Glutathione is an antioxidant found naturally in the body which plays a key role in defending cells from oxidative damage. It is commonly used in personal care and cosmetic products such as anti-aging creams and supplements due to its anti-aging properties. Increasing consumer preference for natural ingredients in skincare products owing to rising health and wellness concerns has propelled the demand for glutathione.
The global Glutathione Market is estimated to be valued at US$ 274.28 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The rising demand from personal care and cosmetics industry presents a lucrative opportunity for the expansion of the glutathione market. Glutathione is widely used in anti-aging creams, moisturizers, facial masks and supplements due to its anti-oxidant properties which help reduce fine lines, dark spots and wrinkles. With increasing urbanization and growing working population, especially women, the demand for anti-aging cosmetic products has witnessed strong growth over the past few years. Additionally, rising disposable incomes have also augmented consumer spending on premium personal care products. The anti-aging skin care market is projected to reach US$ 217 billion by 2026 according to a report, indicating vast potential for glutathione demand from this industry.Companies can capitalize on this opportunity by developing new product lines infused with glutathione that target the personal care and cosmetic industry. Porter's Analysis Threat of new entrants: Low economies of scale in production as well as high costs of raw materials pose barriers to new companies entering the market. Bargaining power of buyers: The presence of many established manufacturers limits the bargaining power of buyers in the market. Bargaining power of suppliers: A few major suppliers dominate the market for raw materials used to make glutathione, giving them strong bargaining power over manufacturers. Threat of new substitutes: No close substitutes are available for the anti-oxidative and liver support properties that glutathione provides. Competitive rivalry: Established companies compete on the basis of price, quality, and new product innovations to increase market share in the consolidated market. SWOT Analysis Strength: High antioxidant and liver support properties leading to wide range of applications in industries like pharmaceuticals, food & beverages, and cosmetics. Weakness: High raw material costs and volatility limits profits margins. Needs specialized production facilities. Opportunity: Growing health awareness and demand for nutraceuticals in developing countries presents new avenues for market expansion. Threats: Stringent regulatory norms associated with health supplements increase compliance costs for companies. Key Takeaways The global Glutathione Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 274.28 Mn and is projected to increase at a CAGR of 8.8% during the forecast period. Asia Pacific as the fastest growing region due to rising health awareness, growing disposable incomes, and increasing demand from end use industries like supplements, food & beverages in densely populated countries like India and China. North America currently dominates the global market owing to presence of major manufacturers and high demand for nutraceuticals. Key players operating in the Glutathione market include Kyowa Hakko Bio Co., Ltd., Shandong Jincheng Biological Pharmaceutical Co., Ltd., KOHJIN Life Sciences Co., Ltd., Shenzhen GSH Bio-Technology Co, Ltd, Kaiping Genuine Biochemical Pharmaceutical Co., Ltd., Nissor Pharmaceuticals Ltd., and Jarrow Formulas, Inc. Companies aim to increase market share by expanding production capacities and introducing new grades and applications of glutathione. Get More Insights On This Topic: https://www.newsanalyticspro.com/glutathione-market-demand-analysis/
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