July 24, 2024

Magnesium Gluconate Is Estimated To Witness High Growth Owing To Growing Demand From Food And Pharmaceutical Industry

Market Overview:
Magnesium gluconate is an inorganic salt that is used as a dietary supplement and pharmaceutical excipient. It contains magnesium, gluconic acid and water. As a dietary supplement, it is used to treat and prevent magnesium deficiency. It plays an important role in reducing stress, maintaining blood pressure levels and nerve & muscle function. In the pharmaceutical industry, it is used as an inactive ingredient in various drugs due to its non-toxic nature. It acts as filler, lubricant and disintegrant in tablets and capsules.

Market Dynamics:
The growing demand from food and pharmaceutical industry is estimated to be the key driver for magnesium gluconate market growth over the forecast period. Magnesium gluconate is commonly used in various packaged food products such as breakfast cereals, breads, pastas to fortify them with magnesium. It also finds wide applications in pharmaceuticals excipients in drugs manufacturing. Additionally, increasing health awareness among consumers about importance of magnesium in daily diet coupled with rising prevalence of magnesium deficiency disorders worldwide are further expected to propel market growth. However, availability of alternative magnesium supplements at lower prices may hamper the market growth over the forecast period.

The Global Magnesium Gluconate Market Share is estimated to be valued at US$ 172.6 Mn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis
Strength: Magnesium gluconate has excellent bioavailability and water solubility, which allows for easy absorption in the body. It is used as a dietary mineral supplement and has therapeutic properties to treat various health conditions like migraine, arthritis, and heart diseases. It provides the essential mineral magnesium to the human body which plays a key role in over 300 enzyme reactions. Manufacturing magnesium gluconate is a cost effective process and is readily available from natural resources.
Weakness: Low consumer awareness regarding the health benefits of magnesium gluconate can hamper the market growth. Variations in the pricing of raw materials like gluconic acid can increase the production cost of magnesium gluconate.
Opportunity: Rising prevalence of magnesium deficiency disorders worldwide due to poor diet and busy lifestyles presents lucrative opportunities. Growing focus on preventive healthcare and inclination towards usage of herbal and natural dietary supplements will drive the demand. Increasing spending on healthcare and supplement products in emerging economies also creates new opportunities.
Threats: Strict regulations pertaining to usage of supplements may hamper the growth. Easy availability of substitute dietary minerals can pose a major threat. Volatility in raw material prices and supply chain disruptions during COVID-19 pandemic affected the market negatively.

Key Takeaways
The global magnesium gluconate market is expected to witness high growth, exhibiting a CAGR of 2.9% over the forecast period, due to increasing awareness regarding benefits of dietary supplements.

Regional analysis: North America dominates the global magnesium gluconate market owing to growing health consciousness, rising geriatric population, and sophisticated healthcare infrastructure. Asia Pacific exhibits fastest growth in the upcoming years due to rising spending on preventive healthcare in China and India.

Key players: Key players operating in the magnesium gluconate market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, Triveni Chemicals, Dacon China, and Reephos Chemical. They are focusing on new product launches, mergers, and acquisitions to expand their customer base and strengthen distribution network globally.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it