Ferrous Sulfate Market size is predicted to cross USD 35 Billion by 2035, witnessing around 8% CAGR from 2023 to 2035. In the year 2022, the industry size of ferrous sulfate was USD 10 Billion.
The market growth is attributed to the increasing demand for iron supplements and the growing awareness of iron-deficiency anemia. The World Health Organization (WHO) estimates that over 30% of the world's population suffers from anemia, and iron-deficiency anemia is the most common form of anemia.
In addition to this, ferrous sulfate is also used in the water treatment, agriculture, and textile industries. It is used as a flocculating agent in water treatment plants, as a nutrient for crops in agriculture, and as a dye in the textile industry. According to the Food and Agriculture Organization of the United Nations (FAO), global agricultural production is expected to increase by 1.2% per year over the next decade, driven by population growth and increasing demand for food.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 8% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2035) |
~ USD 35 Billion |
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Regional Scope |
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Application (Agriculture, Food Fortification, Pharmaceuticals)
The agriculture segment is projected to gain the largest share of the global ferrous sulfate market in the year 2035. The growth of the segment is impelled by the growing demand for organic food. The demand for organic food is growing, and Ferrous Sulfate is approved for use in organic farming as a source of iron. This is expected to drive demand for Ferrous Sulfate in the agriculture segment in the coming years. In a survey, 66% of consumers in the United States reported buying organic food at least occasionally, and 23% reported buying organic food always or most of the time.
End Use Industry (Pharmaceuticals, Food, and Beverage, Water Treatment)
Ferrous sulfate market from the pharmaceuticals segment is poised to garner a significant share in the year 2035. The growth of the segment is impelled by the growing aging population. As the global population ages, the incidence of iron deficiency anemia increases due to factors such as decreased iron absorption, chronic diseases, and the use of certain medications. This demographic trend is expected to drive demand for Ferrous Sulfate in the pharmaceutical segment. There is increasing awareness of the importance of iron supplementation in preventing and treating iron deficiency anemia. This is leading to greater demand for iron supplements, including Ferrous Sulfate, in the pharmaceutical industry.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By End Use Industry |
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APAC Market Forecast
The ferrous sulfate market in the Asia Pacific region is slated to hold the largest revenue share by 2035. Regional growth is credited to the growing agriculture industry. Agriculture is the largest application segment for Ferrous Sulfate in the Asia Pacific region. According to the Food and Agriculture Organization (FAO), Asia accounts for over 90% of global rice production, which is one of the major crops treated with Ferrous Sulfate. The increasing demand for food and the need to improve crop yields are driving the growth of the Ferrous Sulfate market in the region. The increasing prevalence of iron deficiency anemia in the Asia Pacific region is also driving the demand for Ferrous Sulfate in the pharmaceutical industry.
North America Market Statistics
The ferrous sulfate market in the North American region is set to become the second-largest share during the forecast timeline. The growth of the market in this region can be attributed to the water treatment industry in the region. The water treatment industry is also a significant application segment for Ferrous Sulfate in North America. According to a report, the total public water supply withdrawals in the United States were 322 billion gallons per day in the year 2021. Ferrous Sulfate is commonly used as a coagulant in water treatment to remove impurities. The animal feed industry is also driving the demand for ferrous sulfate in North America.
Author Credits: Smruti Ranjan, Rajrani Baghel
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