The growth of the market for glycinates is majorly attributed to the significantly growing demand for dietary supplements, cosmetics, and personal care products due to the growing disposable income and growing concerns regarding the use of supplements and personal care products. In addition, the burgeoning demand for chelated minerals in the form of food additives is considered to be one of the key factors supporting the growth of the glycinates market during the coming years. Also, the use of high adoption of glycinates for their application in feed additives on account of rising concerns regarding the health of the animals is leading to the restricted use of antibiotics which in turn is projected to amplify the global glycinates market growth. The rising demand for animal feed due to growing demand for poultry products and growing meat consumption is also projected to positively impact the market size over the forecast period. The significantly growing pharmaceutical sector is also anticipated to boost the growth of the market owing to numerous applications of glycinates in medical products.
Glycinates Market, by Application segment
On the basis of application, the global glycinates market has been segmented into pharmaceutical, food additive, cosmetics, feed additives, and others. The rising investments in the chemicals and materials industry in the form of R&D and the development of new products also show the potential for the growth of the market during the next five years. The four major applications of glycinates that are available are explained below:
The wide adoption of glycinates in the pharmaceutical industry is one of the key factors supplementing demand for their application in pharmaceutical products. The growing pharmaceutical industry is one of the prime factors responsible for driving the demand for glycinates for the application in the pharmaceutical segment. The pharmaceutical industry is one of the heaviest regulated sectors in the world. In addition, drugs are evaluated according to their safety, quality, and reliability. Furthermore, increasing pharmaceutical sales and OTC sales is further expected to anticipate the growth of the glycinates market for the pharma industry significantly.
The major factors for the growth of the glycinates market for the food additive segment is leading to the high consumption of fast food and significant consumption of beverages due to changing consumer preferences towards the consumption of food with nutritional benefits. Furthermore, the increase in the middle-class population in the major developing economies is one of the factors bolstering the consumption of food and significantly adding up to the growth of the market during the next five years.
The growing market for cosmetics products due to rapid urbanization and the deeper penetration of personal care and body care products due to the expansion of the distribution channel is projected to amplify the growth of the glycinates market for the cosmetics industry. Furthermore, growing consumer demand for high-quality, and effective products which further deliver immediate and tangible results is also anticipated to boost the demand for high-quality cosmetic and personal care products.
A feed additive is one of an additive or an extra nutrient that is mixed with the animal feed majorly for enhancing the level of nutrition of the feed which is given to animals. A significant upsurge in the animal diseases is further fuelling the demand for high-quality feed additives, which in turn is projected to propel the growth of the glycinates market for the application in feed additives. Furthermore, the rising demand for meat and dairy products is also leading to the high adoption of feed additives on account of increased concerns for healthy livestock growth.
North America to hold a noteworthy share in the market
Regionally, the global glycinate market has been classified into North America, South America, Europe, Middle East, and Africa and the Asia Pacific. The North American region is projected to hold a noteworthy share in the market owing to the fact that the population is highly concerned about the consumption of nutritional and dietary supplements which is one of the key factors supporting the growth of the market in the region. Furthermore, the presence of the state-of-art pharmaceutical sector is also anticipated to drive the demand for glycinates in countries such as the United States and Canada. The European region is also anticipated to hold a decent share during 2019, owing to the fact that the major European countries such as Germany, France, and the UK are considered as major industries that are well known for their investments in R&D in the pharmaceutical sector. However, the presence of the well-established food and beverage industry and rising concerns regarding personal health is also anticipated to positively impact the growth of the market throughout the forecast period.
The Asia Pacific region is projected to show multiple growth opportunities on account of the presence of major emerging economies such as India, China, Vietnam, and Indonesia. The rapid urbanization and shift of consumer preferences towards the consumption of highly nutritional products due to rising health concerns, growing middle-class population, and rising disposable income. Furthermore, the growing aging population in the region is also considered to positively impact the growth of the market due to the high consumption of medicines as the immunity of aged people is relatively lower. Further, the growing food and beverage industry in the region is also driving the growth of the market as the rising consumption of fast food especially in India and China is projected to fuel the demand for glycinates in the coming years. Moreover, the increasing demand for animal products and the high consumption of meat products in the region is also anticipated to propel the demand for glycinates and add up to the growth of the market during the next five years.