Chondroitin Sulfate Market size is expected to witness colossal growth from the period 2021 to 2027 on account of the globally rising occurrence of osteoarthritis and the soaring efforts towards its treatment. According to CDC (Centers for Disease Control and Prevention), osteoarthritis affects nearly 32.5 million adults in the U.S.
Considered as a block of cartilage, chondroitin sulfate is used for osteoarthritis. As cartilage in joints breaks down in osteoarthritis, chondroitin sulfate is said to slow it down.
Increasing prevalence of obesity and the higher product demand from the veterinary sector will add to the market progression. Furthermore, growing usage in pharmaceutical applications and the surging spending capacities of consumers on personal care products will further enhance the product demand.
Based on source, the chondroitin sulfate market is segmented into bovine, poultry, porcine, shark and fish, and others. Among these, the market size of the bovine-sourced chondroitin sulfate is expected to grow at a notable pace driven by rising adoption in nutraceuticals, and pharmaceuticals. Large-scale production and the limitations of shark cartilage supplements will additionally contribute to the segmental growth.
With respect to application, the demand for chondroitin sulfate across the animal feed sector will witness lucrative growth owing to optimum incursion in pet food and veterinary supplements. Given its higher water retention and adequate shock absorption along with considerable nourishment to tissues, the product is extensively used as a bioactive supplement. It also promotes increased activity and enhanced joint mobility in pets. The rising prevalence of arthritis and degenerative joint diseases in animals will also promulgate the chondroitin sulfate market share.
Consumption of chondroitin sulfate in nutraceuticals applications will gain traction with the growing acceptance of dietary supplements. The mount in the number of joint pain cases will also support the industry expansion.
Regionally, North America is expected to hold a major share in the chondroitin sulfate market from 2021 to 2027 due to the rising developments in the pharmaceutical sector. The increasing R&D activities has given a broad way for numerous technological progressions and innovations. There is also a surge in the instances of osteoarthritis in the region. The booming government support coupled with the rising count of USFDA approvals and the ongoing advancements in the healthcare infrastructure will further augment the regional industry expansion.
Europe will see higher penetration of chondroitin sulfate on account of the flourishing economic growth and the extensive usage of anti-aging and personal care products. Rising consumer health awareness is another key determinant for the market growth.
In terms of competitive landscape, the chondroitin sulfate market comprises the presence of leading players, such as Summit Nutritionals International, TSI Group, Shandong Runxin Biotechnology, Yantai Ruikangda Biochemical Products, Pacific Rainbow International, Synutra Ingredients, Qingdao WanTuMing Biological Products, S.A.U. Seikagaku Corporation, Sioux Pharm, and ZPD A/S.
Strategic initiatives, including partnerships, mergers, investments, and acquisitions along with novel product developments, R&D activities, and production expansions are the key measures undertaken by these product manufacturers to enhance and strengthen their global footprint.
For instance, in July 2019, a leading pharma firm, Reig Jofre, acquired Bioiberica’s portfolio constituting specialized pharmaceutical products and nutraceuticals that are used to treat arthrosis. The company also expanded its product portfolio of chondroitin sulfate-based medicines and health products.
To quote another instance, in September 2020, Bioiberica conducted a new study that reinforced the role of collagen credentials along with chondroitin sulfate, in boosting joint health and reducing cartilage degeneration.
Apart from largely impacting the global economy on account of the regulation of lockdowns and trade interruptions, the ongoing coronavirus crisis made roadblocks for numerous businesses across the globe. However, considering the rising consumer emphasis on health and hygiene, the penetration of chondroitin sulfate in dietary supplements and the pharma sector picked up considerable momentum during the pandemic.