The growth of global magnesium sulphate market goes hand in hand with the growth in its respective application industries. Furthermore, magnesium sulphate is witnessing new application areas such as nutraceuticals, advanced fertilizers and many more. Hence, with its increasing penetration in novel applications within nutraceuticals along with a consistently increasing demand from the end-use industries, the magnesium sulphate market is expected to rise with a moderate CAGR over the long term forecast (2018-2027).
The demand of nutraceuticals is on a hike owing to rising consumer preference for natural dietary supplements, providing them nutrition and protection against chronic diseases. 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. Hence, the increasing demand of nutraceuticals creates a wide adoption pool for magnesium that in turn drives the global magnesium sulphate market till 2027. However, the market growth is hindered by volatility in pricing along with availability of different magnesium grades.
Asia to Offer Lucrative Growth Prospects to the Manufacturers in the Magnesium Sulphate Market
On the basis of regional split, the global magnesium sulphate market has been divided into six major regions including North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa. The study by Fact.MR revealed that East Asia along with South Asia & Oceania account for nearly 40% of the global market in 2018 in terms of value.
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Asia is a region having well established chemicals and pulp & paper industries. In addition, increasing agriculture output coupled with ever increasing food demand tends to increase the scope for magnesium sulphate within the region. Moreover, with increasing population estimates and rapid urbanization, the agriculture and food industries are likely to witness an uplift thereby creating immense opportunities for the East Asia and South Asia & Oceania magnesium sulphate market.