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Magnesium Phosphate Market impressive growth rate will be stimulated by food & beverages sector by 2024

Author : Ronak Bora | Published Date : 2019-04-22 

As per the report by Global Market Insights, Inc., “Worldwide Magnesium Phosphate Market was valued USD 1 billion in 2018 and will surpass a revenue collection of USD 1.5 billion by 2024 with an annual growth rate of 4% over 2018 to 2024.”

Potential application in food & beverages, pharmaceuticals, fertilizers and feed application are propelling the magnesium phosphate market growth. Increasing product demand for oxidative phosphorylation, DNA synthesis, glycolysis, bone structural development and energy production will drive the industry demand.

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Advanced biomedical sector to cure skeletal disorders including osteoporosis and arthrodesis has enhanced the product penetration in healthcare industry. Rising use of magnesium phosphate as bone graft substitute owing to its effective mechanical properties, biocompatibility and biodegradability will further stimulate the magnesium phosphate market demand.

Strong outlook for mineral rich feed products to improve milk production, enhance immunity and prevent hymagnesaemia in ruminants will propel the industry growth. Growing dietary and nutritional product demand especially in developed regions will have a positive outlook for business growth. The efficient product usage in preventing kidney stone has also fueled the product penetration. Technological development in agricultural and pharmaceutical industries will boost the global magnesium phosphate demand.

Growing government focus on food safety awareness and healthy lifestyle coupled with standardized dietary intakes for magnesium phosphate and other nutrients will propel the magnesium phosphate market growth. Rising product demand along with raw material insufficiency are among key factors influencing the price trend. Substitute advancements through material science development may hinder the product demand.

Dimagnesium phosphate held the maximum market volume share of over 45% in 2017. Extensive use of dimagnesium phosphate as a PH regulation reagent, nutrition supplement agent, a stabilizer and an emulsifier to improve the appearance and taste of dishes will have a positive impact on the product demand. Moreover, increasing use in bakery applications as a leavening agent to enhance fluffiness and dough rise would further strengthen the product penetration.

Magnesium phosphate market in the food & beverage application is anticipated to witness a significant growth over the forecast period. This growth can be credited to factors such as enhanced energy production, maintaining mineral balance and enzyme activity regulation. Strong outlook in bakery industry as a leavening agent will enhance the product penetration in food industry. In addition, reduced chances of diabetes, heart diseases and hypertension will propel the business size.

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Asia Pacific dominates the magnesium phosphate market and holds the maximum volume share of over 45% in 2017. Rising food & beverage and agriculture industries in this region are projected to fuel the market demand. Growing government focus and support on training the farmers to enhance plant growth, crop nutrition and yield are further driving the business growth.

Global magnesium phosphate market is competitive in nature. Key industry participants are Jostchemical, Refractory Minerals Company, Innophos, Triveni Chemicals, Celtic Chemicals and KRONOX Lab Science. Other prominent players are American Elements, Anmol Chemicals Group, Nithyasri Chemicals, Nikunj Chemicals, Powder Pack Chem, Redox, Shanpar, Hap Seng, Pacific Chemicals Company and Nexgen Chemicals. Manufacturers are anticipated to gain a larger market share by adopting various strategies such as merger & acquisition, R&D investments and supply agreements. In November 2017, Innophos acquired Nutra Genesis to strengthen its foothold in nutraceutical markets.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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