The glycinates market is estimated to grow at a CAGR of 3.98% to reach the market size of US$1,209.232 million in 2026 from US$920.443 million in 2019.
Glycine is a kind of amino acid of endogenous antioxidant reductive glutathione. It’s often added exogenously in severe stress, it’s called a semi-essential amino acid. Glycinates are also known as glycine chelates that are used in various applications such as food additives, animal nutrition, pharmaceuticals, etc. The rising expansion of feed & personal care industries, the rising need for chelated minerals in food additives, and the growing shortage of minerals among the people are some of the major driving factors favoring the market growth. The increasing demand for glycinates in emerging nations is a new opportunity for the market. Companies operating in the target market are focusing on the manufacturing and marketing of glycinates for animal feed, owing to the rapidly growing demand for dairy products and meat products, which drive the growth of the segment over the forecast period of 2019 to 2026.
The recent outbreak of Covid-19 had a positive impact on the global glycinates market. Due to Novel Coronavirus disease, the demand for dietary supplements has increased. Boosting overall health and immunity through supplement products has witnessed high demand by consumers and their buying patterns. Similarly, dietary supplements are also playing a major role in the post-Covid-19 recovery which has resulted in a high demand and market growth during the forecast year of 2019 to 2026.
Growing Demand in Personal Care Products
The demand for glycinates in personal care and cosmetic products is growing and it is one of the major factors to drive the growth of the global glycinates market over the forecast period. An increased number of mineral deficiency cases coupled with companies focusing on developing and selling manganese glycinate that can cure the deficiency among the consumers is also a factor for the growth of the market. Also, various health benefits and effectiveness associated with the consumption of glycinates are expected to create demand for glycinates in pharmaceuticals and nutraceutical industries which drives the growth of the market over the forecast period of 2019 to 2026.
Increasing Market Penetration of International Players
The high research and development cost on glycinates is expected to limit the growth of the market over the forecast period. In addition, the fluctuating prices of raw materials are expected to hamper the growth of the market, to a certain extent. Increasing market penetration of international players in the developing regions, so to increase the customer base in the region is expected to create lucrative opportunities for the players operating the target market.
North America Glycinates Market is projected to hold a noteworthy share
The North American market is expected to have high growth in the global glycinates market in terms of revenue contribution. Likewise, the markets in the Asia Pacific, Latin America, and the Middle East & Africa are also expected to grow. The Asian Pacific market is projected to register comparatively faster growth in terms of revenue over the years. The growing pharmaceutical and nutraceutical industry is expected to drive the growth of the global glycinates market over the forecast period of 2019 to 2026.
|Market size value in 2019||US$920.443 million|
|Market size value in 2026||US$1,209.232 million|
|Growth Rate||CAGR of 3.98% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Form, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BASF, Solvay, Clariant, Ajinomoto, Galaxy Surfactants, Aliphos, Novotech Nutraceuticals, Dunstan Nutrition, Chaitanya Chemicals, Albion Laboratories|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the glycinates market?
A1. The glycinates market is expected to grow at a CAGR of 3.98% over the forecast period.
Q2. What will be the glycinates market size by 2026?
A2. Glycinates market is expected to reach a market size of US$1,209.232 million by 2026.
Q3. Which region holds the maximum market share in the glycinates market?
A3. North America holds a significant share in the global glycinates market.
Q4. What is the size of the global glycinates market?
A4. The global glycinates market was valued at US$920.443 million in 2019.
Q5. What factors are anticipated to drive the glycinates market growth?
A5. The rising expansion of feed & personal care industries, the rising need for chelated minerals in food additives, and the growing shortage of minerals among the people are some of the major driving factors favoring the glycinates market growth.
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