Global Chromium Picolinate Market Overview
Present-day picolinate form of the most comprehensive and most professional system of an in-depth market research report is chromium picolinate. Chromium picolinate does not comprehend any preservative; used as a dietary supplement entailing an ample amount of health benefits. The increasing demand for weight management supplements eventually leads to the growing market for the chromium picolinate shortly. Chromium picolinate stabilizes metabolic functions and longevity through the healing power, which is intended to diagnose, cure, treat, or prevent diseases and is widely used as vital supplement when it comes to controlling body weight. Chromium picolinate acts as a prominent supplement in nutraceutical & pharmaceutical industry.
Global Chromium Picolinate Market Scenario
The global chromium picolinate market is anticipated to gain a significant market share in nutraceutical & pharmaceutical industry over the forecast period, and the global chromium picolinate market is expected to register a single-digit compound annual growth rate (CAGR) from 2018 to 2028. The market across the globe has developed significantly owing to the intensifying demand for weight controlling supplements, which is expected to increase the manufacturing and sales of chromium picolinate globally. The global chromium picolinate market in developed economies such as the U.S., Germany, UK and France are expected to be driven by various growth factors, such as the presence of key prominent manufacturers and highly classified manufacturing facilities. However, the chromium picolinate market is expected to exhibit robust growth in the developing countries, such as China, India, Mexico and the Middle East & African countries.
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Global Chromium Picolinate Market Dynamics
Companies Focus on Broadening Their Customer Base
With the increasing retail and pharmacy stores and an increase of e-commerce chains in the MEA region, chromium picolinate manufacturers, including immune health supplement manufacturers are focusing on broadening their customer base. They have partnered with chromium picolinate smaller manufacturers present in different regions for the marketing and distribution of their products. Through this, they are expanding their chromium picolinate products presence in different parts of the world.
In 2015, USANA, which is a leading nutritional company, expanded its business in Indonesia, which is one of the top five fastest-growing economies in the world.
New Product Development
Manufacturers of chromium picolinate focus on developing new innovative products to expand their product portfolio and increase their product presence in both, developing and developed countries. The MEA chromium picolinate market has huge opportunities in exploring chromium picolinate, as consumers are seeking more healthy choices related to weight management.
Advancements in Product Offerings
An increasing number of individuals are focusing on their health, which has resulted in an increased demand for chromium picolinate products over the last few years, owing to which, a wide variety of chromium picolinate is penetrating the shelves of retail stores. With the increased consumption of dietary supplements, such as chromium picolinate and drug manufacturing companies has also enhanced their market presence to the production of new innovative products, coupled with expanding production capacities of their existing manufacturing facilities. This has led to the increasing sales of chromium picolinate, which is expected to continue over the forecast period.
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Lack of Awareness about Consumption of Product
Chromium picolinate acts as an alternative to traditional medication. As a wide variety of chromium picolinate is available in the market, many consumers are unaware that each supplement comes for a specific purpose, such as digestive health, weight loss, heart health, etc., and their associated side effects. Excessive consumption of weight loss supplements, such as chromium picolinate, has been linked to problems affecting the liver, which may affect the chromium picolinate market growth to some extent.
Global Chromium Picolinate Market Segmentation
The global chromium picolinate market can be segmented on the basis of grade as:
- Pharma Grade Chromium Picolinate
- Feed Grade Chromium Picolinate
The global chromium picolinate market can be segmented on the basis of end-use industry as:
- Nutraceuticals and Pharmaceuticals
- Feed Industry
- Food Industry
- Other Applications
The global chromium picolinate market can be segmented on the basis of the geographical region as:
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
Global Chromium Picolinate Market Key Players
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Despite the concentration of prominent players in European and North American countries, chromium picolinate manufacturers are mainly focusing on emerging countries, mostly China, India, Mexico, and the Middle East & African countries. Some of the key market participants in the global chromium picolinate market are:
- Resonance Specialties Limited
- Sellwell (Group) Chemical Factory
- Jinan QiLu ZhongMu Biotechnology Co.; Ltd
- Shenyang Haizhongtian Fine Chemical Factory
- Salvi Chemical Industries Limited
- Oceanic Labo
- Wuhan Fortuna Chemical Co., Ltd
- Yanuo Chemical Industry Co., Ltd.
- Cayman Chemical Company
- Other prominent players