San Francisco, California, Nov. 19, 2014 (GLOBE NEWSWIRE) -- Global glucosamine market is expected to reach USD 1,246.4 million by 2020, according to a new study by Grand View research, Inc. Growing geriatric population is expected to boost demand for glucosamine, particularly for the treatment of osteoarthritis which is a common form of arthritis in old age population. Increasing vegan population and prevalence of shellfish allergies are expected to drive demand for internal substitutes such as vegetarian glucosamine.
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Nutritional supplement was the most dominant application of glucosamine with global demand exceeding 20,000 tons in 2013 owing to increasing health awareness among the working population. Dairy products were a niche application segment in 2013 but are expected to provide vast opportunity for glucosamine manufacturers over the next six years, particularly in Japan. Glucosamine consumption in dairy products was valued at USD 24.6 million in 2013 and is expected to reach USD 57.5 million by 2020, growing at a CAGR of 13.0% from 2014 to 2020.
Further key findings from the study suggest:
- Global glucosamine demand was 25,582.5 tons in 2013 and is expected to reach 63,789.5 tons by 2020, growing at a CAGR of 14.0% from 2014 to 2020
- Food & beverage is expected to be the fastest growing application for glucosamine owing to popularity of fortified products in Europe and Asia Pacific. Global demand for glucosamine in food & beverage was 4,519.5 tons in 2013 and is expected to grow at a CAGR of 14.6% from 2014 to 2020
- U.S. was the largest regional market for glucosamine accounting for more than 30% of global demand in 2013 owing to increased consumption of nutritional supplements. Nutritional supplements are popular in the U.S. owing to growing prevalence of lifestyle associated diseases such as arthritis in the country.
- Japan is expected to be fastest regional market growing at a CAGR of 16.1% from 2014 to 2020 owing to increasing application scope for glucosamine. The ingredient is being added to food & beverages and dairy products owing to consumer preference towards fortified foods in comparison to nutritional supplements.
- Key market participants include Alcan Chemical Division, Xiamen Blue Bay Science & Technology Co. Ltd., Alfa Chem, Triarco Industries Inc., Cargill Inc., Synasia Inc., Dalian Lijian Bio-Technology Development Co. Ltd., Simply Supplements, Dee Pharmaceuticals Ltd., Schiff Nutrition International Inc., Ethical Naturals Inc., Promax Nutrition Corp., FabriChem Inc., Nutrilite, Golden-Shell Biochemical Co. Ltd., Nutramax Laboratories Inc., Koyo Chemical Company Limited, and Navamedic ASA.
Detailed Research Report on Glucosamine Market: http://www.grandviewresearch.com/industry-analysis/glucosamine-market
For the purpose of this study, Grand View Research has segmented the global glucosamine market on the basis of application and region:
Glucosamine Application Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2020)
• Nutritional Supplements
• Food & Beverages
• Dairy Products
Glucosamine Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 - 2020)
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research