L-Carnitine Supplements Market Forecast Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate
"Rising health awareness and the increasing incidences of chronic lifestyle-based diseases are critical factors driving growth of the global l-carnitine market," states the FMI report.
L-Carnitine Supplements Market: Key Findings
- L-carnitine derivatives will hold major demand share, a trend which is expected to continue through the forecast period.
- The healthcare L-carnitine supplements segment will account for the largest market share during the forecast period.
- The functional drinks segment will account for a high CAGR driven by applications in elderly care and nutraceutical applications.
- North America will hold a leading position in the L-carnitine supplements market, driven by a massive continental pharma sector in the region.
L-Carnitine Supplements Market: Key Driving Factors
- Product research and innovation activities aimed towards customization for consumer needs is a key growth driver for the market.
- Tech advancements in terms of production techniques are generating profitable opportunities.
- Increasing expenditure on health products by millennial consumer demographics is bolstering the adoption rates of L-carnitine supplements.
- Rising investment by governments into industries associated with healthcare will generate remunerative opportunities.
L-Carnitine Supplements Market - Key Restraints
- Misleading promotional activities by manufacturers and complexity in the production process is a key factor hampering the growth of the L-carnitine supplements market.
- Strict regulations associated with wastewater and waste generated during production is also a key challenge.
The Covid-19 Impact
The rapid spread of coronavirus has made many consumers more cautious about health. As economies around the world recover, the demand for L-carnitine supplements is projected to increase. Further, investors in the market are increasingly concerned about the economic impact of the pandemic, and the lack of adequate government policy to minimize the decline. However, losses are likely to substantially mitigated as central banks around the world have pushed to reduce interest rates, which will help in sustaining the market through the crisis.
Competition Landscape of L-carnitine supplements Market
Some of the key players in the global L-carnitine supplements landscape include, but are not limited to, Hubei Yuancheng Technology Co. Ltd, Lonza Group Ltd., Huanggang Huayang Pharmaceutical Co. Ltd., Northeast Pharmaceutical Group Co. Ltd., Chengda Pharmaceuticals Co. Ltd., Biosint S.p.A., Kaiyuan Hengtai Chemical Co., Ltd., Cayman Chemical, Ceva Santé Animale S.A., Merck KGaA, and Tokyo Chemical Industry Co. Ltd. Leading market players remain focused on product innovations to widen their portfolio. Market leaders are also investing in better customer service, standalone or integrated solutions, and product customization.
More About the Report
This Future Market Insights study of 300 pages offers actionable insights on the L-carnitine supplements market. The market analysis is based on grade (food grade, pharmaceutical grade, and feed grade), application (functional drink, medicine, healthcare product, and animal food), end use (male infertility, kidney treatment, and bone mass) and distribution channel (online and offline) across seven regions (Latin America, North America, Europe, South Asia, Oceania, East Asia, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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