Global Market Insights 2024: Potassium Iodide Trends and Opportunities

"The Business Research Company recently released a comprehensive report on the Global Potassium Iodide Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to the rise in demand for nutritional foods, high health concerns, increased number of CT examinations, growth of the food & beverages and pharmaceutical industries, and demand for diagnostic imaging treatments in the pharmaceutical sector.

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%. The growth in the forecast period can be attributed to the increasing prevalence of thyroid disorders and iodine deficiency disorders (IDDs), growing awareness of the importance of iodine supplementation, rising concerns about nuclear accidents and radiation exposure, increasing demand from the food and beverage industry, growth in industrial applications. Major trends in the forecast period include expansion of application in nutritional supplements, technological advancements, product innovation, partnership and collaboration with peer competitors, and expansion of the pharmaceutical industry.

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Market Drivers and Trends:

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.

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).

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Major Key Players of the Market:

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

Potassium Iodide Market 2024 Key Insights:

• 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%.
• Increasing Demand For Nutritional Supplements Driving Growth Of Potassium Iodide Market
• Strategic Partnerships Drive Potassium Iodide Distribution
• Asia-Pacific was the largest region in the potassium iodide market in 2023

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This release was published on openPR.