The Chondroitin Sulfate Market is estimated to be valued at US$ 1288.13 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market overview
The Chondroitin Sulfate Market is an essential part of daily life with applications in healthcare, cosmetics and nutraceuticals. Chondroitin sulfate is a natural compound found in cartilage and connective tissues that provides structure and strength to these body components. Its anti-inflammatory properties make it valuable for treating joint and cartilage issues like osteoarthritis. It is commonly used as an oral dietary supplement to support joint health. Excellent safety profile and natural sourcing make it a preferred option over synthetic drugs.
Market key trends:
The rising prevalence of lifestyle diseases like arthritis due to obesity, lack of physical activity and aging population are driving the demand for Chondroitin Sulfate supplements globally. As per findings of Centers for Disease Control and Prevention (CDC), arthritis affects more than 54 million adults and 300,000 children in the US alone. Similarly, data from Arthritis Foundation shows that over 27 million UK adults have arthritis or other joint and musculoskeletal conditions. These numbers are projected to increase rapidly in coming years. This vast sufferer base seeking safe remedies for joint pain and mobility issues presents a significant opportunity for chondroitin sulfate market players. Another important trend is the growing popularity of nutraceuticals and functional foods for preventive healthcare. Consumers are increasingly focusing on dietary supplements for long-term wellness as compared to short-term prescription medications. This shift towards preventive healthcare approach creates tailwinds for natural joint supplements like chondroitin sulfate globally.
Porter’s Analysis
Threat of new entrants: The risk of new entrants is moderate due to the presence of established players and requirement of significant investments. However, new entrants can leverage contract manufacturing opportunities.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of substitutes and price sensitivity. Buyers can negotiate for better prices and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power with the market leader having strong raw material sourcing capabilities. Suppliers need to differentiate products to avoid commoditization.
Threat of new substitutes: The threat from substitutes is moderate as glucosamine and other natural compounds can be used as alternatives based on applications.
Competitive rivalry: Intense competitive rivalry exists among the key established players to gain higher market shares.
SWOT Analysis
Strengths: Established production facilities and strong distribution network of key players. Growing applications in nutraceuticals and pharmaceuticals industries.
Weaknesses: Market still largely dependent on wild source of raw materials leading to supply uncertainties. High capital requirement for R&D and extraction processes.
Opportunities: Increasing healthcare expenditure and demand for joint health supplements globally. Potential of algae and fermentation technologies for sustainable production.
Threats: Price fluctuations of raw materials. Stringent regulations pertaining to extraction processes. Threat from substitutes.
Key Takeaways
The Global Chondroitin Sulfate Market Demand is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing awareness about joint health supplements and aging population. The market size is projected to reach US$ 1716.04 Mn by 2030 from US$ 1288.13 Mn in 2023.
Regional analysis - North America dominated the market with over 30% share in 2023 owing to rising health supplement spending in the US. Asia Pacific is expected to witness fastest growth due to growing middle class population and increasing use of chondroitin sulfate in traditional Chinese medicines in China, India and Japan.
Key players operating in the Chondroitin Sulfate market are TSI Group Ltd., Qingdao Wan Toulmin Biological Products Co., Ltd, HeBei SanXin Industrial Group, Bioiberica S.A.U., Sigma-Aldrich, Inc., Sino Siam Biotechnique Company Limited, Bio-gen Extracts Private Limited, SEIKAGAKU CORPORATION, BRF, and ZPD. Players are focused on new product development, capacity expansion and collaboration for long term growth.
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The global chondroitin sulfate market is anticipated to witness a sluggish growth in the coming years, as reported by Transparency Market Research (TMR).
The vendors in the market are adopting the use of clinical trials for new products, which could give them a strategic advantage over their competitors.
The industry is somewhat crippled with the recent identification of over-sulfated chondroitin sulfate as a heparin contaminant.
Such deliberate attempts toward innovations by vendors is predicted to play a substantial role in the providing an impetus to market growth, and opportunities for vendors in the global chondroitin sulfate.Strong expertise with attention to detail makes our market research reports stand apart, Request a Report sample @https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=35057Some of the key vendors operating in the global chondroitin sulfate market are Sioux Pharm, Inc., Qingdao WanTuMing Biological Products Co., Ltd., Shandong Runxin Biotechnology Co., Ltd., and TSI Group Ltd.TMR predicts that the the global chondroitin sulfate market is likely to exhibit a CAGR of 3.3% between 2017 and 2025.
At this pace, the global chondroitin market will reach US$457.7 mn by the end of 2025, from US$343.9 mn in 2016.Among the application segments, dietary supplements is expected to emerge dominant with the highest market share in the coming years.
Infusing an answer that contains chondroitin sulfate and sodium hyaluronate into the eye secures the eye during waterfall medical procedure additionally expanding the convenience of this item and further driving the demand in the global chondroitin sulfate market.Request COVID Analysis on Chondroitin Sulfate Market @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=35057 Reactions of Product May Hamper GrowthDespite the fact that any clinical symptoms or overdoses of chondroitin sulfate have not been distinguished in clinical examinations, there is some worry about the health of chondroitin sulfate since it originates from animal sources.
Chondroitin sulfate is a sulfated glycosaminoglycan (GAG) composed of a chain of alternating sugars (N-acetylgalactosamine and glucuronic acid).
Chondroitin sulfate is usually manufactured from animal sources, such as shark and cow cartilage.
The analysts forecast the global chondroitin sulfate market to exhibit a CAGR of 5.89% during the period 2019-2024.
The report covers the present scenario and the growth prospects of the global chondroitin sulfate for 2019-2024.
To calculate the market size, the report considers the chondroitin sulfate sales volume and revenue.
By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: regional markets, product, and application.
