Innovative Trends Steer Demand for Magnesium Sulphate during the forecast Period, 2018-2027

Posted on 2019-10-03 by Mark Hub in Chemicals // 0 Comments

The report studies the magnesium sulphate market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. In order to study the various trends and patterns prevailing in the concerned market, Fact.MR has included a new report on magnesium sulphate market to its wide online database including upcoming trends and market growth factors through 2027. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants.

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Global Magnesium Sulphate Market to Witness an Increase in Pharmaceutical R&D Spending

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.

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 nutraceuticals market 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.

Animal Feed to Offer Lucrative Growth Opportunities to the Magnesium Sulphate Market

The shift in food consumption patterns along with dietary trends in livestock products is driving the current day world food economy. In the last decade, the Asian region witnessed a trend of increased meat consumption, growing at a rapid rate of 4% per year. Other than meat consumption, the demand for milk along with other dairy products has witnessed a growth by 2-3% per year. Owing to the increase in demand, there have been notable effects on the aggregate agricultural output. There has been a rapid increase in livestock production, consequently affecting the crop sector that supplies the feed for animals, including cereals, oilseeds, and fisheries. The feed demand has been considered as a dynamic element conditioning the growth of the cereals sector, particularly in the developed regions. Magnesium sulphate helps animals in the reduction of auto-mutilation, cannibalism, sudden cardiac death, impaired quality of meat, and transport mortality. The growth in demand for animal feed and livestock itself has been raising the need for animal feed magnesium sulphate in the market to maintain the animal health devoid of side effects, thereby aiding the global magnesium sulphate market growth. Hence, with all the aforementioned factors, the animal feed magnesium sulphate market is expected to rise with over 4% CAGR over the forecast period (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.

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