Nutraceuticals to Bring About a Paradigm Shift in the Global Magnesium Sulphate Market

As per Fact.MR estimates, the global nutraceutical market is expected to rise two folds the growth of the global GDP up till 2027. Rising focus on the advantages of nutraceuticals, increasing instances of chronic diseases coupled with rapid technological advancements in the nutraceuticals sector by the key players are some of the major factors propelling the global nutraceuticals market growth over the long term forecast. Furthermore, 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. Magnesium is a vital supplement for the human body and has been widely adopted in nutraceuticals. Moreover, the major global players such as Nestle S.A., Cargill, Incorporated, General Mills, Inc., Dean Foods etc. are extending their product offerings within the nutraceutical sector along with providing advanced food products. Thus, increasing demand for nutraceuticals opens greater avenues for the magnesium sulphate market.

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Magnesium sulphate is being used as one of the most basic ingredients for many industries including agriculture, pharmaceutical, food, personal care and others. Magnesium sulphate serves different purposes in these industries and with these industries witnessing an upward trend, the market for magnesium sulphate is also expected to witness a significant growth over the long term forecast. The major applications of magnesium sulphate include pharmaceuticals, agriculture and food & feedstock. According to a report published by the World Health Organization (WHO), the global kilocalories (kcal) per capita per day is set to reach 3050 Kcal by 2030, which was measured to be 2940 Kcal in 2015.

 In addition, the global population is projected to surpass 9 billion by 2050. Therefore, the agricultural output needs to be increased all over the world. To stimulate global agricultural production, greater emphasis is being laid on adopting more efficient agricultural methods and chemicals such as fertilizers, herbicides etc. Hence, to maintain the balance of agricultural output and increasing food demand, the adoption of magnesium sulphate based fertilizers would increase, creating lucrative opportunities for the magnesium sulphate market. Food shortage remains a major global issue; one of the primary reasons behind it is the use of conventional methods which in turn results in a reduced crop yield. Thus, the demand for agriculture grade magnesium sulphate as a fertilizer has increased the demand for magnesium sulphate globally.

Moreover, the global pharmaceutical industry is also on a rise and that creates favorable opportunities for the growth of the magnesium sulphate market. The global pharmaceutical R&D spending from 2007 to 2016 was recorded to be around US$ 1.36 trillion which is forecasted to increase with an annual investment of US$ 181 Billion by the end of 2022, according to The Association of the British Pharmaceutical Industry (ABPI). Furthermore, owing to the increasing global demand for effective medicines, drug makers are producing pharmaceuticals that are effective for rare diseases. Magnesium sulphate has been developed as a drug for various clinical uses. It is on the World Health Organization’s medicine list since 1996 and is considered as the most effective, safe and low-cost compound. The ever-growing pharmaceutical industry and increasing geriatric population in the world are likely to provide an impetus to the growth of the global magnesium sulphate market over the long term forecast (2018-2027), as magnesium sulphate is considered as the most effective, safe, and low-cost compound in various drug formulations.

Asia to Capture a Huge Share in the Global Magnesium Sulphate Market

The global magnesium sulphate market report covers six major regions viz. North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa. Of these, East Asia along with South Asia & Oceania managed to capture around 40% of the global magnesium sulphate market in 2018 in terms of value. Presence of established key players offering variety of their products in the region tends to present a positive impact on the regional magnesium sulphate market. Mag Products India Private Limited (MPIPL), ZIBO JINXING CHEMICAL CO., LTD., Weifang Huakang Magnesium Sulphate Co., Ltd etc. are some of the major magnesium sulphate manufacturers in the region. In addition, Asia is a region very rich in magnesium production. China leads the global magnesium production as it produced around 18 million tonnes of magnesite.

 Moreover, high agricultural output, a positive government stance towards the agriculture industry, increased spending on personal care coupled with well-established paper & pulp industry tends to drive the East Asia, South Asia & Oceania magnesium sulphate market over the long term forecast period. For instance, as per Environmental Paper Network, 2019, Asia Pulp & Paper (APP) (Indonesia) is planning to set up a paper & pulp mill in Andhra Pradesh, India with an annual production capacity of 5 million tons. Moreover, with increasing medical tourism and focus towards patient centric trends, the pharmaceutical industry is expected to rise in the Asian region which further promotes the Asian magnesium sulphate market. Indonesia, Thailand and India are amongst the prominent medical tourism destinations for the patients from North America and Europe. Hence, owing to all the aforementioned factors, the markets in South Asia & Oceania along with East Asia are expected to rise with significant growth rates over 2018-2027.

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Key Players Targeting Capacity Expansion to Strengthen Their Hold in the Global Magnesium Sulphate Market

The global magnesium sulphate market consists of well-diversified global and regional players with global manufacturers capturing only 30% of the global market.  The prominent players of magnesium sulphate market include Giles Chemical, Jiangsu Kolod Food Ingredients Co., Ltd., K+S Group, Laizhou City Laiyu Chemical Co. Ltd., Mani Agro Chem Pvt. Ltd., PQ Corporation, Mag Products India Private Limited (MPIPL) and others. These key players are adopting various strategies such as capacity expansion, product launches, mergers & acquisitions, joint ventures etc. to strengthen their hold within the global magnesium sulphate market.