by The Bone and Joint Health Ingredients market is estimated to be valued at US$ 3344.72 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bone and joint health ingredients are generally used in nutritional supplements and functional foods. Glucosamine, chondroitin, collagen, calcium, omega 3 fatty acids and other ingredients are commonly used in products targeted towards musculoskeletal health. With increasing health concerns and awareness, bone and joint health ingredients find wide applications in dietary supplements, functional foods and beverages.
Market Dynamics:
The bone and joint health ingredients market is primarily driven by rising geriatric population globally which is more prone to bone and joint disorders such as arthritis, osteoporosis etc. As per United Nations data, number of people aged 65 years and above is projected to reach 1.5 billion globally by 2050 from 703 million in 2019. This growing geriatric population base seeking joint and bone health supporting products will significantly drive the market growth over the forecast period. Additionally, rise in obesity levels leading to excessive pressure on joints and rising health consciousness are some other factors expected to fuel the market growth. However, limited clinical evidence and high costs associated with R&D and product development may restrain the market to a certain extent.
SWOT Analysis
Strength: Bone And Joint Health Ingredients Market offers various health benefits which boost its demand. Glucosamine, calcium and collagen help support joint health. Rising consumer awareness about benefits of these ingredients drive the market growth. Many clinical trials and studies have proven efficacy of these ingredients in supporting bone and joint health.
Weakness: High prices of certain bone and joint health ingredients limits their mass consumption. Complex supply chain and procurement of raw materials increases overall production costs.
Opportunity: Growing geriatric population prone to bone and joint disorders provides big opportunities. Increasing consumer spending on healthcare and nutritional supplements especially in developing nations foster the market expansion.
Threats: Stringent regulations regarding use of certain ingredients pose challenges. Easy availability of alternative treatment options threatens the market.
Key Takeaways:
The global Bone And Joint Health Ingredients market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of lifestyle diseases and bone disorders. Rising health consciousness and awareness about nutritional benefits is a key growth driver.
Regional analysis The North American region currently dominates the global market and is expected to retain its leading position during the forecast period. U.S. accounts for a major share due increasing consumption of dietary supplements and functional foods. Asia Pacific is projected to be the fastest growing region owing to rising healthcare expenditure, availability of traditional joint health products and rapid economic development.
Key players operating in the Bone And Joint Health Ingredients market are Synutra Inc., Darling Ingredients Inc., Archer Daniels Midland Company, BASF SE, Koninklijke DSM NV, Foodchem International Corporation, Glanbia PLC, Holista, Colltech Ltd, ESM Technologies LLC, Bergstorm Nutrition Inc., and Gelita AG. These key players are exploring new opportunities through strategic partnerships, product launches and focusing on manufacturing high-quality bone and joint health ingredients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
