Glucosamine is an amino sugar molecule that is naturally found in the human body and contributes to joint structure and function. It is often used as an oral supplement for joint health and pain relief. Glucosamine supports articular cartilage and synovial fluid and aids in inhibiting enzymes that can degrade cartilage. The global demand for glucosamine supplements is rising due to the growing health consciousness among consumers regarding maintenance of joint health and mobility.
The Global Glucosamine Market is estimated to be valued at US$ 763.7 Mn in 2020 and is expected to exhibit a CAGR of 5.2% over the forecast period 2020 To 20297
Key Takeaways
Key players operating in the Glucosamine Market are Bio-gen Extracts Private Limited, Panvo Organics Pvt Ltd, Pharma Base S.A., CAPTEK Softgel International Inc., TSI Health Sciences, Inc., Cargill, CellMark Chemicals, Andra Medi Pharma Pvt. Ltd, Zeria Pharmaceutical Co. Ltd.
The key opportunities in the Glucosamine Market Growth include rising uptake in developing regions, increasing popularity for combination drugs including glucosamine and chondroitin, and growing demand from the nutraceuticals industry.
Technological advancements have led to development of sustained release formulations, easier absorption, and combination products. This has improved the bioavailability and efficacy of glucosamine.
Market drivers
Growing geriatric population prone to joint disorders is a major market driver. As per estimates, over 1.5 billion people globally suffer from arthritis. Rising incidence of obesity is also contributing to joint pain due to increased pressure on joints. The growing health and wellness trend has made consumers more conscious about maintaining mobility and preventing age-related joint issues. This is fueling the demand for glucosamine globally.
Current Challenges in Glucosamine Market
The Glucosamine Market is witnessing several challenges that are impeding its growth. The major challenge is lack of awareness among consumers about the benefits of glucosamine supplements. Many people are still not aware that glucosamine can help relieve joint pain and improve mobility. Secondly, the market is fragmented with presence of numerous private label manufacturers offering cheaper alternatives. This intensifies the competition and squeezes profit margins. Furthermore, contradictory research studies casting doubts over the efficacy of glucosamine have confused consumers. Some studies have found little or no benefit of glucosamine whereas others have reported positive effects. This uncertainty has led to decrease in demand.
SWOT Analysis
Strength: Glucosamine is a natural supplement extracted from shellfish and has negligible side effects. It is widely used for joint health.
Weakness: Research on long term effects is still inconclusive. Studies showing no benefits create doubts.
Opportunity: Aging population and rise in arthritis & joint disorders will boost demand. Innovation in delivery forms can attract new customers.
Threats: Stiff competition from private labels. Negative publicity due to inconsistent research findings hampers sales.
Geographical Regions with Highest Market Value
North America currently dominates the Glucosamine Market and accounts for over 35% of global market value. This is attributed to high health consciousness and growing geriatric population prone to joint issues in the US and Canada. Awareness about joint supplements is also quite high in this region.
Fastest Growing Regional Market
Asia Pacific is expected to be the fastest growing market for glucosamine during the forecast period. Countries like China, India, Japan and South Korea offer huge growth opportunities due to rising incomes, growing health issues and increasing spending on supplements to maintain wellness. In addition, easy availability of high quality raw materials like shellfish extracts will bolster manufacturing activity in the region.
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