Growing health awareness amongst people and increasing inclination towards adopting healthy lifestyles have increased the demand for effective health products considerably. This has urged the companies operating in pharmaceutical, nutraceutical and food industries to use efficient ingredients in their products. One of such additives is glutathione, which serves as an essential antioxidant helping in DNA synthesis, boosting immunity and sperm formulation. It also acts as a key element in cosmetic products for reducing skin tan, enhancing skin tone, reducing wrinkles, fine lines and pigmentation, etc. On account of numerous health benefits of glutathione, global glutathione market is set to witness commendable growth over the ensuing years.
According to a recent report by Global Market Insights, Inc., glutathione market size is projected to surpass USD 315 million by 2027.
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Worldwide COVID-19 outbreak has affected the industry during the past year. Due to the lockdowns enforced all over the world, supply chain for pharmaceutical industry has been severely hit leading to non-availability of raw materials, packing materials, etc. In addition, demand for cosmetic products also declined considerably. These factors have hampered the demand for glutathione in such industries. However, with time, transport restrictions are being lifted gradually and various stores, spas, salons restoring their operations, the industry growth will resume.
An overview of prominent factors driving the growth of glutathione market is outlined as below:
Increasing pharmaceutical applications of Glutathione
Glutathione finds extensive application in pharmaceutical products owing to various health benefits offered by it such as treating oxidative stress, psoriasis, respiratory disease symptoms, etc. It is consumed orally for the treatment of glaucoma and cataracts, reducing aging, preventing asthma, hepatitis, heart disease, cancer, liver disease and other diseases that weaken the immune system of the body. Glutathione is also consumed through inhalation for treating lung diseases such as cystic fibrosis, idiopathic pulmonary fibrosis, etc. Wide usability of glutathione for developing pharma products is fostering industry growth.
Rising adoption of Glutathione in cosmetic industry
Apart from its medicinal benefits, glutathione is gaining immense popularity as an ingredient for cosmetic products owing to its skin lightening property. It helps in removing the tan from skin and also making skin light and radiant. Besides, it is also used as an anti-aging ingredient as it helps in reducing wrinkles and pigmentation. Increased application of glutathione in cosmetics is providing lucrative growth prospects for the industry.
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Some of the major trends propelling the growth of glutathione market are as under:
Thriving pharmaceutical industry in North America
Ongoing expansion of pharmaceutical industry in North America along with consistent support from the government for research and development activities is impelling the demand for glutathione in the region. Considering the increasing product demand, North America glutathione market is estimated to witness a robust CAGR of over 7.0% through 2027.
Growing cosmetic industry in Asia Pacific
Expanding cosmetics industry in Asia Pacific on account of increasing beauty trend, and rising awareness regarding skin care among the residents are some of the prominent factors fostering the adoption of glutathione in the region. This is expected to augment the business space for glutathione market in Asia Pacific.
Rising demand for cosmetics and personal care products in Latin America
Latin America is witnessing a significant consumer shift towards cosmetics and personal care products over the past few years. With changing lifestyle patterns, increasing disposable income, and growing expenditure on personal care and beauty products, demand for glutathione is increasing enormously. Reportedly, in 2019, Brazil alone had recorded sales of over 45.0% for fragrances, cosmetics and personal care product in the region. Burgeoning demand for such products is positively influencing the industry landscape in LATAM. According to the report, Latin America glutathione market is anticipated to register an appreciable CAGR of 6.5% through 2027.
A gist of restraints faced by glutathione market is as under:
Alleged side effects of glutathione such as cramping, bloating and allergic reactions along with stringent regulatory scenarios regarding food and pharma ingredients are some of the crucial factors affecting the industry growth.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.