The market for 5-Hydroxytryptophan (5-HTP) is expected to grow at a CAGR of over 7% during the forecast period. Major factors driving the market studied are increasing demand from dietary supplements segment and rising demand from medical segment. On the flipside, fluctuations in availability and cost of raw material and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing trend for bio medications and increasing stress issues among people is expected to offer various lucrative opportunities for the growth of market.
- By application, dietary supplements segment is expected to dominate the market owing to the increase in the consumption of 5-hydroxytryptophan to maintain serotonin level in the brain.
- Asia-Pacific is expected to be fastest growing region for the 5-hydroxytryptophan market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Dietary Supplements Segment
- 5-Hydroxytryptophan (5-HTP) is, a natural amino acid, a precursor as well as a metabolic intermediate in the biosynthesis of neurotransmitter serotonin.
- The growing usage of 5-Hydroxytryptophan (5-HTP) in dietary supplements owing to increasing demand of artificial body nutrients and to maintain serotonin level in the brain is expected to propel the 5-Hydroxytryptophan (5-HTP) market during the forecast period.
- Additionally, dietary supplements usage of 5-hydroxytryptophan helps in sleep improvement, promotion of positive moods and emotions, and also help in appetite control and adherence to slimming programs. These factors are expected to increase the demand of 5-hydroxytryptophan and thus, stimulate its market during the forecast period.
- The global dietary supplements market is expected to grow at a CAGR of over 6% during the forecast period. This is anticipated to provide ample opportunities for the growth of 5-hydroxytryptophan market during the forecast period.
- Owing to all the above-mentioned factors for 5-hydroxytryptophan, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to be the Fastest Growing Market
- Asia-Pacific region is expected to be the fastest growing market for 5-hydroxytryptophan during the forecast period. In countries like China, India, Japan and South Korea, owing to increasing demand from various applications in food & beverages, dietary supplements, and medications, the demand for 5-hydroxytryptophan has been increasing in the region.
- Owing to the positive effects of 5-hydroxytryptophan on pain sensation, anxiety, sleep, and reduced appetite, its demand is increasing in the dietary supplements segment in the region, which is expected to propel its market during the forecast period.
- Additionally, increase in the consumption of 5-hydroxytryptophan in the medical industry for the treatment of anxiety, depression, migraine, over-eating leading to obesity, premenstrual syndrome, premenstrual dysphoric disorder, attention deficit-hyperactivity disorder, insomnia, and Parkinson’s disease is expected to stimulate the 5-hydroxytryptophan market.
- Furthermore, the rising trend for eco-friendly medications, such as 5-hydroxytryptophan, as a substitute for chemically synthesized tryptophan is expected to positively impact the 5-hydroxytryptophan market growth.
- The Asia-Pacific healthcare market is expected to grow at a CAGR of over 8% during the forecast period. This is expected to provide lucrative opportunities for the 5-hydroxytryptophan market during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - Linnea SA, CACTUS BOTANICS, and Shaanxi Jiahe Phytochem Co., Ltd.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for 5-hydroxytryptophan during the forecast period.
The 5-hydroxytryptophan (5-htp) market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Linnea SA, CACTUS BOTANICS, Chengdu SanHerb BioScience Co., Ltd., Shaanxi Jiahe Phytochem Co., Ltd, and Rishon Biochem Co., Ltd.
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