Allied Market Research published a report, titled, “Carnitine Supplements Market by Flavor (Berry, Lemon/Citrus, Cherry, Mango, Pineapple, Others), by Form (Capsule, Liquid, Powder, Tablet, Others), by End User (Men, Women, Children), by Distribution Channel (Offline, Online): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global carnitine supplements industry generated $194.5 million in 2021, and is anticipated to generate $316.5 million by 2031, witnessing a CAGR of 5.1% from 2022 to 2031.
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Prime determinants of growth
A significant rise in the prevalence of obesity and excess weight gain across most of the developed and developing economies drive the growth of the global carnitine supplements market. However, complex extraction process of the carnitine ingredients restricts the market growth. Moreover, a rapid increase in health awareness among consumers and the rising inclination towards a healthy lifestyle coupled with the growing adoption of dietary supplements present new opportunities in the coming years.
Prominent Market Players
Lonza, Northeast Pharmaceutical Group Co., Ltd., Healthline Media, Inc., Glanbia PLC, now foods, Ceva Sante Animale, Eat Me Supplements, eSupplements, 1 Up Nutrition, Designs for Health, Inc., Scorpion Supplements, GNC Holdings, LLC, aSquared Brands, LLC, Allmax Nutrition, Inc., Advanced Orthomolecular Research
Regional Outlook:
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global carnitine supplements market, and is likely to dominate the market during the forecast period, owing to a significant rise in the obese population and developing lifestyle-related ailment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.7% from 2022 to 2031. The presence of a sizable young population, changing lifestyles, unhealthy eating habits, rising health consciousness, rising consumer spending on wellness products, and rising disposable income of consumers are the key factors that are significantly fueling the growth of the carnitine supplements market in the Asia-Pacific region.
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Based on end user, the women segment accounted for the largest share in 2021, contributing to more than two-fifths of the global carnitine supplements market, and is projected to maintain its lead position during the forecast period. The increased consciousness among the women regarding their aesthetic appearances coupled with the rising prevalence of obesity among the women has significantly driven the growth of the carnitine supplements market growth over the past few years. However, the men segment is expected to portray the largest CAGR of 5.5% from 2022 to 2031. The growing prevalence of obesity and overweight among the men population along with the rising cases of male infertility is expected to boost the demand for carnitine supplements across the globe.
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Additionally, the prevalence of diabetes, obesity, excessive weight gain, and other chronic diseases has increased at an alarming rate as a result of consumer behavior changes in dietary choices and sedentary lifestyles. Rise in consumer expenditure towards nutraceuticals in the past few years has significantly contributed to the market growth and this trend is expected to continue during the forecast period. Furthermore, the incidences of malnourishment among children is a major factor, which is expected to positively impact the global carnitine supplements market growth during the forecast period.
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