Chondroitin Sulphate Market: North America & Europe to be the Major Revenue Generators for the Market
With the change in the living lifestyle of the individuals and with the rise in the number of chronic diseases, the market for Chondroitin Sulphate has been experiencing a big growth for the past years.
Chondroitin Sulphate is a nutritional supplement, it is a sugar that is complex in nature and is produced from the cartilages of cows, sharks and pigs. Chondroitin Sulphate can naturally be found in the human body and is present in the cartilage. It is a very vital part of the body as it provides elasticity in the body by making the water retained. Chondroitin Sulphate has various benefits such as, it helps in reducing the activities that are caused by the enzymes and substances which break the collagen joints in the body, also it helps in prevention from the breakdown of cartilage and helps in repairing mechanisms. This chemical is basically used for treating osteoarthritis, urinary tract infections and cataracts. Chondroitin Sulphate is also used in the form of medicines in order to be useful for the improvement of the digestive systems, liver function, low blood pressure and preventing tumour metastasis.
The Global Chondroitin Sulphate Market is expected to value at USD 1.14 billion for the forecast period and is expected to grow with a CAGR of nearly 3.3% for the forecast period 2021-2025. The market is experiencing this boost due to a rise in demand for nutraceutical products with the rise in popularity for osteoarthritis. With the rising cases coming in for the osteoarthritis the market will be experiencing growth due to the rise in demand for the Chondroitin Sulphate in the future.
The market has been divided into various prominent market players. The market for the Global Chondroitin Sulphate is highly fragmented due to the presence of a large number of market players in the market. Due to the fragmented nature of the market, the competition among the players is very high and to cope up with the competition the market players are engaged in various activities like research and development, product efficiency and innovation. The market players are mainly focused on the sustainability of the raw materials as well as efficient manufacturing techniques. For instance, various pet food manufacturers are offering several types of sodium chondroitin sulphate components to fulfil nutritional value in pet food.
- Rise in osteoarthritis
- The rise in nutraceutical products
- The rise in demand for dietary supplements
- The rise in food grade and animal feed grade
- The rise in demand for chondroitin sulphate medicine
- Demand and supply gap
- Less awareness
- Technological advancements
- New innovations
North America & Europe are the major revenue generators for the Global Chondroitin Sulphate Market
On the basis of geography, the Global Chondroitin Sulphate market has been bifurcated into five regions namely, North America, Europe, Asia-Pacific, Middle East & Africa and Central & South America. The market is being dominated by the North American and European region followed by the Asia-Pacific region. The market is experiencing this dominance due to high adoption of chondroitin sulphate medicines, rise in awareness, support from government and non-government organizations, rise in chronic diseases and development in the healthcare segment. The regions like U.K & U.S are attributed to the major market growth in the North American and European region. Whereas, developed countries like, Australia and Japan are favouring the market growth for the forecast period. Also, developing countries like, India and Brazil will likely to experience growth in the forecast period.
The Global Chondroitin Sulphate Market is likely to experience growth in the future as various factors are favouring the market for the forecast period. Moreover, the market is recorded to be very fragmented which will lead to high competition in the market. Due to this competition, the market is having various new product innovations and launches. Therefore, the market is expected to have a huge demand in the near future due to rising awareness and health-related issues.