The global market for magnesium lactate is expected to be valued at US$ 20.3 Billion by 2023. Magnesium lactate market value is estimated to reach US$ 44.80 Billion by 2033, with a steady growth rate of 8.2%.-According to Persistence Market Research’s most recent market research report.
Key players in the global Magnesium Lactate Market are expected to account for about 55-60% of the overall market share. The top countries driving the global Magnesium Lactatedemand are the U.S., Germany, and Japan.
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Magnesium lactate is a salt of magnesium and lactic acid, which is used as a dietary supplement, food additive, and as a medication. It is known to provide several health benefits including maintaining healthy bones, reducing symptoms of anxiety and depression, and supporting cardiovascular health. The market for magnesium lactate is expected to grow in the coming years due to the increasing demand for dietary supplements and the growing awareness about the health benefits of magnesium.
The increasing demand for dietary supplements is driving the growth of the magnesium lactate market. Magnesium lactate is a popular form of magnesium supplement because it is well-absorbed by the body and is less likely to cause stomach upset than other forms of magnesium. Additionally, the growing awareness about the health benefits of magnesium, including maintaining healthy bones, reducing symptoms of anxiety and depression, and supporting cardiovascular health, is also driving the market.
The Asia Pacific region is expected to be the fastest-growing market for magnesium lactate, due to the increasing population and rising disposable incomes in the region. The increasing demand for dietary supplements in the region is also driving the market for magnesium lactate.
In conclusion, the magnesium lactate market is expected to grow in the coming years due to the increasing demand for dietary supplements and the growing awareness about the health benefits of magnesium. The Asia Pacific region is expected to be the fastest-growing market for magnesium lactate. The major players in the market are focusing on strategic partnerships and collaborations to expand their market presence.
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Key Takeaways from Market Study
- Demand for food and pharmaceutical grade magnesium lactate has seen prominent growth in recent years, due to growing consumer awareness related to healthy lifestyle and increasing lifestyle diseases among people.
- Agriculture industries are well-established in regions such as East Asia, South Asia, Europe, and North America. Increasing demand for agriculture use of magnesium lactate from these industries is being witnessed.
- China, Japan, South Korea, and ASEAN countries are witnessing high demand for magnesium lactate due to increased demand for nutrition supplements. Presence of large manufacturing capabilities in Japan and South Korea are responsible for their large share and high growth in the market.
- Currently, East Asia and South Asia & Pacific are the most lucrative markets for magnesium lactate, due to increased domestic demand for food and pharmaceutical grade magnesium lactate. This is due to rise in population and increase in disposable income of middle-class families in these countries.
- The COVID-19 pandemic is currently impacting the global economy at various levels, and a slight impact has been seen on demand for magnesium lactate as well. With a number of end-use industries affected across several countries, profitable growth has also been impacted due to challenges in the manufacturing sector. Shortage in demand are expected to result in a slight drop in Y-O-Y growth, yet, Persistence Market Research expects the market to expand at close to 9% CAGR through 2031.
“Surge in demand for health supplements in recent years is expected to provide an impetus to magnesium lactate sales. Government initiatives to strengthen the agricultural sector and enhance agricultural productivity to control malnutrition and hunger are driving the demand for macro- and micro-nutrients such as magnesium lactate to produce a better quality of crops,” says an analyst of Persistence Market Research.
Company Profiles:
- Corbion N.V.
- American Elements
- Jungbunzlauer Suisse AG
- Dr. Paul Lohmann Gmbh KG
- ISALTIS
- Magnesia Gmbh
- Jost Chemical Co.
- Lehmann & Voss & Co
- PMP Fermentation Products, Inc.
- K+S Aktiengesellschaft
- Fengchen Group Co., Ltd.
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