Chondroitin Sulfate Market Growth & Trends
The global chondroitin sulfate market size is anticipated to reach USD 1.5 billion by 2028, expanding at a CAGR of 3.0%, according to a new report by Grand View Research, Inc. Growing prevalence of arthritis, thus leading to increasing demand for effective joint health supplements, especially among the geriatric and obese population is anticipated to trigger the product demand in the near future.
The market is majorly influenced by supply from China, which is reported by international nutraceutical sector to be of variable and inferior in terms of concentration, missing traceability, quality, and subjected to intentional adulteration. Therefore, raw material suppliers and manufacturers have substantial opportunity to supply quality and uniform products by means of auditable supply chain.
Key industry challenges faced by the manufacturers in the market include development of novel joint health ingredients and adulteration of the product to sell sodium chondroitin sulfate at a cheap rate. Unstable raw material prices are expected to have a negative influence on the production and final product prices. Nonetheless, growing focus of producers on cost-effective process economics are estimated to trigger the volumetric production.
The prevalence of arthritis among obese and geriatric population, especially in North America and Europe is projected to drive the demand for pharmaceutical grade product. Clinical efficacy along with its joint health benefits are the major factors for growth of product demand. Growing inclusion of pharmaceutical grade sodium chondroitin sulfate for the treatment of osteoarthritis is predicted to trigger market growth. Germany, U.S., Brazil, Japan, and U.K. are the major potential markets for nutraceutical as well as pharmaceutical grade sodium chondroitin sulfate. However, regional challenges for the industry are expected to be regional jurisdiction, regulatory scenario, and availability of raw materials.
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Chondroitin Sulfate Market Report
Chondroitin Sulfate Market Report Highlights
- In 2019, bovine emerged as the largest source segment, due to its easy availability, and growing utilization in several end-use applications, including nutraceuticals, pharmaceuticals, and animal feed
- In 2019, the nutraceuticals application segment dominated the market, owing to growing demand for product as a dietary supplement for the treatment of osteoarthritis and joint pain
- In 2019, North America emerged as the largest source segment in terms of revenue, concerning high prevalence of osteoarthritis in the region, and increased product use in treating cholesterol, cataract surgery, and eye drop formulations.