Carnitine Supplements Market Booming Worldwide to Show Significant Growth - Glanbia PLC, Now Foods, GNC Holdings, Sports Supplements Ltd

According to a new report published by Allied Market Research, titled, "Carnitine Supplements Market," The carnitine supplements market size was valued at $194.50 million in 2021, and is estimated to reach $316.5 million by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

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Carnitine supplements helps in metabolism that transforms the fatty acids into energy in mammals. It is anticipated that the global carnitine supplements market would be driven by the increased prevalence of excessive weight gain and obesity. The major factors anticipated to support the growth of the carnitine supplement market in the upcoming years include rising consumer health consciousness, increasing concerns among young people about their aesthetic appearances, growing consumer desire for a healthy and active lifestyle, and rising consumer expenditure towards health and wellness products and services. A considerable rise in the obese population across the globe has significantly shifted the consumers' attention toward fitness and sports activities. According to the World Health Organization (WHO), obesity has now reached epidemic proportion, globally. Around 2.8 million people die due to obesity or excess weight gain every year, across the globe. Obesity was once associated with only high-income nations; it is now prevalent in low and middle-income nations too. Therefore, due to rising prevalence of obesity and excess weight gain coupled with rising consumer awareness regarding carnitine supplements and growing health consciousness, the demand for carnitine supplements is expected to foster during the forecast period.

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.

According to the carnitine supplements market analysis, the market is segmented on the basis of flavor, form, end user, distribution channel, and region. According to flavor, the market is categorized into berry, lemon/citrus, cherry, mango, pineapple, and others. As per form, it is segmented into capsule, liquid, powder, tablet, and others. Depending on the end user, the market is categorized into men, women, and children. By distribution channel, the market is divided into offline and online. The offline distribution channel is further categorized into supermarkets and hypermarkets, specialty stores, pharmacy, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).

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As per the carnitine supplements market forecast, by flavor, the berry segment dominated the market, garnering around 23.8% of the carnitine supplements market share in 2021. This is attributed to the health benefits and nutritive qualities associated with the berries. Further, the easy availability of the berry flavoring and increased popularity of berries have helped the carnitine supplement manufacturers to enhance their berry flavoring supplements in the market.

According to the carnitine supplements market trends, based on the form, the liquid segment was the largest segment in 2021. Liquid form of carnitine supplement is considered to be more efficient and quicker as it is easily absorbed in the human body. Moreover, it iseasy to consume and its availability as an over-the-counter product feature has led to the rapid growth of the liquid carnitine supplements segment in the past few years. Furthermore, the growing carnitine supplements market demand among the children is expected to boost the demand for the liquid form of supplements due to its easy ingestion quality.

On the basis of end user, women was the leading segment in 2021. Women population are more concerned about their physical appearances and usually spends more on improving their physical looks and aesthetics. The rising obesity among women and growing expenditure on healthy diet has led to a rapid growth of the women segment in the global carnitine supplements market.

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As per the carnitine supplements market trends, depending on the distribution channel, online is expected to be the fastest-growing distribution channel during the forecast period. The quick accessibility to carnitine supplements and advantages offered by the online portals, such as details about the functional characteristics of the products, offers, and usage instructions, are credited with the growth of the online sales channel. Additionally, the convenience of home delivery and time-saving features provided by online retailers to customers fuel industry expansion. Additionally, consumers are drawn to buy carnitine supplements online due to the expansion of online portals in both developed and developing countries, as well as the rise in the number of offers and discounts.

Region-wise, North America dominated the global market in 2021. North America is witnessing a significant increase in the obese population and the onset of lifestyle-related illnesses as a result of rising disposable income, increasingly unhealthy diets, and access to a wide variety of processed and ready-to-eat foods. North America is the leading region in terms of obese population, globally. Carnitine supplements have grown in popularity in North America as more people are becoming aware of their benefits for preserving physical and overall health.

Allmax Nutrition, Inc., aSquared Nutrition, Advanced Orthomolecular Research (AOR), Glanbia PLC, Now Foods, GNC Holdings, Sports Supplements Ltd., Scorpion Supplements, 1 Up Nutrition, Designs For Health, Lonza Group, eSupplements LLC., Eat Me Supplements, Northeast Pharmaceutical Group Co., Ltd., and Ceva Sante Animale are the major companies profiled in the carnitine supplements industry report. These manufacturers are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing carnitine supplements market opportunity.

Key findings of the study

The carnitine supplements market size was valued at $194.5 million in 2021, and is estimated to reach $316.5 million by 2031, growing at a CAGR of 5.1% during the forecast period.
By flavor, the cherry segment is estimated to witness the fastest growth, registering a CAGR of 5.9% during the forecast period.
In 2021, depending on the form, the liquid segment was valued at $79.9 million, accounting for 41.1% of the global carnitine supplements market share.
In 2021, the U.S. was the most prominent market in North America, and is projected to reach $80.7 million by 2031, growing at a CAGR of 4.3% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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