LONDON--(BUSINESS WIRE)--The global chondroitin sulfate market is expected to post a CAGR of more than 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for dietary supplements has increased significantly over recent years. This is due to the increasing costs of hospitalization, growing working population, and changing lifestyles. The availability of dietary supplements in the form of tablets, edible bars, shakes, and drinks have further increased their demand. These supplements are quite effective in lowering various health problems such as arthritis and osteoporosis. For instance, regular intake of dietary supplements such as chondroitin sulfate improves joint function and reduces the progression of osteoarthritis. With growing consumer awareness about nutritional intake, the demand for such dietary supplements is expected to increase during the forecast period.
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As per Technavio, the introduction of non-animal-based CS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyses other important trends and market drivers that will affect market growth over 2020-2024.
Global Chondroitin Sulfate Market: Introduction of Non-Animal-Based CS
Several players in the market are focusing on manufacturing chondroitin sulfate naturally. These developments are providing vegan alternatives for people with dietary and religious restrictions. Many players are also working on reducing the protein content and over-sulfated saccharides in chondroitin sulfate products. These products will be made suitable for dietary supplements, beverages, and other conventional foods. Hence, the advent of non-animal-based chondroitin sulfate products is expected to have a positive impact on the growth of the market.
“The growing geriatric population and growing prevalence of CS in nutricosmetics are some other factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Chondroitin Sulfate Market: Segmentation Analysis
This market report segments the global chondroitin sulfate market by Application (Nutraceuticals, Pharmaceuticals, Animal feed, and Personal care) and Geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increasing prevalence of cataract and osteoarthritis in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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