The global sialic acid market is estimated to be valued at USD 15,225.3 thousand by 2024 and is expected to register a CAGR of 12.19% during the forecast period.
The solid segment dominated the global sialic acid market, by form, and is projected to reach USD 14,602.4 thousand by 2024. The segment is also projected to be the fastest-growing during the forecast period.
North America dominated the market, accounting for the largest share of the market in 2017, and the regional market is expected to register a CAGR of 12.11% during the review period. The Asia-Pacific market is expected to be the fastest-growing at the highest CAGR of 12.64% during the forecast period. In Europe, the market is projected to reach USD 5,257.4 thousand by the end of 2024.
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The global sialic acid market has been segmented on the basis of form, application, and region.
On the basis of form, the market has been divided into solid and liquid. Sialic acid in solid form includes powdered and crystalized acid and is also known as dry or dehydrated sialic acid. Solid sialic acid is preferred in the food and pharmaceuticals industries owing to its superior blending properties with other ingredients and high shelf life as compared to the liquid form.
On the basis of application, the market has been divided into infant nutrition, dietary supplements, cosmetics and personal care products, and others. The infant nutrition segment accounted for 61.62% of the market share in 2018. However, the cosmetics and personal care products segment is projected to register the highest growth rate of 12.96% during the forecast period. Breast milk is a rich source of sialic acid, N-acetylneuraminic, especially in the early stages of lactation. Sialic acid is thought to play a crucial role in the structural and functional establishment of synaptic pathways by facilitating the binding of transmitter molecules to the synaptic membrane. Furthermore, sufficient sialic acid supply is essential in neonates and very-low-birth-weight infants for normal brain development. In dietary applications, sialic acid supplements are available in the form of candies, gummies, tablets, capsules, soft gels, gel caps, powders, and liquids.
Geographically, the global sialic acid market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America was the largest market for sialic acid in 2017 and is expected to remain dominant during the review period. Asia-Pacific is expected to account for the highest growth rate during the forecast period. The growing markets for infant milk formula and dietary supplements are expected to propel the growth of the sialic acid market in the region. The US accounted for the largest share of 76.75% of the North American market in 2017 and the country-level market is projected to register a CAGR of 12.06% during the forecast period.
Key Findings of the Study:
Key manufacturers are adopting product launches, expansions, and corporate acquisitions as growth strategies. Moreover, they are focusing on improved material use and sales through online retail channels.