The increasing research investments in pharmaceutical sector is anticipated to openup the new avenue for Magnesium Gluconate Market
Market Overview:
Magnesium gluconate is an organic salt that contains magnesium and gluconic acid. It is commonly used as a dietary supplement and pharmaceutical drug. As a supplement, it helps maintain normal magnesium levels in the body and manages conditions caused by magnesium deficiency such as muscle cramps. In the pharmaceutical industry, it is used as an antacid and laxative. It is available in tablet, powder, and liquid form for oral consumption.
Market Dynamics:
The growth of the magnesium gluconate market is driven by increasing demand from the pharmaceutical industry. Pharmaceutical grade magnesium gluconate is used as an antacid and a laxative. Growing global prevalence of acid reflux, constipation and other gastrointestinal issues is fueling the demand for OTC pharmaceutical products containing magnesium gluconate. According to the National Institute of Diabetes and Digestive and Kidney Diseases, over 60 million Americans suffer from digestive diseases. This wide patient pool represents significant market opportunity.
Additionally, growing health consciousness among consumers is also driving the adoption of magnesium gluconate dietary supplements. Magnesium deficiency has been associated with various health conditions like muscle cramps, fatigue etc. Consumer preference for natural remedies is propelling the sales of magnesium gluconate tablets and powders for self-medication.
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.
Segment Analysis
Magnesium Gluconate market can be segmented into two key segments - Pharmaceutical Grade and Food Grade. The Pharmaceutical Grade segment currently dominates the global magnesium gluconate market due to wide application of magnesium gluconate pharmaceutical supplements for treating various health conditions like heartburn, acidity, constipation etc.
PEST Analysis
Political: There are no significant political risks impacting the magnesium gluconate market globally.
Economic: Growth in pharmaceutical and supplements industry along with rising health awareness and discretionary income is fueling the economic growth of magnesium gluconate market.
Social: Changing lifestyles, rising health issues, and increased adoption of magnesium rich dietary supplements are positively impacting the social factors for magnesium gluconate market growth.
Technological: Continuous investments in R&D for developing enhanced formulations of magnesium gluconate with improved solubility and bioavailability is boosting the technological advancements in this market.
Key Takeaways
The global magnesium gluconate market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing preference for magnesium rich dietary supplements and multifunctional use of magnesium gluconate in pharmaceuticals and functional food & beverages.
Regionally, Asia Pacific is expected to dominate as well as exhibit fastest growth in the global magnesium gluconate market owing to rising health consciousness, growing geriatric population, and increasing domestic production of magnesium gluconate in major Asia Pacific countries like China and India.
Key players operating in the magnesium gluconate market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, Triveni Chemicals, and Dacon China. Global Calcium currently dominates the market owing to its well-established distribution network and wide product portfolio. However, regional players like Liaoyang Fuqiang Food Chemical and Shandong Xinhong Pharmaceutical are expected grow at faster pace in their home markets in China and India.
For more insights, Read-
https://www.pressreleasebulletin.com/magnesium-gluconate-market-trends-size-and-share-analysis/
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