DUBAI, U.A.E, Sept. 10, 2020 /PRNewswire/ — According to a new market study by Future Market Insights (FMI), the global magnesium sulphate market is forecasted to witness healthy growth in terms of value between 2019 and 2029.
The report attributes the growth of the market to the growing adoption of magnesium sulphate as a nutrient supplement, firming agent, flavor enhancer, and processing aid across pharmaceutical, food, and agriculture sectors. Along similar lines, the nutraceutical sector is expected to emerge as a substantial end-use sector in the years to come.
Owing to rising health consciousness among consumers worldwide, the sales of nutraceuticals are sprouting year-on-year, thereby necessitating higher production volume. On this premise, magnesium sulphate is gaining remarkable traction in the production of nutraceuticals due to its nutritional composition that offers numerous health benefits.
Consumption of magnesium aids in regulating nerve and muscle function, blood pressure, sugar levels, and creation of bone, protein and DNA. Moreover, deficiency of magnesium leads to several chronic conditions including tremors and muscle spans. On the back of these facets, magnesium is finding significant adoption in the nutraceutical industry, which will continue to drive sales.
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“Market players are directing their efforts towards emerging economies such as India, Brazil, and China, owing to the concentration of agricultural production coupled with the presence of a flourishing pharmaceutical industry”, remarks FMI analyst.
Magnesium Sulphate Market – Key Takeaways
- The global magnesium sulphate market is projected to rise in value at a CAGR of 5.7% through the forecast period and cross the billion-dollar mark by 2030.
- By type, heptahydrate magnesium sulphate is anticipated to hold more than 3/5th of the overall market value, backed by extensive usage in food, agriculture, and industrial applications
- Based on grade, pharma grade magnesium sulphate will remain the most lucrative variant, accounting for nearly 50% of the overall value.
- Agriculture grade magnesium chloride is poised to register higher growth owing to surging adoption in inorganic fertilizers and will capture over 1/5th of overall value.
Magnesium Sulphate Market – Key Trends
- The rising prominence of magnesium-based fertilizers, due to their ability to enhance sugar production, starch translocation, and fat formation, is fueling magnesium sulphate’s adoption in agriculture fertilizer development application.
- The growing consumption of magnesium sulphate-based animal feed is emerging as a lucrative trend for market players to capitalize on.
Magnesium Sulphate Market – Regional Analysis
- East Asia, led by China, is expected to remain the largest regional market for magnesium sulphate ascribed to high population and the subsequent demand for agricultural production.
- East Asia is estimated to capture over 35% of the global market value through the forecast period.
- Europe will prevail as the second most lucrative region owing to the soaring consumption of animal feed in the region’s gargantuan livestock industry.
- South Asia is poised to offer an incremental opportunity of over US$ 32 Bn during the forecast period, backed by increasing private and public expenditure to enhance the healthcare sector.
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Magnesium Sulphate Market – Competitive Landscape
Some of the key players operating in the market include K+S Aktiengesellschaft, PQ Corporation, Zibo Jinxing Chemical Co. Ltd., Giles Chemical, Rech Chemical Co., Mag Products India Private Limited, Mani Agro Chemical Pvt. Ltd., PERSIA PAYA MADAN, ZIBO JINXING CHEMICAL CO LTD., and Laizhou Guangcheng Chemical Co. Market players are focusing on upscaling their functional capacities through partnerships. On these lines, in 2019, three organizations namely K+S, MFS Africa, and Akorion entered into a tripartite agreement to promote breakthroughs in agriculture technology.
Magnesium Sulphate Market – Taxonomy
- Industrial Grade
- Food Grade
- Agricultural Grade
- Pharma Grade
- Pharmaceuticals & Personal Care
- Pulp & Paper
- Food & Feed Additives
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East & Africa
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Get Valuable Insights into the Magnesium Sulphate Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global magnesium sulphate market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the magnesium sulphate market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.