May 22, 2024
Magnesium Gluconate Market

The Future of Magnesium Gluconate Looks Promising due to Growing Health Concerns

Magnesium gluconate is an essential mineral salt used in various industries including pharmaceutical, food and beverage and personal care products. It is commonly used as a dietary supplement to treat and prevent magnesium deficiency. As a dietary mineral, magnesium gluconate plays an important role in promoting bone health, regulating heart rhythm, supporting muscle and nerve function. The growing health awareness among consumers regarding overall well-being and preventive healthcare has boosted the demand for magnesium gluconate supplements in recent years.

Magnesium gluconate is often used as an antacid and laxative. It is also used to treat and prevent conditions caused by magnesium deficiency like muscle cramps, high blood pressure, migraines and more. Some key application areas of magnesium gluconate include dietary supplements, pharmaceutical drugs, fortified food products, beverages and cosmetics. Dietary supplements remain the dominant end use segment followed by pharmaceutical drugs. Supplement manufacturers use it to formulate tablets, capsules and powders high in magnesium content.

The global magnesium gluconate market is estimated to be valued at US$ 198.84 billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The growing health concerns among consumers regarding preventive healthcare and overall wellness driven by changing lifestyles is a major driver boosting the magnesium gluconate market. As per the new report, around 30-40% of the world’s population is deficient in magnesium. This deficiency can lead to serious health issues like heart disease, diabetes and osteoporosis. Therefore, the increasing awareness about magnesium benefits and deficiencies has fueled the demand for dietary supplements rich in magnesium gluconate content. Another key factor driving the market growth is increasing spending on nutraceutical and functional food products by health-conscious consumers. Manufacturers are leveraging the demand and launching variety of fortified foods and beverages containing magnesium gluconate. The wide application scope of magnesium gluconate across industries like pharmaceuticals, nutraceuticals, food and beverages is expected to present lucrative opportunities for market players over the forecast period.

Segment Analysis

The global magnesium gluconate market is segmented based on form, application, and distribution channel. The liquid form accounts for the dominant share due to its easy availability and increased consumption for industrial uses. The powdered form is also gaining traction due to increasing usage in dietary supplements.

PEST Analysis

Political: Stringent regulations regarding usage of magnesium supplements in food and pharmaceutical products by regulatory authorities impact the demand.

Economic: Rising per capita income and health expenditure positively influences the market. However, high cost of R&D activities hinders market growth.

Social: Increasing health consciousness among people regarding maintaining proper muscle and nerve function promotes magnesium gluconate consumption through supplements.

Technological: Continuous innovations in nanoencapsulation technology help improve bioavailability and stability of magnesium gluconate. Rising adoption of smart devices for online purchase of supplements also aids market growth.

Key Takeaways

The Global Magnesium Gluconate Market Growth is expected to witness high during the forecast period due to increasing usage across dietary supplements, pharmaceutical, and food industries. The North American region dominates the market due to rising health supplements demand from the US and Canada.

Regional analysis: North America accounts for the largest share in the global magnesium gluconate market due to increasing uptake of nutraceuticals in the region. The Asia Pacific region is anticipated to witness fastest growth owing to rising geriatric population and growing health awareness in developing countries such as India and China.

Key players operating in the magnesium gluconate market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM. Microsoft Corporation leads the market due to its huge base for IoT platforms, analytics, and connectivity solutions globally.

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