For the Quarter Ending June 2023
North America:
The Glucosamine market in North America exhibited an unfavorable price trend during the second quarter of 2023. From April to June, FOB New Jersey prices experienced a modest decline, falling from $9350 per tonne to $9300 per tonne, representing a quarter-over-quarter decrease of -0.53%. The lower demand for Glucosamine in the United States was primarily driven by ample stockpiles held by downstream nutraceutical companies. The nutraceutical sector in the nation displayed a fragmented pattern of market activity due to differing opinions on the cost of dietary supplements. Additionally, the nation's inflation rate declined, attributed to reduced supply chain pressures, although rising labor costs could potentially keep inflation elevated, leading to potential interest rate increases by the Federal Reserve in July. Market participants in the food and dietary supplement industries continued to adopt a cautious stance, given the uncertain state of the U.S. economy.
Asia Pacific:
In the Asia-Pacific region, the Glucosamine market witnessed a downward pricing trend during the second quarter of 2023, with prices declining from $6130 per tonne to $6100 per tonne FOB Shanghai between April and June. This price decline began in late April and persisted as demand for Glucosamine from downstream pharmaceutical and nutraceutical sectors weakened both globally and domestically. Lower demand and reduced consumer inquiries compelled Chinese Glucosamine manufacturers to sell their product at narrower profit margins. According to statistics, China's manufacturing activity contracted for the third consecutive month in June, albeit at a slower pace. These figures were released at a time when the government faced mounting pressure to increase stimulus spending to support an economy that was flattening out after a robust post-COVID rebound in Q1 2023. The June PMI also highlighted several imbalances and weaknesses, including ongoing declines in both domestic and international demand, accelerated declines in company activity, and growing pressure on the nation's pharmaceutical and nutraceutical industries.
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Europe:
In Q2 2023, the Glucosamine market in Europe displayed a pessimistic outlook, with price negotiations marginally decreasing in the German market. This price decline in Germany was primarily driven by reduced demand from downstream industries and ample supplier inventories. Notably, the cost of energy in Europe reached its lowest point since the onset of the crisis in April, sparking hopes for a more robust economic recovery and fostering trade with Asia. However, an unexpected increase in unemployment in Germany during June had a severe impact on the market environment. Retailers stockpiled Glucosamine in warehouses to guard against potential shortages, which eventually led them to lower their price margins later in the quarter to clear their inventories. Despite Germany experiencing inflation exceeding 6% again in June, the country's Glucosamine industry remained relatively unaffected. Like the rest of the world, market participants in Germany remained cautious and pessimistic about the nation's economic situation.
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