The Glycinates Market size would exceed USD 1.35 billion by 2027, Says Global Market Insights Inc.
- The growth of the glycinates market is propelled by soaring consumption of dietary supplements, the expanding cosmetics industry, and surging demand for feed supplements in livestock, says this report.
SELBYVILLE, Del., Feb. 15, 2022 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the global Glycinates Market size was estimated at USD 945 million in 2020 and is anticipated to reach $1,360 million by 2027, registering with a CAGR of 5.5% from 2021 to 2027. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Glycinates help mitigate stomach upset and relieves stomach pain. They find extensive usage as chelated minerals in food additives on account of their high nutritional content. Surging need for nutritious food products among consumers to support a healthy lifestyle is boosting the demand for functional food & beverages, which is likely to impel the demand for glycinates. Moreover, increasing livestock safety concerns, along with mounting focus on enhanced meat quality, are primed to facilitate glycinates market growth over the forecast period.
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Iron glycinates are widely utilized in food products to fortify food & beverages and boost their overall nutritional value. Rising incidences of iron deficiency among consumers, particularly in countries like the UK and the U.S., are augmenting the need for iron dietary supplements, which is likely to drive the demand for iron glycinates. Furthermore, soaring per-capita income of consumers in developed nations would enhance the expenditure on dietary supplements, which is likely to fuel product adoption. Propelled by these factors, the iron glycinate type segment is slated to witness robust growth to exceed a valuation of USD 185 million by 2027, progressing at a CAGR of more than 5.5% through the analysis period.
Meanwhile, the glycinates market value from the zinc glycinate type segment was valued at about USD 130 million in 2020 and is speculated to grow at a steady pace through 2027. Growing prevalence of osteoarthritis symptoms, which include swelling, joint discomfort, and stiffness, among mid-age and elderly consumers, is set to propel segmental development in the coming years.
Key reasons for glycinates market growth:
- Increasing adoption in animal feed.
- Surging product usage as food additives.
- Growing utilization in dietary supplements.
- High uptake in cosmetics & personal care products.
2027 forecasts show 'cosmetics & personal care' segment retaining its dominance:
In terms of application, the cosmetics & personal care segment is poised to register notable growth at approximately 4.5% CAGR through the study timeframe. Prominent use of glycinates as an anionic surfactant in personal care products like shower gel and cleansing products is foreseen to foster glycinates market outlook in the forthcoming years.
Latin America to maintain top status in terms of revenue:
On the regional spectrum, the Latin America glycinates market is anticipated to grow at a CAGR of more than 4.5% through the review period to surpass a valuation of USD 145 million by 2027. Mounting production and export of meat products in LATAM are projected to fuel regional market growth. In addition, rising awareness among livestock owners in the region pertaining to the importance of maintaining the optimum health & nutrition of cattle is calculated to impel the growth of the Latin America glycinates market through the forecast period.
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Impact of COVID-19 pandemic on glycinates market:
The onset of COVID-19 prompted a rise in health consciousness among consumers. As a result, there was an upsurge in the demand for dietary supplements and other nutritional foods that could help fortify the immune system against the novel coronavirus. Thus, escalating demand for dietary supplements and functional food products has been favorable for market growth during the pandemic.
Leading market players:
Some leading firms in the global glycinates industry are Pharmavit, Solvay, Aditya Chemicals, BASF SE, Pancosma SA, Dunstan Nutrition, Clariant, Innospec, and Jost Chemical Co., among others.
Related Reports:
Animal Feed Additives Market - Future Business Strategies and Revenue Impact Analysis, 2024
Latin America Animal Feed Additives Market Statistics and Analysis - 2027
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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