The U.S. ketones market size was estimated at USD 2.73 billion in 2022 and is expected to surpass around USD 4.49 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 5.1% during the forecast period 2023 to 2032.
U.S. Ketones Market Report Scope
|Market Size in 2023||USD 2.87 Billion|
|Market Size by 2032||USD 4.49 Billion|
|Growth Rate From 2023 to 2032||CAGR of 5.1%|
|Forecast Period||2023 to 2032|
|Market Analysis (Terms Used)||Value (US$ Million/Billion) or (Volume/Units)|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Key Companies Profiled||BASF SE; Ineos; KetoLogic; Perfect Keto; KetoneAid; Sapien Products LLC; Boli LLC; KetÅndLLC; Zenwise; Limitless Venture Group, Inc.|
This is attributed to the rising geriatric population in the country and the increasing per capita income of consumers. In addition, the benefits of ketone supplements in the treatment of type-2 diabetes are likely to have a positive impact on market growth. The wide application scope of the product in several other applications like cosmetics & personal care products and its eco-friendly nature are expected to fuel the market growth in the coming years. However, higher costs and availability of substitutes are likely to hamper market growth.
The COVID-19 pandemic has impacted the global beauty industry severely. Thus, cosmetics companies responded by manufacturing hand sanitizers, cleaning agents, soaps, and other personal care products. Due to the anti-bacterial properties of acetone (a type of ketones), it can be potentially used in the formulation of surface sanitizers. Thus, the demand for the product is likely to increase over the predicted years.
According to the U.S. Department of Health & Human Services data, about 23% of residents in the U.S. or more than 54 million people have arthritis, of which about 60% are from the working class. This is likely to fuel the product demand in the pharmaceutical application segment. In addition, the product is also used by dermatologists in the country to treat skin acne.
The pharmaceuticals application segment accounted for the largest revenue share of more than 30.9% in 2022. The segment will expand further at a steady growth rate retaining its leading position throughout the forecast period. This growth is attributed to the wide product usage as an excipient in the production of pain-relieving drugs, which are used to treat conditions, such as osteo & rheumatoid arthritis, ankylosing spondylitis, back pain, muscle pain, and toothache.
The food & beverage segment is anticipated to register the fastest CAGR of more than 5.6% over the forecast period. This can be attributed to the rising demand for nonalcoholic beverages and increasing consumption of frozen dairy products, such as cheese, butter, ice cream, and yogurt, in the U.S.
The liver breaks down fats into substances called ketones, which are the by-products of fat metabolism. Being on a diet puts the body on ketosis. Ketosis burns fats at a very high rate. Ketone supplements mimic the ketosis process, thereby reducing body fat. Thus, increasing cases of obesity in the country are anticipated to boost the demand for ketone supplements, thereby boosting the segment growth.
Key Companies & Market Share Insights
Large-scale companies are focusing on investments in research & development activities to develop innovative products and to widen their product application areas. In addition, the companies have adopted other strategies, such as mergers & acquisitions, to expand their businesses. For instance, Limitless Venture Group, Inc. acquired majority ownership in KetoSports, Inc. that offers ketone health supplements. This initiative was aimed at expanding the business of the former company. Some of the prominent players in the U.S. ketones market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Ketones market.