Alpha Lipoic Acid Market Trend & Forecast

Market Insights

The alpha lipoic acid market is estimated to grow from USD 902.66 million in 2021 to reach USD 1382.41 million by 2028 at a healthy CAGR of 6.22% during the forecast period.

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What is alpha lipoic acid?

Alpha lipoic acid is basically an organosulfur compound which is derived from caprylic acid and is widely utilized to break down carbohydrates for efficient functioning of various organs.

Key Players

Some of the key players in the market are-

• AlzChem AG
• GeroNova Research, Inc.
• HiMedia Laboratories Pvt., Ltd.
• Infa Group (Olon S.p.A.)
• MTC Industries, Inc.
• Qufu Maidesen Fine Chemical Co., Ltd.
• Shandong Qidu Pharmaceutical Co., Ltd.
• Shanghai Shyndec (Modern) Pharmaceutical Co., Ltd.
• Source Naturals, Inc.
• Suzhou Fushilai Pharmaceutical Co., Ltd.

Market Dynamics

These factors are expected to boost the demand for market in the coming years:

• Improving health standards in Asia-Pacific.
• Growing product demand for medical applications in North America.
• Increasing consumer spending on personal care products.

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In recent years, the market has experienced significant growth, particularly in the Asia-Pacific region, due to increasing demand for dietary supplements. This trend is being driven by improving socio-economic factors and growing consumer awareness about the benefits of maintaining a healthy and fit lifestyle. The popularity of alpha lipoic acid is particularly high among young people and fitness enthusiasts, who use it in gyms and sports centers. The product is also preferred as a dietary supplement because of its non-toxic biological characteristics.

By 2027, the market is expected to benefit from increasing consumer spending on personal care products. Alpha lipoic acid is widely used in cosmetic products, such as anti-aging creams. In addition, the consumption of prescribed and regular alpha-lipoic acid is believed to aid in weight loss, making it a popular slimming agent on the market.

Segments Analysis

By Product Type

The market is segmented as r-lipoic acid and s-lipoic acid. The r-lipoic acid segment is estimated to be the faster-growing product type in the market during the assessment period on account of its wide range of applications in preventing diabetes, decreasing weight, reducing brain damage after stroke, enhancing skin texture, reducing migraine intensity, and influencing glucose control & neuro disorders.

By Application Type

The market is segmented as dietary supplements, slimming products, medical drugs, and others. Medical drugs segment held more than 40% market share in 2021 and are estimated to dominate the market during the assessment period. The increasing product applications in manufacturing several drugs that can treat numerous fatal diseases along with various other medical conditions will assist the medical drugs application segment attain a significant market value during the assessment period.

Regional Analysis

Asia-Pacific held more than 30% market share in 2021and is estimated to be the fastest-growing region in the market during the assessment period with India and China being the growth engines of the market. Asia-Pacific will exhibit a CAGR of more than 6.5% during the assessment period. 

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Factors such as growing medical industry, increasing consumer spending toward personal well-being, and massive population with diabetes are expected to fuel the growth of the overall industry in the regional market. North America and Europe are also estimated to offer substantial growth opportunities over the assessment period.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The alpha lipoic acid market is segmented into the following categories:

By product type:

• R-lipoic Acid
• S-lipoic Acid

By application type:

• Dietary Supplements.
• Slimming Products.
• Medical Drugs.
• Others.

By region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.