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Alpha Lipoic Acid Market Expected to Reach $1,442.4 Million by 2030

 

Report Code : A13701

quote β€œThe global alpha lipoic acid market is expected to possess high growth potential in the coming years, as alpha lipoic acid is used in different applications such as dietary supplements, cosmetics, pharmaceuticals, and others. 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. Moreover, alpha-lipoic acid is used for reducing cholesterol and fats levels and thus, reducing the risk of heart attacks. However, the outbreak of the COVID-19 pandemic has negative impacts on the global alpha lipoic acid market.” quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

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According to a new report published by Allied Market Research, titled, "Alpha Lipoic Acid Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,"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.

Alpha-lipoic acid is an antioxidant used to break down carbohydrates and form energy. It is used as a dietary supplement to provide additional nutritional benefits. It can be consumed with different food items such as carrots, red meat, broccoli, spinach, and potatoes. It also maintains the level of cholesterol and other fats in the blood and improves glucose and ascorbate handling in blood vessels. The increasing awareness for a healthy and fit lifestyle has surged the demand for an alpha-lipoic acid-based dietary supplement. 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. These factors are predicted to notably contribute toward the global market.

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 is anticipated to hamper the market growth.

Alpha-lipoic acid being rich in antioxidants protects the skin from ultraviolet light, cigarette smoke, air pollution, and others. Moreover, it is also proven for use as sun protection, anti-wrinkle, and dark sports treatment. It prevents the sign of skin aging by temporarily plumping the skin and making lines and wrinkles less visible. Furthermore, adding alpha-lipoic acid as an active ingredient in cosmetic products offer other additional benefits such as protecting the skin from free radicals, remove dead skin cells, stimulate collagen production and improve skin texture. This factor is anticipated to create remunerative opportunities for the expansion of the pressure sensitive adhesives market in future.

The alpha lipoic acid market is segmented on the basis of product type, application, and region.

By product type, the global alpha lipoic acid market is classified into R alpha lipoic acid and S alpha lipoic acid. The R alpha lipoic acid segment dominated the global market in terms of revenue in 2020, with over four-fifth of the total share. R alpha-lipoic acid (RALA) is one of the cofactors for mitochondrial enzymes that play a major role in energy metabolism. R alpha-lipoic acid is used for reducing cholesterol and fats levels and thus reducing the risk of heart attacks. For instance, according to a report published by American Heart Association (AHA), around 45% of people in the U.S. will have either diabetes or heart-related disease by 2035. This may propel the demand for r alpha-lipoic acid among patients suffering from heart diseases

By application, the market is fragmented into dietary supplements, cosmetics, pharmaceuticals, and others. The pharmaceutical application dominated the global market, with over four-ninth of the total share in 2020. The utilization of alpha-lipoic acid as a drug for patients suffering from diabetes, heart-related disorders, and others is the major key market trend in the global market. The rapid change in lifestyle and energy-dense diet are the main contributors to an increasing prevalence of diabetes where alpha-lipoic acid is widely used for neuropathy treatment of diabetic patients may boost the market growth.

Region-wise, the alpha lipoic acid market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific alpha lipoic acid market size is projected to grow at the highest CAGR during the forecast period and accounted for two-seventh alpha lipoic acid market share in 2020. The utilization of alpha-lipoic acid in sectors such as cosmetics, pharmaceuticals, and others is the major key market trend in the Asia-Pacific region. The proliferating demand for cosmetic products owing to the increasing consciousness for personal beauty where alpha-lipoic acid acts as an active ingredient in manufacturing sun protection creams and enhancing the skin texture. This may act as one of the key drivers answerable for the growth of the alpha-lipoic acid market.

Key players operating in the global alpha lipoic acid market 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.

COVID-19 analysis

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 findings of the study

  • The R alpha lipoic acid product type is anticipated to register the highest CAGR of 6.6% during the forecast period.
  • The pharmaceuticals application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.8% from 2021 to 2030.
  • North America garnered the highest share of 34.0% in 2020, in terms of revenue, growing at a CAGR of 5.4%.

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quote Alpha Lipoic Acid Market by Product Type (R Alpha Lipoic Acid and S Alpha Lipoic Acid) and Application (Dietary Supplements, Cosmetics, Pharmaceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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