Magnesium Glycinate Market size is poised to surpass USD 1500 Million by the end of 2033, witnessing around 5% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of magnesium glycinate was USD 1236 Million. The growth of the market can be attributed to the expansion of the chemical industry worldwide. For instance, the Indian chemical industry accounted for nearly USD 170 billion in the year 2019 and is anticipated to reach around USD 300 billion by 2025. The market is expanding owing to the increasing use of chemicals in many sectors including food processing, automobiles, pharmaceuticals, and the construction industry, for instance, the pharmaceutical industry utilizes several chemicals including magnesium glycinate to manufacture medicines and drugs. Additionally, the growing textile industry also has a huge impact on the rising use of chemicals which in turn impacts the growth of the magnesium glycinate market.
Glycinates are widely used in the manufacturing process of food and beverages, animal feed, and the healthcare sector. These are the byproducts obtained from the salt or ester of glycine and amino acids. The growing awareness of people about health, nutritional deficiencies, and concern regarding the environment is estimated to have a positive impact on market growth across the globe. The increasing preference and adoption of people towards products originating from plants have made the manufacturers prepare glycinate-enriched products to meet the demand associated with mineral deficiency. Moreover, the rising industrial production across the world is estimated to boost the global magnesium glycinate market growth during the forecast period. For instance, the rate of industrial production in China increased by nearly 4% between July 2020 and July 2022 as compared to the previous year.
Growth Drivers
Increasing Health Expenditure Among the Global Population – Magnesium glycinate is a supplement that boosts magnesium levels in people with a deficiency of the mineral. Magnesium is a nutrient that maintains the body’s processes including muscle development, nerve functioning, blood glucose levels, and blood pressure. Increasing healthcare spending is hence expected to be a major growth driver for the global market. As per The World Bank, as of 2019, the current health expenditure per capita was USD 1121.97.
Increasing Research Expenditure with Growing Research and Development Activities – The growth of the global magnesium glycinate market, over the forecast period, can be further ascribed to the rising investments in R&D activities to continuously bring up more feasible solutions for medical procedures using this chemical. According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
Increasing Expansion of the Chemical Industry across the Globe Owing to the Rising Number of Industries – The global chemical industry garnered revenue of nearly USD 4 trillion around the world in the year 2021.
Increasing Government Support in Chemicals – For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.
Increasing Urban Population across the World with Rising Disposable Income of People – Statistics provided by The World Bank indicate that approximately 4.5 million people reside in urban areas, representing 57% of the total population. This is expected to influence healthcare spending positively and hence boost the growth of the global magnesium glycinate market.
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 1236 Million |
|
Forecast Year Market Size (2033) |
~ USD 1500 Million |
|
Regional Scope |
|
Application (Pharmaceuticals, Food Additives, Feed Additives, Personal Care Products)
The global magnesium glycinate market is segmented and analyzed for demand and supply by application into pharmaceuticals, food additives, feed additives, and personal care products. Out of these segments, the pharmaceuticals segment is expected to hold the highest growth by the end of the year 2033. The growth of the segment can be attributed to the existence of a huge patient pool that requires pharmaceutical treatment. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to add to the growth of this segment in the market. As per The World Bank, the current health expenditure of the year 2019, accounted for 9.83% of the global GDP. The increasing concern of people regarding health increases the early diagnosis of disease or health conditions. Magnesium glycinate is used as a magnesium supplement in patients with magnesium deficiency. Magnesium also helps to prevent other health conditions such as metabolic syndrome, diabetes, hyperlipidemia, asthma, preeclampsia, and migraine headaches. The increased incidence of these disorders across the world rises the need for magnesium supplements thereby boosting market growth.
Type (Dry, Liquid)
The global magnesium glycinate market is also segmented and analyzed for demand and supply by type into dry and liquid forms. Among these segments, the liquid form is estimated to Garner the largest share of the market. Liquids are more popular than dry powder as they are easily observed in the body. Also, many patients are in a weak state where they are not able to consume any solid or dry form of medicine. Additionally, liquids are believed to be soft and easy on the stomach of the patient. The increasing adoption of supplements among people these days is estimated to drive the market. These supplements are used to provide nutritional balance and promote a healthy lifestyle. Further, the rising consumption of spicy and outdoor foods is causing stomach ulcers, heartburns, and acid indigestion problems. Magnesium is used to relieve these symptoms.
North American Market Forecast
The North American magnesium glycinate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing adoption of magnesium glycinate for various applications such as the treatment of NCDs, diabetes, osteoporosis, and usage as an antidepressant in the pharmaceutical industry; magnesium glycinate as an amino acid resource which is essential for manufacturing personal care products and observed a rising use of magnesium glycinate in the packed food products as food additives in this region. It was observed that, in 2018, 51.8% (129 million) of civilian, noninstitutionalized adults were identified with at least one of ten chronic or NCD conditions in US. Magnesium is prescribed to pregnant patients to prevent magnesium deficiency. The increasing percentage of pregnant people in the region owing to the highest teen pregnancy is estimated to drive the market growth. Also, as per the estimations, there are more people in the United States with a deficiency of magnesium.
Avitech Nutrition released an organic form of glycinates into the market, named Performins. This is used in animal feed to act as an enhancer for animal feeds.
OHMG, which is a U.K.-based company, has announced the launch of the world’s first magnesium blend drink. This drink is enriched with three types of glycinates such as magnesium threonate, magnesium citrate, and magnesium glycinate which act as de- stress remedy in order to release stress and anxiety levels.
Author Credits: Smruti Ranjan, Rajrani Baghel
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