Report : Asia Pacific L-Carnitine Market Forecast to 2027- Covid-19 Impact and Regional Analysis by Process (Chemical Synthesis, Bio-process); Product (Food Grade, Pharmaceutical Grade, Feed Grade); Application (Animal Feed, Healthcare Products, Functional Drinks, Medicines)
Growing demand for L-carnitine supplements to enable efficient conversion of food into energy to drive L-Carnitine market growth at CAGR of 5.0% during 2019–2027
According to our latest market study on “Asia Pacific L-Carnitine Market Forecast to 2027– 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,” the Asia Pacific L-Carnitine market was valued at US$ 35.4 Mn in 2018 and is projected to reach US$ 55.1 Mn by 2027; it is expected to grow at a CAGR of 5.0% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
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.
L-Carnitine is recommended by medical professionals in Asia-Pacific to individuals with genetic disorders whose bodies are unable to naturally synthesize the compound. L-Carnitine plays a major role in keeping up with the body’s energy production needs as it is involved in transporting long-chain fatty acids to the mitochondria for energy production. L-Carnitine supplements are also used to treat carnitine deficiencies resulting from poor carnitine absorption and chronic kidney failure. The use of L-Carnitine in the form of supplements to cure involuntary weight loss and increase the body mass index (BMI) in patients with cachexia or wasting syndrome has steadily risen. Rising consumption of L-Carnitine to improve lean body mass in people with wasting syndrome is expected to further boost the growth of the L-Carnitine market. Furthermore, increasing awareness regarding the benefits of L-Carnitine in terms of improved endurance and weight management, as well as promoting efficient conversion of food into energy is anticipated to drive its consumption during the forecast period.
Impact of COVID-19 Pandemic on L-Carnitine Market
The recent COVID-19 outbreak first 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-hit countries in terms confirmed morbidities and mortalities, as of March 2020. The outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the L-Carnitine market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The Asia Pacific L-Carnitine market is concentrated with a few well-established players, such as Cayman Chemical, ChengDaPharmaCeuticalsCo., Ltd, Alpsure Lifesciences Pvt. Ltd, Lonza Group Ltd, Maxsun Industries Incorporated, Ltd, Northeast Pharmaceutical Group Co.,Ltd, Merck KGaA, HuangGang HuaYang Pharmaceutical Co.,Ltd, and Kaiyuan Hengtai Nutrition Co., Ltd.