Chondroitin Sulfate Market to Close in on US$ 1 Bn by 2030; Supply Chain Disruptions to Hurt Market Growth during COVID-19 Pandemic
Published On : Aug 14, 2020
Demand for chondroitin sulfate is expected to increase in the near future at a higher rate from dietary supplement manufacturers, owing to increasing healthcare expenditure, ageing population, and higher emphasis of individuals toward preventive care and self-management by means of dietary supplements in order to maintain health and wellness. Furthermore, demand for chondroitin sulfate is increasing for use in joint health supplements.
The global chondroitin sulfate market is projected to expand at a CAGR of 3.4%, to be valued close to US$ 1 Bn by the end of 2030.
Key Takeaways from Chondroitin Sulfate Market Study
- Chondroitin sulfate is being increasingly demanded as a bioactive supplement for those suffering from osteoarthritis.
- By source, the bovine segment holds the largest share in the global chondroitin sulfate market.
- The powder form of chondroitin sulfate will hold over 85% of the market value share by 2030.
- By end use, the pharmaceuticals and nutraceuticals segment holds the largest market share.
- North America and Europe will continue to dominate the global chondroitin sulfate market through 2030.
“Even though the supplements market is witnessing strong demand due to the spread of COVID-19, manufacturing and supply chain disruptions will impede the growth of the chondroitin market in the near term,” says a PMR analyst.
Clinical Studies on Chondroitin Sulfate Backing its Proven Capabilities
The presence of different pharmaceutical products for disease treatment has created a competitive market scenario for chondroitin sulfate. Several clinical studies are going on for the identification of the effectiveness of chondroitin sulfate over existing products, as well as for different indications. The prevalence of osteoarthritis is increasing, and it is a major cause of disability, especially among the ageing population.
Women are more likely to be affected than men, and the prevalence rate increases with age. This rising prevalence is expected to boost the demand for chondroitin sulfate among pharmaceutical and nutraceutical manufacturers. On the other hand, the demand for chondroitin sulfate is remaining bullish in various other applications, reveals this PMR research study.
Manufacturers Focusing on New Product Launches
Demand for chondroitin sulfate continues to rise and the number of new entrants in this market is also increasing with growing production clusters in China. Hence, established players in the market are facing tough competition from new players. The study indicates that more than 20% market share is held by multinational players in the market.
Rising demand for chondroitin sulfate and increasing number of new market players are hindering the market growth of top business ventures in the chondroitin sulfate market. According to the study, the progressive prospect for top players in the market is to launch new products across various end uses. This will help companies expand their business operations and market share, as well as create a strong global footprint in the global chondroitin sulfate market.
Explore More Valuable Insights on Chondroitin Sulfate Market
Persistence Market Research, in its new report, offers an impartial analysis of the global chondroitin sulfate market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the chondroitin sulfate market based on source (bovine, porcine, poultry, fish, sharks, and crocodiles, and others), form (powder, tablets, and capsules), end use (cosmetics & personal care, pharmaceuticals and nutraceuticals, aqua feed, and pet food and veterinary supplements), and distribution channel (drug stores and pharmacies, e-Commerce channels, and other sales channels), across five major regions.
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Chondroitin Sulfate Market
Global Market Study on Chondroitin Sulfate: Increasing Demand Witnessed as a Bioactive Supplement for Osteoarthritis Patients
Global Market Study on Chondroitin Sulfate: Increasing Demand Witnessed as a Bioactive Supplement for Osteoarthritis PatientsRequest TOC