The L-Ergothioneine (EGT) Market is estimated to be valued at US$ 40.8 Mn in 2023 and is expected to exhibit a CAGR of 38% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
EGT has gained significant popularity as a natural antioxidant and for its role in promoting overall health and well-being.
L-Ergothioneine (EGT) is a naturally occurring thiol amino acid exclusively found in mushrooms and some animals like milk and meat. EGT has shown promising antioxidant properties for reducing oxidative stress and damage caused by free radicals. Due to EGT’s powerful antioxidant benefits, it is increasingly finding applications in dietary supplements, food and beverages industry for promoting overall health and wellness.
Market key trends:
One of the major trends driving growth of L-Ergothioneine (EGT) market is rising consumer preference for nutritional foods and dietary supplements derived from natural sources. EGT is biosynthesized only in certain organisms and has no known toxicity making it a safe and potent antioxidant. Increasing awareness about health benefits of natural antioxidants like EGT is fueling demand for EGT based supplements. Manufacturers are innovating new formulation utilizing EGT for anti-aging, joint health and cardiovascular applications which is further propelling market revenue. Rapid expansion of functional food and nutraceuticals industry globally creates enormous opportunities for market players dealing in EGT.
Threat of new entrants: The specialty chemical market requires high initial investments and patents which makes the entry of new players difficult.
Bargaining power of buyers: Buyers have low bargaining power due to the highly specialized applications of L-Ergothioneine.
Bargaining power of suppliers: Suppliers have high bargaining power due to limited availability of raw materials used in the production of L-Ergothioneine.
Threat of new substitutes: There are limited substitutes available for L-Ergothioneine due to its unique antioxidant properties.
Competitive rivalry: The market is highly competitive with focus on quality, reliability and cost.
Strength: L-Ergothioneine exhibits strong antioxidant properties and superior safety profile making it ideal for nutraceutical and dietary supplement applications. It protects cell components from oxidative damage.
Weakness: Limited availability of raw materials increases production costs. Challenges are faced in commercial scale production.
Opportunity: Growing health awareness and demand for natural antioxidants from nutraceutical sector provides potential growth opportunities. Rising geriatric population drives the anti-aging supplement market.
Threats: Stringent regulations pertaining to specialty chemicals. Competition from alternative antioxidant products.
The Global L-Ergothioneine (EGT) Market Size is expected to witness high growth, exhibiting CAGR of 38% over the forecast period, due to increasing health consciousness and dietary supplement consumption. North America dominates the market currently owing to high expenditure on health and wellness products in the region. Asia Pacific is projected to be the fastest growing market by 2030 led by rising disposable incomes, growing middle class and increasing investments by supplement manufacturers in emerging economies like India and China.
The Asia Pacific region is projected to witness the highest growth during the forecast period owing to rising health concerns, growing middle class population and increasing per capita healthcare expenditure in developing economies like India and China. Rising anti-aging supplement demand and growing nutraceutical industry also support the regional market growth.
Key players operating in the L-Ergothioneine (EGT) market are AnaSpec, Inc., Cayman Chemical Company, Kaneka Corporation, Sigma-Aldrich (part of Merck KGaA), Gold Biotechnology, Inc., Xi’an Lyphar Biotech Co.,, Ltd.,ChemFaces, Henan Senyuan Biological Technology Co., Ltd., Chengdu Biopurify Phytochemicals Ltd., Shenzhen Lvshiyuan Biotechnology Co., Ltd.