Alpha Lipoic Acid Market Size By Product (R-lipoic Acid, S-lipoic Acid), By Application (Dietary Supplements, Slimming Products, Medical Drugs), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Jul 2017 | Report ID: GMI1605 | Authors: Kiran Pulidindi, Hemant Pandey
Alpha Lipoic Acid Market size was more than USD 11 million in 2016 and will witness over 6% growth during the projected timespan.
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Sturdy growth indicators in food and medical & pharmaceutical industry shall be responsible for propelling alpha lipoic acid market size in the coming years. Steadily growing healthcare and dietary food products business across the globe will be accelerating product demand over the forecast timespan, as the product is widely used in medicines, slimming and dietary products. Rising consumer awareness towards overall fitness and healthcare, shall accelerate product demand over the next few years. Furthermore, improving healthcare scenario in Asia Pacific countries and robust existing demand for dietary supplements in Europe and North America will positively influence the alpha lipoic acid market in the forecast timeframe.
As of 2016, in Asia Pacific countries including India, Japan, China and Malaysia over 20 million population are suffering from diabetes. This is expected to increase in the coming decade and reach approximately 42 million. This trend will subsequently stimulate the alpha lipoic acid market size, as the product observes high demand in producing medical drugs used in diabetes treatment. Furthermore, increasing medical sector in the region will complement industry growth as the product is highly preferred for medical drugs manufacturing as it acts as antioxidant and aids in treating cardiovascular diseases. Additionally, in case of North America, the product is widely used in drugs to treat cancer and other fatal diseases. It is also used in drugs utilized for treating memory loss, chronic fatigue syndrome, etc., which shall drive the alpha lipoic acid market size by 2024.
Availability of numerous product substitutes and limited usage due to few side effects are two major restraints for alpha lipoic acid market in the coming years. Some of the product side effects are headache, weakness, dizziness, etc., which occurs due to product over dosage. Also, numerous availability of other slimming products form may pose a threat to alpha lipoic acid market share over the forecast duration.
|Market Size in 2016:||11 Million (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||6%|
|2024 Value Projection:||19 Million (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||154|
|Tables, Charts & Figures:||164|
|Segments covered:||Product, Application and Region|
|Pitfalls & Challenges:|
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Alpha Lipoic Acid Market, By Product
R alpha lipoic acid market accounted for a major industry share in 2016. The segment is likely to witness maximum gains due to its easy availability at commercial level. The human body usually produces and uses R alpha lipoic acid, which is biologically active and is responsible for phenomenal antioxidant effect.
S alpha lipoic acid shall grow at significant rate close to CAGR 5% in the coming years owing to the increasing demand for medical drugs and slimming products, where this product type finds extensive usage. S-lipoic acid is manufactured chemically and is less biologically active compared to the former.
Alpha Lipoic Acid Market, By Application
Global alpha lipoic acid market size for dietary supplements application was valued more than USD 2 million in 2016. It shall experience maximum gains during the forecast period due to rising consumer awareness towards physical fitness, which has positively influenced nutritional supplement demand in the recent years.
Alpha lipoic acid market for slimming products is likely to witness growth rate close to 5% over the forecast timespan. This can be attributed to rising obesity problem among men and women aged above 40 years, which has propelled slimming products intake to maintain healthy life balance by eliminating dependency on the physical workout. These trends suggest a moderate growth potential for the segment over the coming years.
Medical drugs application is a growing and shall show promising growth rate around 6% over the next few years. This can be attributed to product characteristics which makes it highly desirable in medical industry for treating several fatal diseases including cancer, liver ailment, skin disorder, diabetes, cataract formation prevention, etc. and thus promising a higher growth potential for the segment over the forecast timespan. Other product applications include pet care ingredients, cosmetic products formulation, metal chelation, etc. and shall grow at a sluggish rate in the coming years.
Alpha Lipoic Acid Market, By Region
Asia Pacific accounted for a major share in alpha lipoic acid market size and was valued at over USD 3.5 million in 2016. The regional industry size is particularly due to the improving healthcare standards and medical industry in Asia Pacific. Countries in this region, including China, Japan, Thailand, India, South Korea and Indonesia are largely concentrating, particularly investing hugely on providing public with decent quality medicines to mitigate several mass scale diseases prevailing in this region. Moreover, public healthcare improvement acts as a catalyst to country’s economic growth.
Latin America and Middle East & Africa shall show significant growth rate by 2024. Latin America market is shall attain a CAGR of over 6% during the forecast period owing to huge capital investments from governments of Brazil for improving the healthcare scenario in the region. In addition, growing healthcare and pharmaceutical industry in North America, shall be prime factors directly impacting product alpha lipoic acid market dynamics for the given period.
Competitive Market Share
Key alpha lipoic acid market players are Shanghai Shyndec, Now Health Group, AlzChem AG, Life Extension, Infa Group, Swanson Health Products, Qidu Pharmaceutical, HiMedia Laboratories, Health Genesis Corporation and Sabinsa Corporation. Few companies such as Now Foods and GeroNova Research, Inc. are slightly forward integrated wherein, they are involved in manufacturing as well as supplying/distributing through their own web portals. Some raw material manufacturers in the alpha lipoic acid market are Mallinath Group, Sigma-Aldrich Co., Shell, Brenntag, Ascend Performance Materials, Lanxess and Invista.
Alpha lipoic acid is commonly produced from octanoic acid, known as caprylic acid, and sulphur, generally obtained from cysteine amino acid. It is also obtained biologically from plants (spinach, broccoli, brussels sprouts, potatoes, etc.), animals and human body (kidney, heart, liver and stomach, etc.). The product finds widespread application in food as well as medical & pharmaceutical industries. A major chunk of the product is utilized to manufacture medical drugs, which are used to treat several fatal diseases such as diabetes, cancer, liver ailments, skin disorders, neuro-related disorders, age-related conditions, poison control, etc. Furthermore, the product is extensively utilized as dietary supplements for bodybuilding and as slimming product for weight reduction.
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