Chondroitin Sulfate Global Market Report 2023

May 13, 2023

Major players in the chondroitin sulfate market are Seikagaku Corporation, Synutra Ingredients, Yantai Ruikangda Biochemical Products Co.ltd., TSI Group Ltd., Sioux Pharm, Summit Nutritionals International Inc.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chondroitin Sulfate Global Market Report 2023" - https://www.reportlinker.com/p06464177/?utm_source=GNW , ZPD A/S, Sino Siam Bio technique Co. Ltd., Bio-gen Extracts Pvt. Ltd., Hebei Sanxin industry Group Co.Ltd., Sigma Aldrich, Inc., Summit Nutritionals International, Inc., Fidia Farmaceutici S.p.A., Shandong Runxin Biotechnology Co. Ltd., Gnosis S.p.A., and Pacific Rainbow International Inc.The global chondroitin sulfate market is expected to grow from $1.32 billion in 2022 to $1.39 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chondroitin sulfate market is expected to reach $1.64 billion in 2027 at a CAGR of 4.2%.The chondroitin sulfate market consists of sales of glucuronic acid and N-acetylga-lactosamine.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Chondroitin sulfate is a chemical compound found in human and animal cartilage that is commonly used in the treatment of osteoarthritis in conjunction with other substances such as glucosamine. This condition is characterized by joint cartilage degeneration, which can be avoided by supplementing with chondroitin sulfate, which is a key component of cartilage.North America was the largest region in the chondroitin sulfate market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in chondroitin sulfate report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of chondroitin sulfate are capsule form, tablet form, and powder form.A capsule refers to a compact, measured-out container that contains medication and dissolves (mixes with fluids) when you consume it.They are procured through various sources including bovine, swine, poultry, shark, and synthetic, and used in pet food and veterinary supplements, pharmaceutical and biotech companies, cosmetics, and personal care.The growing incidences of osteoarthritis are expected to propel the growth of the chondroitin sulfate market going forward.Osteoarthritis is a widespread type of arthritis that affects millions of people globally, it occurs when the protective cartilage that cushions bone ends gradually deteriorates.Chondroitin sulfate is effective in treating osteoarthritis by providing resistance to compression, maintaining structural integrity, promoting homeostasis, slowing down the degenerative process, and alleviating muscular pain.Hence, the growing incidences of osteoarthritis will increase the demand for chondroitin sulfate market.For instance, In May 2022, according to statistics published by Amgen, a US-based biotechnology company, states that every year, osteoporosis causes roughly 1.5 million fractures in the United States, resulting in $19 billion in associated costs. Furthermore, the annual number of fractures caused by osteoporosis is expected to rise by 68% from 2018 to 2040, i.e., from 1.9 million to 3.2 million. Therefore, growing incidences of osteoarthritis are expected to grow the chondroitin sulfate market going forward.Product innovations are a key trend gaining popularity in the chondroitin sulfate market.Major companies operating in the chondroitin sulfate market are creating new products to sustain their position in the market.For instance, in July 2022, Infinitus, a China-based herbal health products, and services company launched a new series of Li Mai Jian supplements with the theme being "Making Bones Stronger for Joint Health." They are scientifically formulated with coix seeds and lobed kudzu vine root for additional care for joints.Rising demand for nutraceutical goods is expected to propel the growth of the chondroitin sulfate market going forward.A nutraceutical product can be characterized as a substance that offers physiological benefits or safeguards against chronic ailments, these products are intended to enhance overall health, prevent chronic conditions, increase longevity, or support the structure and function of the body.Chondroitin sulfate is used in nutraceuticals as a popular dietary ingredient to alleviate symptoms associated with osteoarthritis, as a result, the rising demand for nutraceutical goods increases the demand for the chondroitin sulfate market. For instance, in October 2022, according to an article published by the Office of Dietary Supplements (ODS), a US-based department within the National Institutes of Health (NIH) that focuses on research and education related to dietary supplements, the United States registered total sales of dietary supplements worth $55.7 billion in 2020. In the same year, the sales of supplements containing vitamins or minerals amounted to $21.2 billion, while multivitamin and mineral sales generated $8.0 billion. Therefore, the rising demand for nutraceutical goods is driving the growth of the chondroitin sulfate market.The countries covered in the chondroitin sulfate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The chondroitin sulfate market research report is one of a series of new reports that provides chondroitin sulfate market statistics, including chondroitin sulfate industry global market size, regional shares, competitors with a chondroitin sulfate market share, detailed chondroitin sulfate market segments, market trends and opportunities, and any further data you may need to thrive in the chondroitin sulfate industry. This chondroitin sulfate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06464177/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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