Alpha Lipoic Acid Market Statistics - 2030
The global alpha lipoic acid market was valued at $784.5 million in 2020, and is projected to reach $1,442.4 million by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Alpha lipoic acid is a naturally occurring organic compound with antioxidant properties used to break down carbohydrates and transform it into energy. It if found naturally in the body or can be prepared synthetically by chemical synthesis of thioctic acid with R(+) alpha-methylbenzylamine.
The increasing awareness for a healthy and fit lifestyle has surged the demand for food supplements for providing extra nutritional support. For instance, according to a report published by India Brands Equity Foundation, the demand for dietary supplements is expected to grow at a compound annual growth rate (CAGR) of 21% and is expected to reach $10 billion by 2022. Alpha-lipoic acid is a common ingredient used in multivitamin formulas to increase the detoxification factor of the human body. Also, it maintains the level of cholesterol and other fats in the blood and improves glucose and ascorbate handling in blood vessels. In addition, the increasing trend for alpha-lipoic acid-based extra food supplements among youth and fitness enthusiasts may provide an additional push to the growth of the alpha-lipoic acid market. All these factors collectively surge the demand for alpha lipoic acid, thereby augmenting the global market growth.
However, the regular consumption of alpha-lipoic acid may cause several side effects. For example, the regular consumption of alpha-lipoic acid in adults may cause headaches, nausea, heartburn, and vomiting. Moreover, using alpha-lipoic acid together with other health supplements may lower blood sugar levels and cause hypoglycemia. Furthermore, the skin applications of alpha-lipoic acid may cause a rash in some people. This factor hampers the market growth.
On the contrary, the rapid change in lifestyle, ethnicity, energy-dense diet, physical inactivity, obesity, and others are the main contributors to an increasing prevalence of diabetes. Several researchers have found alpha-lipoic acid as one of the best health supplements for people with type-2 diabetes. Moreover, it can improve insulin resistance and nerve damage caused by diabetes treatment. It reduces symptoms such as tingling, pain, and pricking in the legs and feet of diabetic patients. In addition, it protects the retina from being damaged due to high blood sugar levels. It is a key factor that is anticipated to offer new opportunity in the global alpha lipoic acid market.
The global alpha lipoic acid market analysis is done on the basis of product type, application, and region. Depending on product type, the market is divided into R alpha lipoic acid and S alpha lipoic acid. The applications covered in the study include dietary supplements, cosmetics, pharmaceuticals, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include AlzChem Group AG, GeroNova Research Inc., Haihang Industry, HiMedia Laboratories, NOW Foods, Olon S.p.A, Rexall Sundown Inc., Source Naturals Inc., Suzhou Fushilai Pharmaceutical Co. Ltd., and Wellona Pharma.
Alpha lipoic acid market, by region
The Asia-Pacific alpha lipoic acid market size is projected to grow at the highest CAGR of 7.4% during the forecast period and accounted for 29.9% of alpha lipoic acid market share in 2020. The rising cosmetic and pharmaceutical sectors in countries such as China and India, have increased the demand for the alpha-lipoic acid. China being the world’s second-largest cosmetics consumer market (after the U.S.) has reported an increase in demand for alpha-lipoic acid for manufacturing anti-aging, sun protection, and other products.
Asia Pacific is the fastest growing region
Alpha lipoic acid market, by product type
In 2020, the R alpha lipoic acid segment was the largest revenue generator, and is anticipated to grow at a CAGR of 6.6% during the forecast period. The utilization of r alpha-lipoic acid for neuropathy treatment of diabetes patients and heart-related diseases is the major key market trend in the global market. The increasing energy-dense diet and physical inactivity have surged the number of diabetic patients where r alpha-lipoic acid is widely used in neuropathy treatment for reducing pain, numbness, and paresthesia.
By Product Type
R Alpha Lipoic Acid is fastest growing segment
Alpha lipoic acid market, by application
By application, the pharmaceutical segment dominated the global market in 2020, and is anticipated to grow at a CAGR of XX% during the forecast period. Alpha-lipoic acid is used as a drug for neuropathy treatment of diabetic patients. It is capable of reducing pain, paresthesias, numbness, and can improve insulin resistance. It reduces symptoms such as tingling, pain, and pricking in the legs and feet of diabetic patients. In addition, it protects the retina from being damaged due to high blood sugar levels
Pharmaceuticals is the most lucrative segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current alpha lipoic acid market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact Of Covid-19 On The Global Alpha Lipoic Acid Market
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The alpha lipoic acid market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various dietary supplements. Also, several companies have either shut down or shrank their operations due to the risk of infection among the workforce. This has temporarily hampered the demand for alpha lipoic acid among various end-use sectors.
- In addition, the falling income of customers has led to the contraction of the demand for cosmetics and beauty products amid the COVID-19 period which in turn has led the alpha lipoic acid market to witness a downfall in demand.
- However, increasing awareness related to health and fit lifestyle has surged the demand for dietary supplements where alpha lipoic acid is used to provide extra nutritional benefits. Furthermore, the pharmaceutical sector has seen impressive growth during the COVID-19 period. This is expected to surge the demand for alpha-lipoic acid post-COVID-19 pandemic.
Key market segments
By Product Type
- R Alpha Lipoic Acid
- S Alpha Lipoic Acid
- Dietary Supplements
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key players in the global alpha lipoic acid market are:
- AlzChem Group AG
- GeroNova Research Inc.
- Haihang Industry
- HiMedia Laboratories
- NOW Foods
- Olon S.p.A
- Rexall Sundown Inc.
- Source Naturals Inc.
- Suzhou Fushilai Pharmaceutical Co. Ltd.
- Wellona Pharma
Alpha Lipoic Acid Market Report Highlights
By PRODUCT TYPE
Key Market Players
SUZHOU FUSHILAI PHARMACEUTICAL CO., LTD., GeroNova Research, Inc., HiMedia Laboratories, AlzChem Group AG, .Source Naturals, Inc., Wellona Pharma, Rexall Sundown, Inc., Haihang Industry, Olon S.p.A., NOW Foods
According to the CXOs of leading companies, the global alpha lipoic acid market is expected to exhibit high growth potential. R alpha-lipoic acid (RALA) is one of the cofactors for mitochondrial enzymes that play a major role in energy metabolism. The utilization of r alpha-lipoic acid for neuropathy treatment of diabetes patients and heart-related diseases is the major key market trend in the global market. The increasing energy-dense diet and physical inactivity has surged the number of diabetic patients where r alpha-lipoic acid is widely used in neuropathy treatment for reducing pain, numbness, and paresthesias. Moreover, the growing number of diabetic patients has increased the heart disease risk factor where r alpha-lipoic acid is used for reducing cholesterol and fats levels and thus, reducing the risk of heart attacks.
S alpha lipoic acid is an unnatural lipoic acid formed as a by-product from the chemical synthesis of racemic alpha-lipoic acid. It is widely available in dietary supplements as a common ingredient used in multivitamin formulas to increase the detoxification factor of the human body. In addition, a mixture of both r and s type alpha-lipoic acid are used in different clinical practices. The utilization of s alpha-lipoic acid in dietary supplements, clinical practices, and anti-aging products is predicted to offer lucrative growth opportunities in future. The increasing awareness about healthy and fit lifestyle has surged the demand for dietary supplements where s alpha-lipoic acid is widely used for providing extra nutritional support. This is not only gaining immense attention in the market but also emerging as a key strategy in terms of gaining additional product demand.