Health Care Segment is the largest segment driving the growth of the Global Magnesium Gluconate Market
Market Overview:
Magnesium gluconate is a magnesium supplement. It is used in health care products for heart health, bone health, and managing stress and anxiety. The product helps improve magnesium levels in the body.
Market key trends:
One of the key trends driving the growth of magnesium gluconate market is its growing demand from the pharmaceutical industry. Magnesium gluconate finds wide application in oral pharmaceutical formulations due to its ability to improve the bioavailability of drugs. It is used as an excipient in drugs to improve absorption in the body. Magnesium has several health benefits and helps in over 300 enzymatic reactions in the human body. The increasing focus on preventive healthcare and maintaining optimum levels of minerals is expected to support the demand for magnesium gluconate supplements 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.
SWOT Analysis
Strength: Magnesium gluconate is known for its health benefits like treating insomnia, anxiety, etc. It is a good source of magnesium which is an essential mineral for the human body.
Weakness: High dosage of magnesium gluconate can cause side effects like diarrhea. It needs to be carefully consumed as per the recommended dosage.
Opportunity: Increasing health consciousness among consumers is driving the demand for nutritional and dietary supplements. Magnesium gluconate offers growth opportunities in industries like pharmaceuticals, nutraceuticals, etc.
Threats: Availability of substitutes like magnesium citrate and magnesium aspartate are posing threats. Stringent regulations associated with supplements also restrict the market growth.
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 health consciousness among consumers. Magnesium gluconate acts as an essential mineral and plays a crucial role in maintaining overall health which is driving its demand.
Regional analysis - North America dominates the global magnesium gluconate market owing to rising consumer preference for non-GMO and clean label products. Asia Pacific exhibits the fastest growth due to growing supplements industry in China and India. The increasing health issues like hypertension, heart diseases are also propelling the demand.
Key players operating in the Magnesium Gluconate market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, Triveni Chemicals, Dacon China, Reephos Chemical. Product innovation with multiple health benefits and strategic expansion in high growth regions are the key strategies adopted by these players to gain competitive edge in the market.
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