltd., Alfa Chem, Triarco Industries Inc., Cargill Inc., Synasia Inc., Dalian Lijian Bio-Technology Development Co. Ltd., Simply Supplements, Dee Pharmaceuticals Ltd., Schiff Nutrition International Inc., Ethical Naturals Inc., Promax Nutrition Corp., FabriChem Inc., Nutrilite, Golden-Shell Biochemical Co. Ltd., Nutramax Laboratories Inc., Koyo Chemical Co. Limited, and Navamedic ASA.
Grand View Research Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. For more information, visit www.grandviewresearch.com.