L-Carnitine Market to Outstrip $262.6 Million by 2027 Growing Sturdy at 4.8% CAGR - COVID-19 Impact and Global Analysis by TheInsightPartners.com

The L-Carnitine Market Growth impelled by growing demand for L-carnitine supplements to enable efficient conversion of food into energy; while North America accounted for the largest market share during forecast period (2019-2027).


Pune, India., May 07, 2021 (GLOBE NEWSWIRE) -- L-Carnitine Market: Key Insights
According to our new research study on “L-Carnitine Market to 2027 – Global Analysis and Forecast – by Material, Product, and End User,” the L-Carnitine Market Size was valued at US$ 172.2 million in 2018 and is projected to reach US$ 262.6 million by 2027; it is expected to grow at a CAGR of 4.8% from 2019 to 2027. Growing Demand for L-Carnitine Supplements to Treat Various L-Carnitine Deficiencies Fuel Market Growth; however, adverse effects associated with it may impede the market growth.

L-Carnitine Market: Competition Landscape and Key Developments
ALPSURE LIFESCIENCES PVT. LTD; Biosint S.p.A.; Cayman Chemical; ChengDa PharmaCeuticals Co., Ltd; HuangGang HuaYang Pharmaceutical Co., Ltd; Kaiyuan Hengtai Nutrition Co., Ltd.; Lonza Group Ltd; Maxsun Industries Incorporated; Merck KGaA; and Northeast Pharmaceutical Group Co., Ltd are key companies operating in the global L-carnitine market. The market leaders are continuously looking forward to tapping prevailing business opportunities by expanding and diversifying their market presence and acquiring new customer bases.

In May 2019, Lonza made Carnipure, an L-carnitine ingredient, available for direct sale in India. In May 2019, P&G acquired the consumer health business of Merck KGaA, following which the latter changed its name to Procter & Gamble Health Ltd.

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In 2018, North America contributed to the largest share in the global L-carnitine market. The market growth in this region is primarily attributed to the presence of well-established pharmaceuticals and dietary supplements, and food & beverages industries in the US and Canada. Rising demand for anti-aging products, and healthy and nutritional food and beverages is also contributing to the L-carnitine market in North America. L-carnitine is used as an additive in animal feed industry, and growing awareness about its animal dietary benefits boosts its demand in the region. The L-carnitine market, by process, is segmented into chemical synthesis and bio-process; the chemical synthesis segment accounted for 61.0% of the market in 2018. The L-carnitine market, by product, is segmented into food, pharmaceutical grade, and feed grade; the food grade segment is dominating the market in terms of share. The L-carnitine market, by application, is segmented into animal feed, healthcare products, functional drinks, and medicines; the healthcare products segment is anticipated to hold a major share in the market during 2019–2027.

The intake of L-carnitine is prescribed by medical professionals to individuals with inherited disability to naturally synthesize carnitine. It plays a major role in keeping up with the requirements of energy production in the body, as it is involved in transporting long-chain fatty acids to the mitochondria for energy production. The US Food and Drug Administration has approved the use of intravenous (IV) L-carnitine for treating primary and secondary carnitine deficiencies. The supplements are also used to treat carnitine deficiencies resulting from poor carnitine absorption and chronic kidney failure as well as end-stage renal diseases resulting from dialysis. L-carnitine is also administered in the form of supplements to cure involuntary weight loss and increase the body mass index (BMI) in patients with cachexia or wasting syndrome. The consumption of L-carnitine is also increasing in people with wasting syndrome to improve lean body mass. Furthermore, the benefits of L-carnitine in improving endurance, weight management, and promoting efficient conversion of food into energy are encouraging its consumption.

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The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns and travel bans, and business shutdowns. Chemicals and materials is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has disturbed the global supply chain, thereby affecting manufacturing activities, delivery schedules, and product sales. Various companies have already predicted possible delays in product deliveries and projected slump in their future sales. Travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. These factors are producing conducing environment for the chemical and materials industry growth, thus restraining the progress of various markets related to this industry, including the L-carnitine market.

L-Carnitine Market: Segmental Overview
In terms of process, the bioprocess segment is anticipated to register a higher CAGR in the L-carnitine market during the forecast period. The bioprocess method used to synthesize L-carnitine provides greater yield than any other process of producing the supplement; moreover, it is an eco-friendly method. In terms of product, the food segment accounted for 43.9% share of the L-carnitine market in 2018. The intake of L-carnitine in food helps to prevent conditions such as heart failure or heart attack, angina, and diabetic neuropathy. Besides this, L-carnitine acts as an antioxidant and eliminates harmful free radicals that can lead to severe cell damages. In terms of application, the functional drinks segment is estimated to grow at a CAGR of 5.1% in the global L-carnitine market during the forecast period. L-carnitine, in the form of amino acid, helps in speeding up the metabolism and elevates energy levels in the body. It may also act as a thermogenic substance that helps increase endurance during exercise. Many functional drinks are prepared, making the best use of L-carnitine.

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