The L-Carnitine market was valued at US$ 47.1 million in 2018 and is projected to reach US$ 72.7 million by 2027; it is expected to grow at a CAGR of 4.9% from 2019 to 2027
NEW YORK, May 22, 2020 /PRNewswire/ --
L-Carnitine Market to 2027 - Europe Analysis and Forecast-Covid-19 Impact and Analysis-by Process (Chemical Synthesis, Bioprocess); Product (Food Grade, Pharmaceutical Grade, Feed Grade); Application (Animal Feed, Healthcare Products, Functional Drinks, Medicines), and Country
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The L-Carnitine market was valued at US$ 47.1 million in 2018 and is projected to reach US$ 72.7 million by 2027; it is expected to grow at a CAGR of 4.9% from 2019 to 2027.
L-Carnitine is a naturally occurring compound in human and animal bodies; it plays an important role of shuttling fatty acids to and fro in the cells to produce energy.It is produced in the liver and kidneys.
However, certain individuals are unable to produce or synthesize required amount of L-Carnitine owing to genetic conditions or defects.Such individuals suffer from primary and secondary L-Carnitine deficiency.
The US Food and Drug Administration (FDA) has approved the use of oral and intravenous (IV) L-Carnitine for treating primary and secondary Carnitine deficiency.L-Carnitine is today commercially advertised as nutritional supplements to enhance exercise performance and promote weight loss.
It is also approved to treat Carnitine deficiencies in patients at the end stage of renal diseases, undergoing hemodialysis.. Besides its uses in human nutrition, L-Carnitine is also used as an additive in animal feed formulations. It is used in the poultry industry to increase egg production and improve egg hatchability.
The L-Carnitine market, based on product, is segmented into food grade, pharmaceutical grade, and feed grade.In 2018, the food grade segment accounted for the largest share of the Europe L-Carnitine market, whereas the pharmaceutical grade segment is expected to register the fastest CAGR during the forecast period.
L-Carnitine mainly carries out two functions—the first is the transportation of fatty acids into mitochondria, where they are burned and oxidized to produce energy, and the rest is the transportation of waste and toxic compounds out of mitochondria, thus preventing unwanted substances getting accumulated in the body.The consumption of L-Carnitine assists in the treatment of heart conditions such as heart failure or heart attack, angina, and diabetic neuropathy.
Besides this, L-Carnitine acts as an antioxidant that rules out harmful free radicals from body, which otherwise can lead to severe cell damage.
The L-Carnitine market has been segmented into Germany, the UK, France, Italy, Spain, and Rest of Europe.Germany held the largest share of the European L-Carnitine market, followed by France and the UK.
The growing focus on health-promoting food products is one of the key factors boosting the L-Carnitine market. The presence of several manufacturers such as ChengDa Pharmaceuticals Co., Ltd; Maxsun Industries Incorporated; Alpsure Lifesciences Pvt. Ltd; Lonza Group Ltd; Northeast Pharmaceutical Group Co., Ltd; Merck KGaA; and Biosint S.p.A., has bolstered the growth of the L-Carnitine market. Also, the consumer demand for healthy and nutritious products without any compromise on taste is expected to propel the growth of the L-Carnitine market in the region. Further, the growth of healthcare, food processing, and other industries is boosting the demand for L-Carnitine in this region.
Impact of COVID-19 Pandemic on L-Carnitine Market
The recent COVID-19 outbreak began in Wuhan (China) in December 2019, and since then it has spread across the globe at a fast pace.China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall dip in the global market due to COVID-19 is also affecting the growth of the L-Carnitine market due to factory shutdowns, supply chain discontinuation, and economic downturns.
ChengDa PharmaCeuticals Co., Ltd; Maxsun Industries Incorporated; Alpsure Lifesciences Pvt. Ltd; Lonza Group Ltd; Northeast Pharmaceutical Group Co., Ltd; Merck KGaA; and Biosint S.p.A., are among the major players in the European L-Carnitine market.
The overall Europe L-Carnitine market size has been derived in accordance to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the L-Carnitine market.
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