February 25, 2024
Magnesium Gluconate Market

Magnesium Gluconate Market Driven By Growing Healthcare Expenditure In Emerging Economies

Magnesium Gluconate is an important mineral and cofactor for many enzyme systems with multiple health benefits like supporting bone health, energy production and cardiovascular function. It is commonly available as a dietary supplement. Magnesium Gluconate is often prescribed to treat and prevent magnesium deficiency, as it gets easily absorbed in the body. It supports neuromuscular function and regulates blood pressure levels. Topical Magnesium Gluconate is used as an anti-inflammatory medication for minor skin irritations, burns and insect bites.

The global Magnesium Gluconate Market is estimated to be valued at US$ 198.84 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Magnesium Gluconate market is the increasing preference for natural and organic supplements. Consumers are becoming more health conscious and prefer supplements derived from natural sources rather than synthetic ones. This is creating demand for magnesium gluconate supplements made from organic sources. Manufacturers are focusing on utilizing high-quality organic ingredients, sustainable production methods and eco-friendly packaging to cater to this rising consumer demand. Research has also found that organic magnesium gluconate supplements have higher absorption and bioavailability rates compared to conventional ones. This factor is further propelling the demand in the natural and organic segment of the global Magnesium Gluconate market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the magnesium gluconate market is moderate. Require substantial initial investments to enter and compete effectively with established players.

Bargaining power of buyers: Buyers have moderate bargaining power as magnesium gluconate has applications in various industries like food & beverages, pharmaceuticals etc. Buyers can choose from various product options available.

Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of raw materials from various sources globally and presence of many suppliers.

Threat of new substitutes: Threat of new substitutes is low as magnesium gluconate has unique properties and applications that are hard to replace.

Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players competing on basis of product quality, price and innovation.

Key Takeaways

The Global Magnesium Gluconate Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis: North America is expected to dominate the global magnesium gluconate market during the forecast period. High demand from food & beverages and pharmaceutical industries is driving the market in the region.

Key players: Key players operating in the magnesium gluconate market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM. The global magnesium gluconate market is highly competitive with these major players developing new innovative products to gain more market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it