Magnesium Sulfate acts as basic ingredient in many industries like agriculture, food, pharmaceutical and personal care of which the major application is witnessed in pharmaceutical, food & feedstock and agriculture industry. The global population is estimated to exceed 9Bn by the end of year 2050 which implies that the present output of agriculture may fall insufficient for such huge mass. Efforts to enhance agricultural output are going across the globe with emphasis on use of efficient agricultural methods and components like fertilizers. Magnesium sulfate-based fertilizers are being adopted on the backdrop of meeting dual needs i.e. increasing agriculture output and sufficing food demand.
Medicine for rare disease increases demand
The global issue of food shortage has increased the demand for magnesium sulfate to be used as fertilizers which in turn generates lucrative opportunities in the market. The pharmaceutical industry has grabbed this opportunity and is spending extravagantly to come up with attractive products. Global pharmaceutical industry spent around US$1.36 trillion in the period of 2007-2016 which is forecasted to further increase and amount US$18Bn by the end of 2022. This growth is driven by the growing demand for medicines of rare diseases. Magnesium Sulfate is also used in drug development and is on WHO’s medicine list. The rapidly growing pharmaceutical industry and growth in old age population gives impetus to global magnesium Sulfate market.
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Magnesium Sulfate is used in nutraceuticals market which is influenced by increased chronic disease cases and technological advancements. Nutraceuticals are primarily consumed as additives in food and magnesium is considered as vital nutrient. Major players in Magnesium Sulfate market like Nestle S.A., General Mills and dean Foods are introducing new and advanced food products in nutraceutical segment.
Magnesium Sulfate aids as animal feed
Asia is witnessing meat consumption trend that is increasing annually at a rate of 4%. Other prominent trend is observed in milk and dairy products consumption that is estimated to grow annually at 2-3% rate. Increased demand for these items have brought changes in various aspects such as increased livestock production that affects feed supply for animals. Magnesium Sulfate helps animal in many cases like auto-mutilation, sudden cardiac arrest, cannibalism and transport mortality. The magnesium sulfate market in animal feed segment is expected to grow at 4% CAGR for the forecast period 2018-2027.
Global Magnesium Sulfate market can be segmented geographically into North America, Europe, Latin America, East Asia, South Asia, Middle East AND Africa where South Asia and Oceania owned 40% of global market in 2018. This dominance can be attributed to the presence of major global market players in the region. China is a global leader in magnesium Production with production of 18 million tons of magnesite. East Asia, South Asia and Oceania is collaboratively driven by common factors like increased agricultural output, favorable government stance, greater spending on personal care and established paper and pulp industry.
Major players in global magnesium Sulfate market are Mag Products India private Limited, Weifang Huakang magnesium Sulfate Co., Ltd., Giles Chemical and Mani Agro Chem Pvt. Ltd.