Magnesium Glycinate Market
Analysis by Type (Dry, and Liquid); and by Application (Pharmaceuticals, Food Additives, Feed Additives, and Personal Care Products) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Analysis by Type (Dry, and Liquid); and by Application (Pharmaceuticals, Food Additives, Feed Additives, and Personal Care Products) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global magnesium glycinate market is estimated to garner a revenue of USD 1500 Million by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 1236 Million in the year 2022. 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.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 1236 Million |
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Forecast Year Market Size (2033) |
~ USD 1500 Million |
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Regional Scope |
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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
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.
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.
Our in-depth analysis of the global magnesium glycinate market includes the following segments:
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By Application |
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By Type |
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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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Expansion of the chemical industry worldwide, and growing healthcare spending per capita are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: Restrictions imposed by the government, and lack of expert professionals are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Ajinomoto Co., Inc., Avitech Nutrition Pvt. Ltd, Solvay SA, BASF SE, NovoTech Nutraceuticals Inc., Dunstan Nutrition Ltd., Albion Laboratories, Inc., Aliphos Belgium SA/ NV, Shijiazhuang Donghua Jinlong Chemical Co Ltd., Schaumann GmbH & Co. KG.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, type, and by region.
Ans: The pharmaceuticals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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