South Korea L-carnitine Market Size & Outlook, 2020-2028
South Korea l-carnitine market, 2017-2028 (US$M)
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South Korea l-carnitine market highlights
- The South Korea l-carnitine market generated a revenue of USD 2.7 million in 2020 and is expected to reach USD 4.0 million by 2028.
- The South Korea market is expected to grow at a CAGR of 5% from 2021 to 2028.
- In terms of segment, bioprocess was the largest revenue generating process in 2020.
- Chemical Synthesis is the most lucrative process segment registering the fastest growth during the forecast period.
L-carnitine market data book summary
| Market revenue in 2020 | USD 2.7 million |
| Market revenue in 2028 | USD 4.0 million |
| Growth rate | 5% (CAGR from 2020 to 2028) |
| Largest segment | Bioprocess |
| Fastest growing segment | Chemical Synthesis |
| Historical data | 2017 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2028 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Chemical Synthesis, Bioprocess |
| Key market players worldwide | Lonza Group Ltd, Neogen Corp, WuXi Biologics (Cayman) Inc, Merck KGaA, Tokyo Chemical Industry, CEVA Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.5% of the global l-carnitine market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2028.
- In Asia Pacific, China l-carnitine market is projected to lead the regional market in terms of revenue in 2028.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 11.6 million by 2028.
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L-carnitine Market Scope
L-carnitine Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea l-carnitine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to l-carnitine market will help companies and investors design strategic landscapes.
Bioprocess was the largest segment with a revenue share of 77.78% in 2020. Horizon Databook has segmented the South Korea l-carnitine market based on chemical synthesis, bioprocess covering the revenue growth of each sub-segment from 2017 to 2028.
South Korea is among the major markets for functional foods in the Asia Pacific region. The consumption of nutritional supplements, as well as functional foods, in South Korea is majorly ingredient oriented.
L-carnitine has been one of the highest-selling functional food and dietary supplement ingredient in the country owing to the wide range of health benefits provided by the product such as improved brain functioning, prevention of muscle damage, and increased endurance.
Rising awareness regarding health among consumers, coupled with the rapidly aging population, is projected to positively impact the growth of the L-carnitine market over the forecast period. The purchase and acceptance of functional food & beverages have been heterogenous among the consumers in South Korea, who emphasize mainly on the health benefits offered by the products.
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Target buyers of South Korea l-carnitine market databook
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Our clientele includes a mix of l-carnitine market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea l-carnitine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea l-carnitine market from 2017 to 2028, including revenue numbers, major trends, and company profiles.
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South Korea l carnitine market size, by process, 2017-2028 (US$M)
South Korea L-carnitine Market Outlook Share, 2020 & 2028 (US$M)
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