Carnitine Supplements Market to Reach $316.5 Million, Globally, by 2031 at 5.1% CAGR: Allied Market Research

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Jan 16, 2023, 09:43 ET

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.

PORTLAND, Ore., Jan. 16, 2023 /PRNewswire/ -- 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.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global carnitine supplements market, owing to temporary closure of carnitine supplements manufacturing firms during the lockdown.
Not only the production but also the sale of carnitine supplements was hampered due to closure of specialty stores across the world, especially in the initial period of the pandemic.
However, the increasing awareness among consumers regarding the various applications of carnitine supplements is expected to drive the growth of the carnitine supplements market in the forthcoming future.

The cherry segment to witness fastest growth throughout the forecast period

Based on flavor, the cherry segment is projected to manifest the highest CAGR of 5.9% from 2022 to 2031. The presence of eugenol, benzaldehyde, and linalool compounds has made cherry one of the popular flavors in carnitine supplements.

The liquid segment to maintain its leadership status throughout the forecast period

Based on form, the liquid segment held the highest market share in 2021, accounting for more than two-fifths of the global carnitine supplements market, and is estimated to maintain its leadership status throughout the forecast period. This dominance is attributed to the huge demand for the liquid form of carnitine supplements among the consumers as it actively gets absorbed directly into the bloodstream. However, the tablet segment is projected to manifest the highest CAGR of 6.6% from 2022 to 2031. It is easy to store, easy to transport, and is considered the most convenient way of consuming supplements. It is a popular form among the adult consumers. The busy and hectic life-schedule of the consumers is further fueling the adoption of tablet form of supplements to fulfil their daily nutritional requirements.

The women segment to maintain its lead position during the forecast period

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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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.

Leading 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

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3XwMGV5

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