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Magnesium Sulphate Industry to Record CAGR of 4% and Increase in Revenue by 2027 - States Fact.MR
Magnesium Sulphate Market
Furthermore, magnesium sulphate is witnessing new application areas such as nutraceuticals, advanced fertilizers and many more.
Hence, with its increasing penetration in novel applications within nutraceuticals along with a consistently increasing demand from the end-use industries, the market of magnesium sulphate is expected to rise with a moderate CAGR over the long term forecast (2018-2027).
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The demand of nutraceuticals is on a hike owing to rising consumer preference for natural dietary supplements, providing them nutrition and protection against chronic diseases.
Nutraceuticals are consumed exclusively or as a part of food additives or functional foods. Increasing incidences of chronic diseases and adverse health effects of conventional medicines have diverted consumer preference towards organic or natural products.
Hence, the increasing demand of nutraceuticals creates a wide adoption pool for magnesium that in turn drives the global magnesium sulphate market till 2027.
However, the market growth is hindered by volatility in pricing along with availability of different magnesium grades.
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Asia Will be a Regional Frontrunner in the Magnesium Sulphate Market
On the basis of regional split, the global magnesium sulphate market has been divided into six major regions including North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa.
The study by Fact.MR revealed that East Asia along with South Asia & Oceania account for nearly 40% of the global market in 2018 in terms of value. Asia is a region having well established chemicals and pulp & paper industries.
In addition, increasing agriculture output coupled with ever increasing food demand tends to increase the scope for magnesium sulphate within the region.
Moreover, with increasing population estimates and rapid urbanization, the agriculture and food industries are likely to witness an uplift thereby creating immense opportunities for the East Asia and South Asia & Oceania magnesium sulphate market.
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For instance, increasing awareness of nutraceuticals in Asia provides immense opportunities to the magnesium sulphate market.
In addition, key players of the magnesium sulphate market present in the Asian region are focusing on expanding their production capacities that aids the regional magnesium sulphate market.
Some of the major manufacturers include Mag Products India Private Limited (MPIPL), ZIBO JINXING CHEMICAL CO., LTD., Weifang Huakang Magnesium Sulphate Co., Ltd, Mani Agro Chem Pvt. Ltd. and others.
Agriculture to Remain the Most Favorable Sector till 2027 in the Magnesium Sulphate Market
Magnesium sulphate finds huge adoption in agriculture industry with regards to fertilizers, herbicides etc.
Being the backbone of global economy, agriculture continues to witness steady growth worldwide. With this, the demand for fertilizers is expected to increase in the coming years, which is likely to have a significant impact on the magnesium sulphate adoption.
Increasing use of magnesium in fertilizers has been observed as it facilitates the development and growth of plants and promotes photosynthesis as it is the central element of the chlorophyll molecule.
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Besides, it is both an activator as well as an enzyme that helps strength. Magnesium carries out efficient sugar synthesis, starch translocation, fat formation, and enhanced iron utilization.
Benefits offered by magnesium in plant health has translated into increased use in the fertilizer industry.
Hence, with the aforementioned advantages and increasing agriculture output, the magnesium sulphate agriculture market is expected to growth nearly two times the growth of the global GDP.
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