NEW YORK, May 21, 2021 /PRNewswire/ -- Growing demand for nutritional supplements and increasing awareness regarding the importance of macro- and micro-nutrients in the human body are leading driving factors for the rising need for magnesium lactate. Growing concerns pertaining to degrading agricultural productivity have encouraged governments to increase the utilization of magnesium lactate for controlling malnutrition and hunger. East Asia, Europe, and North America are major markets for magnesium lactate. Being a fragmented market, manufacturers of magnesium lactate are highly focused on increasing their sales and distribution networks across regions.
As per analysis by Persistence Market Research, the global magnesium lactate market is estimated to expand at a healthy CAGR of close to 9% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- Demand for food and pharmaceutical grade magnesium lactate has seen prominent growth in recent years, due to growing consumer awareness related to healthy lifestyle and increasing lifestyle diseases among people.
- Agriculture industries are well-established in regions such as East Asia, South Asia, Europe, and North America. Increasing demand for agriculture use of magnesium lactate from these industries is being witnessed.
- China, Japan, South Korea, and ASEAN countries are witnessing high demand for magnesium lactate due to increased demand for nutrition supplements. Presence of large manufacturing capabilities in Japan and South Korea are responsible for their large share and high growth in the market.
- Currently, East Asia and South Asia & Pacific are the most lucrative markets for magnesium lactate, due to increased domestic demand for food and pharmaceutical grade magnesium lactate. This is due to rise in population and increase in disposable income of middle-class families in these countries.
- The COVID-19 pandemic is currently impacting the global economy at various levels, and a slight impact has been seen on demand for magnesium lactate as well. With a number of end-use industries affected across several countries, profitable growth has also been impacted due to challenges in the manufacturing sector. Shortage in demand are expected to result in a slight drop in Y-O-Y growth, yet, Persistence Market Research expects the market to expand at close to 9% CAGR through 2031.
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"Surge in demand for health supplements in recent years is expected to provide an impetus to magnesium lactate sales. Government initiatives to strengthen the agricultural sector and enhance agricultural productivity to control malnutrition and hunger are driving the demand for macro- and micro-nutrients such as magnesium lactate to produce a better quality of crops," says an analyst of Persistence Market Research.
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Competitive Landscape
The global magnesium lactate industry has been identified as a significantly fragmented market, with the organized sector occupying a major section of the overall space. Tier-1 manufacturers account for maximum share. Some of the leading players included in the report are Corbion N.V., American Elements, Jungbunzlauer Suisse AG, Dr. Paul Lohmann Gmbh KG, ISALTIS, Magnesia Gmbh, Jost Chemical Co, LLC Lehmann&Voss&Co, PMP Fermentation Products, Inc., K+S, and Fengchen Group Co., Ltd, who are anticipated to create tough a competitive environment at the global level.
Conclusion
The market is anticipated to grow substantially owing to rising demand from the healthcare sector. Increasing use of magnesium lactate is being witnessed in applications such as pharmaceuticals, beverages, food, and agrochemicals.
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More Valuable Insights
Persistence Market Research, a research and consulting firm has published a market research report on the magnesium lactate market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, grade, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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