Report : North American 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 is projected to escalate L-Carnitine market growth at CAGR of 4.7% during 2019–2027
According to our latest market study on “North American L-Carnitine Market to 2027 – Analysis and Forecast by Process (Chemical Synthesis, Bio-process); Product (Food, Pharmaceutical Grade, Feed Grade); Application (Animal Feed, Healthcare Products, Functional Drinks, Medicines); and Country,”
The L-Carnitine market was valued at US$ 72.3 million in 2018 and is projected to reach US$ 109.8 million by 2027; it is expected to grow at a CAGR of 4.7% from 2019 to 2027.
The report highlightskey factors driving the market growth, and prominent players and their developmentsin the market.
L-Carnitine is a naturally occurring compound in human and animal body, which 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 due to genetic defects. Individuals unable to synthesize L-Carnitine suffer from primary and secondary carnitine deficiency. At present, L-Carnitine is commercially advertised as nutritional supplements to enhance body fitness 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 the formulation of animal feed formulations. It is used in the poultry industry to increase egg production and improve egg hatchability.
L-Carnitine has been recommended by North American medical professionals to the individuals with genetic disorders whose bodies are unable to naturally synthesize carnitine. L-Carnitine plays a major role in keeping up with the requirements to generate energy in the body, 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. Moreover, the widespread use of L-Carnitine in treating carnitine deficiency in end-stage renal diseases resulting from dialysis has compounded the consumption of L-Carnitine in the form of supplements. 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 increased. 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, the benefits of L-Carnitine in improving endurance, weight management, and promoting efficient conversion of food into energy is anticipated to drive the consumption of L-Carnitine during the forecast period.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the major industries facing serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns. China is known as a North American hub for manufacturing and the largest raw material supplier for various industries. The overall decrease in market growth 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.
Maxsun Industries Incorporated, Lonza Group Ltd, Northeast Pharmaceutical Group Co., Ltd, Cayman Chemical, and MERCK KGaA are among the key players present in the North American L-Carnitine market.
The report includes the segmentation of the North American L-Carnitine market as follows:
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