Glucosamine Market Drivers, Restraints, Opportunities, and Threats (2017 - 2027)
Market Dynamics of Glucosamine:
Glucosamine market is expected to witness rapid growth with increasing geriatric population demanding for glucosamine for the treatment of osteoarthritis, a common form of arthritis prevalent among old age population. Due to the high medicinal value of glucosamine, its demand is expected to rise during the forecast period. Further, the factors such as increase in vegan population, increase in the number of obesity and related diseases coupled with the prevalence of shellfish allergies are expected to propel the growth of glucosamine market during the forecast period. Various health agencies have also come forward to spread the awareness regarding the benefits of glucosamine in treating joint related diseases. National Institute of Health, for instance, sponsored glucosamine/chondroitin arthritis intervention trial (GAIT) stating the benefits of the glucosamine in joint health. This is expected to elevate the demand for glucosamine during the forecast period. However, growth of glucosamine market is expected to be challenged by the presence of the potential substitutes such as Omega 3 fatty acids, collagens and fish oils.
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Market Segmentation of Glucosamine:
Glucosamine market is segmented on the basis of application and geography. Based upon application, glucosamine market is segmented into pharmaceuticals, food & beverages, dairy, and others. Glucosamine is expected to witness high demand in the pharmaceutical application owing to its ability to treat arthritis. Dairy segment is expected to witness rapid growth during the forecast period owing to the increasing consumption of glucosamine in the dairy application. Also, with the rising popularity of fortified products in the emerging economies, food & beverages application of glucosamine is expected to expand at relatively high CAGR during the reviewed period.
Regional Outlook of Glucosamine:
Based on geography, Glucosamine market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. North America is projected to hold relatively higher value share in the global glucosamine market. High demand from the North America region can be attributed to the high investments made by manufacturers owing to increasing glucosamine demand. Asia Pacific is expected to witness rapid growth in the glucosamine market during the reviewed period. It is expected that the emerging economies such as India, China, Japan and Korea will contribute significantly to the regional growth in the next few years. Leading manufacturers are keen to bring advancements in the glucosamine market through new product developments, increased R&D investments, and diversified product portfolio.
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Key Market Players in Glucosamine:
Some of the key players in the glucosamine market include Koyo Chemical Company Limited, Nutramax Laboratories, CellMark (Alcan Chemical Division), Cargill Inc., Triarco Industries Inc., Schiff Nutrition International Inc. (Reckitt Benckiser), Golden-Shell Pharmaceutical Co. Ltd., Alfa Chem, Nutrilite and Xiamen Blue Bay Science & Technology Co., among others.
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