The global Chromium Picolinate market size total US$10.5 billion in 2021. Chromium Picolinate sales are projected to get a valuation of $11.5 billion by 2022, growing at a remarkable CAGR of almost 8% to 9% in the forecast Year of 2022-32. Demand for chromium picolinate is estimated to exceed $20 billion by the end of 2032.
Chromium is naturally present in trace amounts in food such as meat, grain bread, fish, etc., but still, the risk of getting chromium deficiency is increasing due to changing lifestyle and poor eating habits, and thus, the consumption of chromium picolinate is an effective way to obtain the daily requirement of the chromium.
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Increase in Weight-management Problems Boosts the Demand for Chromium Picolinate.
According to the World Health Organization, in 2016, more than 1.9 billion adults were noted as overweight, out of which around 650 million adults were obese. Around 13% of the global adult population was obese in the year 2016. The consumers are changing their lifestyle and eating habits to maintain a healthy life, and thus, are willing to buy dietary supplements to fulfill the nutritional requirement. The rise in the prevalence of obesity and overweight problems are anticipated to increase the sales of weight-loss supplements, and thus, is estimated to increase the demand for chromium picolinate.
Chromium picolinate is used as a dietary supplement. The scientific studies have indicated that chromium picolinate helps in decreasing the carbohydrate cravings and also helps in metabolizing fats and carbohydrates. Chromium picolinate decreases triglyceride and cholesterol levels.
Chromium picolinate acts as a natural appetite suppressant, and thus, is used as a weight-loss supplement. Therefore, the increase in weight management problems is anticipated to increase the sales of chromium picolinate.
The increase in the prevalence of diabetes is expected to serve as one of the major drivers for the increase in the demand of chromium picolinate. According to the World Health Organization, in 2016, around 1.6 million deaths were caused due to diabetes and is estimated to be the seventh leading cause of death in 2016. As health awareness among the consumers is increasing, the demand for dietary supplements is increasing as they satisfy taste as well as nutritional requirement.
The lack of awareness about chromium picolinate and the preference for plant-based dietary supplements is anticipated to serve as a major restraint for the chromium picolinate market. Due to an increase in awareness about the side-effects of the chemicals, the consumers prefer the use of plant-based products.
There are many types of dietary supplements that are present in the market. The companies are trying to develop plant-based dietary supplements to attract health-conscious consumers. Also, the lack of awareness about the dosage of chromium picolinate can cause side-effects.
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The dose of chromium picolinate will depend on various factors such as gender, age, etc., and thus, the lack of knowledge can have side-effects such as renal impairment, liver damage, etc. Therefore, the preference for plant-based dietary supplements and the lack of awareness is expected to hinder the growth of chromium picolinate market.
Chromium Picolinate Market: Regional Analysis
The hectic schedule, changing eating habits, increase in the disposable income, preference for a healthy lifestyle, etc., are anticipated to increase the sales of dietary supplements in the Asia Pacific region, and thus, is expected to have a positive impact on the chromium picolinate market. The increase in the prevalence of diabetes in the Asia Pacific region is estimated to increase the demand for chromium picolinate.
Chromium Picolinate Market: Key Participants
Some of the market participants in the Chromium Picolinate market are:
- Merck KGaA
- Resonance Specialities Ltd.
- Sellwell(Group) Chemical Factory
- Amsal Chem Private Limited
- Cambridge Commodities Limited
- Chemlock Metals Corporation
- Oceanic Laboratories Pvt. Ltd.
- Celtic Chemicals Ltd
- Anmol Chemicals Group
- Yihan Industrial Co., Ltd.
- Mubychem Group
- Salvi Chemical Industries Ltd.
The research report presents a comprehensive assessment of the chromium picolinate market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as grade, and end-use.
The report covers exhaustive analysis on
- Chromium Picolinate Market Segments
- Market Dynamics
- Market Size
- Supply and Demand
- Current Trends/Issues/Challenges pertaining to chromium picolinate market
- Competition Landscape and Emerging Market Participants in chromium picolinate market
- Technology related to Production/Processing of chromium picolinate
- Value Chain Analysis of the chromium picolinate market
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Chromium Picolinate Market Segmentation
The Chromium Picolinate market can be segmented on the basis of grade, and end-use:
On the basis of the grade, the chromium picolinate can be segmented as:
- Food Grade
- Pharmaceutical Grade
- Others
On the basis of end-use, the chromium picolinate market can be segmented as:
- Food and Beverage Industry
- Dietary Supplement Industry
- Nutraceutical Industry
- Others (e.g. Pharmaceutical Industry, etc.)
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