The global Chromium Picolinate market generated revenue of around USD 10,140 million in 2020 and anticipated to grow at a CAGR of over 8.5% during the forecast period from 2021 to 2027 to reach around USD 18,065 million in 2027.
Chromium tripicolinate or Chromium picolinate is a mineral of chromium which is found in health or dietary supplements. It is a reddish pink colored powder that helps to maintain the healthy cholesterol level, stabilizes the level of blood sugar, and promotes weight loss. Chromium is generally present in food like grain bread, meat, fish, etc. in trace amounts. But there are still some chances of getting chromium deficiency due to rapidly changing lifestyle and changed eating habits, and therefore the consumption of chromium picolinate is one of the effective ways to attain the daily requirement of the chromium. Chromium picolinate is a compound which is easily absorbed by human body.
Key Trends in Global Chromium Picolinate Market
Rise in Obesity and Overweight
Obesity is a type of disease which involves an excessive amount of body fat. According to the data published in 2016 by WHO (World Health Organization), more than 1.9 billion adults i.e. 39% of the total adults aged 18 years and above were overweight. According to the same data, 650 million adults i.e. 13% of the total adults aged 18 years and above were obese. According to the data provided in 2019 by WHO (World Health Organization), about 38.2 million children aged under 5 years were either overweight or obese. Chromium picolinate is used as a dietary supplement as the help in decreasing the craving of carbohydrate and also helps in fats and carbohydrates. This is anticipated to drive the chromium picolinate market.
Impact of COVID 19 on Global Chromium Picolinate Market
The rapid spread of the new coronavirus strain is vividly altering people’s lives around the globe and this in turn affecting their consumption pattern. There are few — if any — industries that haven’t been impacted in some way. Users’ preferences and behaviors have likely shifted, and may be very different now than they were in 2019. In the COVID-19 situation, the demand for the chromium picolinate was affected due to the restrictions on trade and lockdown. However the demand was not affected adversely as the lockdown and work from home situation created awareness among population for weight management.
Global Chromium Picolinate Market by Grade Insights
On the basis of grade, the Chromium picolinate market is segmented into food grade, pharmaceutical grade, and others. Food Grade segment is anticipated to dominate the grade segment of Chromium Picolinate market. Due to its various benefits of chromium picolinate such as it enhances level of insulin, decreases the craving for carbohydrates, helps in maintaining sugar level in the blood, promotes weight loss, and maintains healthy cholesterol level, it is used in food and hence the demand for chromium picolinate in food grade is increasing.
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Global Chromium Picolinate Market by End User Insights
Based on end user, the Chromium Picolinate market is segmented into textile dietary supplement industry, food and beverages industry, feed industry, nutraceutical industry, and others. Dietary supplement segment is anticipated to dominate the end user segment of Chromium Picolinate market. Dietary supplements are the products which can be eaten or drunk and are used to support and increase good health of a person. The growing awareness about maintaining health is anticipated to increase the demand for dietary supplements worldwide. This increase in demand fuels the growth of the dietary supplement segment of chromium picolinate market.
Global Chromium Picolinate Market by Regional Insights
The largest market for Chromium Picolinate is North America which accounted for approximately 36% of the total revenue generated. The highly developed technologies for food industries, rising awareness about the benefits of chromium picolinate and dietary supplements, major manufacturing base, and health conscious population is driving the growth of the North American chromium picolinate market. Asia Pacific is anticipated to show a high growth rate owing to the presence of obese and overweight population, increase in awareness about the benefit of dietary supplements, awareness about importance good health and rising industrial base in countries such as India, China, etc.
Global Chromium Picolinate Market Competitive Landscape
The main players of the global Chromium Picolinate market include Merck KGaA, Sellwell(Group) Chemical Factory, Resonance Specialities Ltd., Amsal Cambridge Commodities Limited, Chem Private Limited, Chemlock Metals Corporation, Celtic Chemicals Ltd, Oceanic Laboratories Pvt. Ltd., Anmol Chemicals Group, Mubychem Group, Salvi Chemical Industries Ltd., Yihan Industrial Co., Ltd., and Others. The report covers detailed profiles of the key players.
Global Chromium Picolinate Market by Type, 2015 – 2027
Global Chromium Picolinate Market by End User, 2015 – 2027
Global Chromium Picolinate Market by Region, 2015 – 2027
Global Chromium Picolinate Market: Key Players
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