by Market Overview:
Magnesium gluconate is a magnesium supplement used to prevent low blood levels of magnesium. It provides magnesium to the body which is essential for many processes like regulating heartbeat, building and repairing tissues, bones, teeth etc. Magnesium gluconate supplement is preferred by many as it is easily absorbed in the body.
Market key trends:
One of the major trends in the market is the increasing use of magnesium supplements in nutraceutical and dietary supplement industries due to growing awareness about the benefits of this essential mineral. According to a recent survey, around 30% of American population consumes magnesium dietary supplements. Another major trend is the growing use of organic forms of magnesium like magnesium gluconate due to their high bioavailability and minimal side effects compared to magnesium oxide. This is expected to drive the demand for organic and natural magnesium supplements which in turn will boost the growth of magnesium gluconate market over the forecast period.
The Global Magnesium Gluconate Market Share is estimated to be valued at US$ 172.6 Mn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global magnesium gluconate market is dominated by the pharmaceutical segment. Magnesium gluconate is widely used in pharmaceutical manufacturing as an antacid and laxative. It has high solubility and absorption rate in the body which makes it suitable for use in pharmaceutical products. The pharmaceutical segment accounts for over 50% of the global magnesium gluconate market owing to the increasing use of magnesium gluconate supplements for treating various conditions like constipation, heartburn, acidity, etc.
Key Takeaways
The global magnesium gluconate market is expected to witness high growth, exhibiting a CAGR of 2.9% over the forecast period, due to increasing demand from the pharmaceutical industry.
Regional analysis
North America currently dominates the global magnesium gluconate market and is expected to maintain its dominance over the forecast period. This is attributed to the well-established pharmaceutical industry in the region and high demand for magnesium gluconate supplements. Asia Pacific is anticipated to be the fastest growing region for magnesium gluconate market owing to increasing health consciousness and growing pharmaceutical sector in emerging countries like India and China.
Key players
Key players operating in the magnesium gluconate market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, Triveni Chemicals, Dacon China, Reephos Chemical. Global Calcium and Liaoyang Fuqiang Food Chemical are the largest producers of magnesium gluconate globally. Shandong Xinhong Pharmaceutical is one of the leading manufacturers of magnesium gluconate tablets.
