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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Magnesium Lactate Market Outlook
The global magnesium lactate market is being aided by the magnesium supplements industry, which is expected to grow at a CAGR of 7.2% in the forecast period of 2024-2032.
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The Asia Pacific to Provide Enhanced Opportunities for the Expansion of the Magnesium Lactate Industry
The Asia Pacific is expected to account for a significant share in the industry owing to the growing government initiatives to strengthen the agricultural sector and enhance agricultural productivity to control malnutrition and hunger. This is driving the demand for macro and micro-nutrients such as magnesium lactate to produce a better quality of crops. China and India are promoting the cultivation of fortified crops and are using biotechnology to enhance the quality of crops. This is expected to provide enhanced growth opportunities for the expansion of the magnesium lactate industry in the region. Other developing regions like the Middle East and Africa are following this trend, thus, providing a further impetus to the market. In addition, the U.S. and Europe, being the significant exporters of fortified flour, are expected to drive the demand for magnesium lactate in the forecast period.
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Magnesium Lactate: Market Segmentation
Magnesium lactate refers to the magnesium salt of lactic acid represented by the formula C6H10MgO6. It is a naturally occurring mineral that is necessary for the body to support the function of the digestive system, heart, and nervous system. Thus, it is widely used as a mineral supplement to treat magnesium deficiency and as an acidity regulator in some food and beverages . It is used across various industries owing to its nutritional and other properties.
Based on grade, the market is divided into:
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
The various application sectors of magnesium lactate include:
- Personal Care and Cosmetics
- Pharmaceuticals
- Food and Beverage
- Agrochemicals
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Demand for Food Supplements to Boost the Sales of Magnesium Lactate
The growing demand for dietary or nutritional supplements to ensure a balanced diet is driving the demand for magnesium lactate. This is supported by the growing adoption of a healthy lifestyle and increasing awareness regarding the importance of macro and micronutrients in the human body. Additionally, these supplements are available over-the-counter as well as with prescription, which has significantly boosted their sales. The growing instances of malnutrition in third world countries are further driving the demand for fortified food products. The favourable government initiatives to promote food fortification and fight mineral deficiencies will further drive the market growth. For this reason, the product is often considered an important additive in the food and beverages and agrochemical industries. Other factors like escalating disposable incomes, rising living standard, and increasing demand for premium food products are also aiding the industry growth. Moreover, recent surge in the pharmaceutical sector is expected to positively influence the industry growth over the forecast period.
Key Industry Players in the Global Magnesium Lactate Market
The report gives a detailed analysis of the following key players in the global magnesium lactate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Corbion NV
- Jungbunzlauer Suisse AG
- Isaltis Inc.
- Fengchen Group Co., Ltd
- Axiom Chemicals Pvt. Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Grade |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Magnesium Lactate Market Report Snapshots
Magnesium Lactate Market Demand
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global magnesium lactate market is being aided by the rising magnesium supplements industry, which is projected to grow at a CAGR of 7.2% between 2024 and 2032.
The major drivers of the industry, such as rising disposable incomes, increasing population, rising demand for dietary or nutritional supplements, increasing adoption of a healthy lifestyle, enhancing living standards, and rising demand for premium food products, are expected to aid the market growth.
The key trends guiding the growth of the market include the favourable government initiatives and growing demand for macro and micro-nutrients.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading grades of magnesium lactate in the market are food grade, industrial grade, and pharmaceutical grade.
The major application segments in the industry are personal care and cosmetics, pharmaceuticals, food and beverage, and agrochemicals, among others.
The major players in the industry are Corbion NV, Jungbunzlauer Suisse AG, Isaltis Inc., Fengchen Group Co., Ltd, and Axiom Chemicals Pvt. Ltd., among others.
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