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Food Grade Iron Powder Market to Expand with a CAGR of 5.9% due to Growing Demand for Foodstuffs with Higher Nutritional Values
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TMR anticipated the global revenue of the food grade iron powder market is expected to reach US$ 4.3 mn by the end of 2018 and expected to expand with a CAGR of 5.9% to attain value of nearly US$ 6.9 mn by the end of 2026. On basis of type, the iron compounds segment is expected to dominate the global food grade iron powder market owing to high adoption of iron compounds such as ferrous fumarate, ferrous gluconate, ferrous sulfate, and others. On the basis of end-use industries, the food & beverage segment is projected to account for significant share in the global revenue with nearly 37.8% in 2018. On the basis of region, Asia Pacific is anticipated to expand with a CAGR of 7.2%.
Demand for Foodstuffs with Higher Nutritional Values to Drive Growth
Iron deficiency is the most common micronutrient deficiency among children between the age group of six months to two years. These essential micronutrients in are increasingly used in the infant formulas owing to rising consumer preference for nutritional fortification in infant and baby foodstuffs. Additionally, this deficiency is most common in women due to their hectic lifestyle, insufficient nutrients intake, and improper self-care. With the rising awareness about health of mother and their child globally has boosted demand for food grade iron powder which is likely to drive growth of the global food grade iron powder market.
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Manufacturers are improving their baby food products and infant formulas with addition of iron & calcium which helps to reduce the deficiencies and disorders such as anemia during their infancy. Rising awareness about benefits of consumption of these baby food and infant formulas are boosting adoption of food grade iron powder is likely to fuel growth of the global food grade iron powder market. Additionally, these metal ions are highly efficient in recovery from deficiencies. They efficiently regulate the physiological activities and provide better crop output resilience.
Risk of Possible Side Effects to Hamper Growth
Despite of thee growth prospects, risk associated with the over consumption of iron supplements. The risks associated with over consumption are damage to internal organs, and possibilities of increase susceptibility to heart attack, diabetes, and cancer. In addition, high prices of chelated micronutrient fertilizers is a major constraint limiting widespread adoption or application, especially in field crops. Also, high raw material cost that results in to increase in prices of food grade iron powder which is likely to hamper growth of the global food grade iron powder market.
Nevertheless, high demand for food grade iron powder due to increasing cases of deficiencies and their associated risks coupled with increasing production capabilities and technology to improve their processing technologies are reducing time and cost of products substantially are creating lucrative opportunities in the global market for food grade iron powder.
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