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Growing applications in pharmaceutical industry drives the growth of Magnesium Gluconate Market

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Purvaja
Growing applications in pharmaceutical industry drives the growth of Magnesium Gluconate Market

Market Overview:

Magnesium gluconate is an inorganic magnesium salt of gluconic acid. It is white powder that is highly soluble in water. Magnesium gluconate is commonly used as a dietary magnesium supplement and as an antacid. It acts as a laxative by increasing water retention in the gastrointestinal tract. It is used to treat and prevent magnesium deficiency. Magnesium plays an important role in regulating blood pressure and proper functioning of muscles and nervous system. The properties of magnesium gluconate make it suitable for use in pharmaceutical and food & beverage industries.


Market key trends:

Growing use of magnesium supplements owing to increasing health consciousness is a key trend in the magnesium gluconate market. Magnesium deficiency can lead to various health issues. Thus, increasing awareness about health benefits of magnesium is propelling the consumption of magnesium supplements. Additionally, wide application of magnesium gluconate as an antacid in pharmaceutical industry is fueling the market growth. It is widely used in production of antacids, laxatives, parenteral solutions and magnesium supplements. Further, increasing demand for fortified food & beverages is also boosting the demand for magnesium gluconate as a nutritional additive.

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.


Porter's Analysis

Threat of new entrants: The threat of new entrants in the magnesium gluconate market is moderate owing to high costs associated with R&D and manufacturing of magnesium gluconate.


Bargaining power of buyers: The bargaining power of buyers in the magnesium gluconate market is moderate as the demand for magnesium gluconate is growing and there are several manufacturers operating in the market.


Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many raw material suppliers for magnesium gluconate providing manufacturers alternatives.


Threat of new substitutes: Threat from substitutes is low as magnesium gluconate has unique properties and there are limited substitutes available.


Competitive rivalry: The competitive rivalry in the magnesium gluconate market is high due to presence of large number of domestic and international manufacturers operating in the market.


Key Takeaways


The global magnesium gluconate market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing demand from food and beverages, pharmaceuticals and personal care industries.


Regional analysis: Asia Pacific dominates the global magnesium gluconate market and is expected to grow at the fastest rate during the forecast period due to increasing health consciousness and growing food processing industry in China, India and Japan. North America and Europe also capture significant shares in the market.


Key players: Key players operating in the magnesium gluconate market are Global Calcium, Liaoyang Fuqiang Food Chemical, Shandong Xinhong Pharmaceutical, Triveni Chemicals, and Dacon China. These companies accounts for significant shares of the global market.

For more insights, Read-

https://www.insightprobing.com/magnesium-gluconate-market-demand-share-analysis/

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