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Potassium Iodide Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Potassium Iodide Market Share
As per the report, the potassium iodide market size has grown strongly in recent years. It will grow from $0.90 billion in 2023 to $0.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The potassium iodide market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
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Increasing Demand For Nutritional Supplements Driving Growth Of Potassium Iodide Market
The increasing demand for nutritional supplements is expected to propel the growth of the potassium iodide market going forward. Nutritional supplements refer to products containing essential vitamins, minerals, amino acids, and other substances intended to supplement one's diet and support overall health and well-being. The demand for nutritional supplements is increasing due to several factors, such as growing awareness of the importance of nutrition for health maintenance, rising interest in preventive healthcare, lifestyle changes leading to dietary deficiencies, and aging populations seeking support for various health concerns. Potassium iodide is used as a nutritional supplement to support thyroid function and prevent iodine deficiency disorders, such as goiter and hypothyroidism, by providing a source of essential iodine in the diet. For instance, in October 2021, according to the survey conducted on 3,089 adults aged 18 and older living in the United States by the Council for Responsible Nutrition, a US-based trade association for the and functional food industry, 80% of Americans now use , marking a 7% increase from 2020. Additionally, trust in the industry has grown, with 79% of Americans finding it trustworthy in 2021, up from 74% in 2020. Therefore, increasing demand for nutritional supplements is driving the growth of the potassium iodide market.
Rising Health Consciousness Driving Growth of Potassium Iodide Market
The rising health consciousness is expected to propel the growth of the potassium iodide market going forward. Health consciousness refers to the awareness and proactive concern individuals have regarding their physical well-being and lifestyle choices. Rising health consciousness is driven by increasing awareness of the importance of preventive healthcare, access to health-related information, and a desire for improved quality of life. Potassium iodide is utilized by health-conscious individuals to maintain thyroid function and prevent iodine deficiency disorders, aligning with their proactive approach to overall well-being. For instance, in January 2021, according to a survey conducted on 5000 adults by Public Health England, a UK-based executive agency of the Department of Health and Social Care, 80% of adults over 18 in the UK opted to make lifestyle changes in 2021, with 8 out of 10 attributing these changes to COVID-19. Approximately 6 million adults aged 40 to 60 focused on healthier eating (40%), weight loss (39%), and increased physical activity (41%), showing a significant societal shift towards proactive health management. Therefore, rising health consciousness is driving the growth of the potassium iodide market.
Strategic Partnerships Drive Potassium Iodide Distribution
Major companies operating in the potassium-iodide market are adopting a strategic partnership approach to enhance product accessibility and cater to diverse consumer needs. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2023, the Delaware Emergency Management Agency (DEMA), a US-based state emergency preparedness agency, in collaboration with the Delaware Division of Public Health (DPH), a US-based Department of Health and Social Services, distributed potassium iodide (KI) tablets to residents living within a ten-mile radius, known as the Emergency Planning Zone (EPZ), of the Salem or Hope Creek Nuclear Generating Stations. These tablets are available to safeguard the thyroid gland from ingested or inhaled radioactive iodine that may be released during a radiation emergency. These tablets are part of Delaware's emergency plans for use in a nuclear incident and are provided through a program initiated by the U.S. Nuclear Regulatory Commission (NRC).
The potassium iodide market covered in this report is segmented -
1) By Product Type: Solid, Liquid
2) By Grade: Industrial Grade, Pharmaceutical Grade, Feed Grade
3) By Application: Pharmaceutical Industry, Nutritional Supplements, Industrial Applications, Radiation Protection, Photography And Imaging, Other Applications
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Major companies operating in the potassium iodide market are Thermo Fisher Scientific Inc., Honeywell International Inc., Merck KGaA, Univar Solutions Inc., Arkema Group, Avantor Inc., Tata Chemicals Ltd., Ise Chemicals Corporation, Samrat Pharmachem Limited, Mitsui Chemicals Inc., GFS Chemicals Inc., Calibre Chemicals Pvt. Ltd., Changshu Yuxi Chemical Co. Ltd, Ajay-SQM, Wego Chemical Group, Proto Chemicals Industries, Adani Pharmachem Private Limited, Pandora Industries Pvt. Ltd., Deepwater Chemicals Inc., Vishal Laboratories, Junsei Chemical Co. Ltd., Dalkem Corporation, Incasa S.A
Contents of the report:
1. Executive Summary
2. Potassium Iodide Market Report Structure
3. Potassium Iodide Market Trends And Strategies
4. Potassium Iodide Market - Macro Economic Scenario
5. Potassium Iodide Market Size And Growth
…..
27. Potassium Iodide Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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