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Chromium Picolinate Market to Hit US$ 28.5 Billion by 2033
The chromium picolinate market is expected to be valued at US$ 12.5 billion in 2023 and is projected to reach US$ 28.5 billion in 2033. The market is projected to register a growth rate of 8.6% between 2023 and 2033.
An upsurge in the need for high-nutritional food products and growing sports and athletic activities necessitate and drive the demand for chromium picolinate. Increasing health awareness, changing consumer lifestyle, and growing lactose intolerance is projected to positively impact market growth.
The growing prevalence of diabetes further fuels the market demand as chromium picolinate helps regulate blood sugar levels and enhance the action of insulin. This can be beneficial for individuals with type 2 diabetes or those at risk of developing insulin resistance.
The growing concerns with weight management, emphasis on weight loss & and maintenance, importance of blood sugar & and pressure spike control are some of the factors that have been creating an overall enforcement in the market.
“With growing health and wellness trends and increasing aging population, growing use of dietary supplements, chromium picolinate demand is likely to increase. Growing demand from pharmaceutical industries is estimated to drive the market.” opines Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Chromium is involved in various metabolic processes, including the metabolism of carbohydrates, fats, and proteins. Chromium picolinate supplements are used to support overall metabolic health and promote energy production.
The significantly growing fitness and sports nutrition industry is expected to drive the market for chromium picolinate during the forecast period. Chromium picolinate is used in various dietary supplements designed to support muscle growth and recovery. Athletes and individuals engaged in resistance training use these supplements to enhance the effects of insulin.
The growth in the nutraceutical industry, and rising consumption of dietary supplements like chromium picolinate, have been experiencing steady growth due to consumer interest in preventive healthcare and wellness.
Key Takeaways
• The chromium picolinate market demand expanded at a CAGR of 7.0% from 2018 to 2022.
• Based on grade, the pharmaceutical grade segment is expected to account for a CAGR of 8.5% during the forecast period.
• Chromium picolinate demand in the United Kingdom is predicted to expand at a CAGR of 8.4% during the forecast period.
• In the United States, the market is expected to reach US$ 9.5 billion between 2023 and 2033.s
• A growth rate of 8.4 % is expected for the dietary supplement segment over the forecast period.
• China is projected to expand by 8.2% between 2023 and 2033.
• By 2033, the chromium picolinate market in India is anticipated to expand at a CAGR of 8.0%.
Competitive Landscape
The global demand has increased dramatically as the chromium picolinate market has developed into a highly competitive environment. The market players are using key growth strategies including technological developments and mergers and acquisitions to increase market share.
Some of the recent developments from the market are as follows
• YIHAN INDUSTRIAL Co., Limited is a large high-tech chemical enterprise that specializes in fine chemicals, pharmaceutical raw materials, and intermediates including active pharmaceutical ingredients (APIs) and intermediates.
• Yihan Industrial Co., Ltd. is involved in the production or distribution of chromium picolinate and operates within the broad dietary supplement and pharmaceutical ingredient industry.
• In 2022, Vestige, a manufacturer of dietary supplements in India announced the launch of a new chromium picolinate-based health supplement, Vestige Pre-Gluco Health Capsules for people prone to pre-diabetes. A slew of such new product launches is estimated to augment the growth in the South Asia market.
• GNC is a well-known global retailer of dietary supplements and nutritional products. They offer their own brand of chromium picolinate supplements, among other products.
Top Key Players in the Global Market
• Amsal Chem Private Limited
• Merck KGaA
• Mubychem Group
• Celtic Chemicals Ltd.
• Resonance Specialities Ltd.
• Yihan Industrial Co., Ltd.
• Sellwell (Group) Chemical Factory
• Cambridge Commodities Limited
• Chemlock Metals Corporation
• Oceanic Laboratories Pvt. Ltd.
• Anmol Chemicals Group
• Salvi Chemical Industries Ltd.
Segmentation Analysis of the Chromium Picolinate Market
By Grade:
• Food Grade
• Pharmaceutical Grade
• Others
By End Use:
• Food & Beverage Industry
• Dietary Supplement Industry
• Nutraceutical Industry
• Pharmaceutical Industry
• Others
• By Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa