In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
· Sept 2019: Kyowa Hakko Bio Co., Ltd. expanded its global presence with the launch of Setria glutathione product in Indonesia. The product is taken orally to replenish the body's reserves, which may be depleted owing to poor lifestyle choices, stress or natural aging.
Glutathione is an antioxidant which is beneficial for human health and for protection against any type of disorder. It can also be added in food & beverages for nutrition purposes. It is mainly found in plants, fungi, animals, and others. Glutathione is consumed in oral form or through gel, soap or lotions to incur various health benefits. The glutathione market is expected to grow considerably on account of increasing application of glutathione in various end use industries such as pharmaceutical, personal care and food & beverage industry. Moreover, it is used in a number of foods and compositions because of several dietary benefits, which is anticipated to increase the demand for glutathione in upcoming years. The global demand for glutathione is further expected to rise on account of its immune boosting property and its function as a liver detoxifier. In 2019, the global glutathione market accounted for a market value of USD 192.23 million and is expected to grow at a CAGR of 5.93% over the forecast period of 2021-2028.
The glutathione market in North America held the highest market share in 2019 and is estimated to hold this position throughout the forecast period. The market is anticipated to grow at a significant CAGR during the forecast period owing to the changing lifestyle of the population of North American countries and increasing awareness among the region's consumers about the antioxidant property of glutathione supplement. Multiple benefits associated with the consumption of glutathione on immunity, skin brightening, and protection of cells from oxidative stress, has led to the increase in demand for glutathione in the region. Manufacturers are focusing on developing high purity and more efficient mixtures to cater demand from end users, which is expected to create new opportunities for the market over the forecast period. Glutathione market in Europe is growing significantly on account of rising awareness towards nutritional enrichment among working professionals for maintaining well-being of the human body. Rising concerns over the ill effect associated with conventional pharmaceutical medicines are anticipated to drive the market's growth. Increasing household income in countries such as Germany, France, UK, among others tend to increase consumers' spending capacity on nutritional supplements that increases the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Based on end-user, the global glutathione market is segmented into food & beverage industry, healthcare, cosmetics & personal care. Among these segments, the healthcare segment accounted for 52.46% of the market share in 2019. The growth of this segment is mainly on account of the wide application of glutathione as prescription drugs. It helps to boost insulin tolerance in older people, decreases Parkinson's disease symptoms, and reduces cell damage in alcoholic and non-alcoholic fatty liver disease. The rising geriatric population generates demand for these products as they are more vulnerable to age-related illnesses. Healthcare is further sub segmented into product, form and application. On the basis of product category, the market is further segmented into glutathione oxidized and glutathione reduced products. The glutathione reduced segment accounted for USD 66.45 million in 2020 and is anticipated to grow at a CAGR of 6.09% during the forecast period.
Glutathione is commonly used in pharmaceuticals products, healthcare products, cosmetics, food additives, and various other products. Glutathione is majorly used in the pharmaceutical industry for the treatment of the liver. Consumption of glutathione products is growing significantly owing to its characteristic to improve bodies' immunity by stimulating lymphocytes. It is widely used in personal care products such as soaps, lotions, and creams owing to its wrinkle reduction and skin lightening property. On the back of increasing consumer awareness about the benefits of the glutathione products and the rise in disposable income, the demand for glutathione is estimated to fuel up in the years to come. Moreover, glutathione is used in prescription drugs on the back of its tissue repairing property.
Rising prevalence of health problems, including obesity, blood pressure, and diabetes, has driven nutraceutical market growth, which is anticipated to boost demand for glutathione nutraceutical products that control and manage these diseases. Moreover, the demand for glutathione nutraceutical products is increasing by the young and adult consumers as it helps in wrinkle reduction and prevents chronic diseases. These factors are anticipated to drive the growth of glutathione market during the forecast period.
One of the significant challenges that affects the growth of the glutathione market is the side effects that comes along with it. Glutathione contains milk-based proteins, which can affect consumers who are lactose intolerant. This factor is anticipated to act as a key restraint factor to the growth of glutathione market during the forecast period.
The Covid-19 pandemic has fast-tracked the changes in end-user preferences, especially in the food & beverage sector. The shutting of borders, shortage of distributors, and lock-down of out-of-home channels has impacted the supply chain of personal care, healthcare, and food & beverage industry. Also, the spread of the disease has created various obstacles for small scale industries.
Ans: Increasing health awareness, rising geriatric population and increasing use of glutathione in end use industries are some of the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 5.93% over the forecast period, i.e. 2021-2028.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The glutathione market is majorly segmented by end-user and region.
Ans: Wide application of glutathione as prescription drugs is estimated to be a significant growth indicator for the growth of end user segment.