Glucosamine Supplement Market: Recent Industry Trends and Projected Industry Growth, 2017 - 2027
Posted: Jun 03, 2018
Market Introduction: Glucosamine is a naturally occurring fluid found in humans in cartilage of joints, which is made up of chains of protein and sugar. Glucosamine helps the joints to absorb sudden shock and also acts as a lubricant for the joint. In humans, the amount of glucosamine fluid gradually decreases with the age of the person, which leads to gradual deterioration of the joints. Without glucosamine it becomes very difficult to perform any day to day tasks and in order to tackle such problem, glucosamine sulfate which is taken from the shells of shellfish are put into the dietary supplements. There are although various types of glucosamine such as N-acetyl-glucosamine, glucosamine hydrochloride, and glucosamine sulfate and their properties might also resemble but they may not possess the same effects when taken as a dietary supplement. Because of such reason the broadly used artificial glucosamine is glucosamine sulfate.
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Market Segmentation: Glucosamine Supplement market is segmented on the basis of form, chemical formulation, end use, distribution channel, and region. On the basis of form, the market is segmented into tablet, capsule, chews and syrup. Chews are mostly commercialized for the pets such as dogs, horse, cats etc. whereas it is expected that capsule form is going to dominate the glucosamine supplement on the basis of form. On the basis of chemical formulation, the market is being segmented into single formulated supplement and mixed formulated supplement. It is observed that the mixed formulated supplement is mostly preferred by the consumers, as they are more effective in nature. On the basis of end use the glucosamine supplement market is segmented into humans and animals. On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, medical store, specialty store and online stores. It is expected that medical and specialty store will account for a relatively high value and volume share in the glucosamine supplement market compared to other distribution channel.
Market Regional Outlook: A regional segment for the market of glucosamine supplement is divided into seven different regions: Eastern Europe, Western Europe, Asia Pacific, North America, Latin America, Middle East & Africa and Japan. Among all the regions, Asia Pacific region is expected to dominate the glucosamine supplement market over the forecast period. In Asia Pacific region, countries such as Japan and China are the key market for glucosamine supplement. Australia is also generating a high revenue, owing to large number of aging population.
Market Drivers: The cost of healthcare has increased significantly due to general inflation, primarily due substantial capital investment by manufacturer for extensive research and development activities in the pharmaceutical industry. Increasing cost of healthcare is influencing consumers to opt for supplements, as these provide health benefits such as reduce joint pain and tenderness, fight irritation to the, bladder, intestines and stomach and treat leaky gut syndrome and inflammatory bowel disease among others. Aging population is a key factor for the sales of glucosamine supplements and growth rate of the elderly (1.9%) was higher than that of the total population in the world (1.2%) in 2013. According to the United Nations Department of Economic and Social Affairs, 437 million people in China are projected to be aged above 60 years by 2050. India would have 324 million people above 60 years of age, while 107 million and 58 million people are anticipated to be aged above 60 in the U.S. and Brazil, respectively, by 2050. Population above 60 years of age is estimated to expand 3.5 times than the total population from 2025 to 2030. Similarly, according to the UN’s World Population Prospects report, population in Europe, aged 65 years and above is projected to increase from 16% of overall population in 2000 to 24% by 2030. Moreover, growing health concerns has resulted in increased demand for glucosamine supplement products over the last few years. Drug manufacturing companies have also shown keen interest in enhancing their market presence through new product development and increasing production capacities of existing plants, which is expected to drive the glucosamine supplement market significantly.
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Market Key Players: Some of the key players in glucosamine supplement market are Reckitt Benckiser Group plc, NOW Health Group, Inc., Jarrow Formulas, Inc., Solgar Inc., Blackmores Limited, Spring Valley Herbs, Solaray, Inc., Nature’s Best and Nature's Way Products, LLC among others.
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