The market dynamics and growth of the Magnesium Sulfate Market are influenced by a combination of factors. Its use in agriculture, healthcare, and industrial sectors is diverse with the most known as Epsom salts. Market drivers in this industry include but not limited to, agricultural practices, pharmaceutical application, environmental concerns, technological trends and global economics.
Magnesium Sulfate Market is driven significantly by agricultural demand. Plants need magnesium mineral for chlorophyll formation and general plant growth. In agriculture, magnesium sulfate is often used as a fertilizer to correct magnesium deficient soils. Furthermore, as global agricultural practices evolve to increase crop yields and address nutrient imbalances, demand for magnesium sulfate in agricultural sector continues to increase.
The demand for magnesium sulfate in the market dynamics of pharmaceutical and healthcare industries are high. It is used in medical treatments specifically intravenous medication against seizures especially when it comes down to pregnant women suffering from pre-eclampsia or eclampsia, although some drugs formulations could also contain it according to pharmaceutical industry regulations as an example. The prevalence of such diseases has risen over time thus contributing to escalated demand for magnesium sulfate within the two key industries.
These days’ environmental considerations play a role on how soil health and water quality impact on magnesium sulfate marketplaces globally. Magnesium sulfate can be considered both as soil conditioners that improve structure or water retention in many instances where they are used throughout agriculture apart from serving as supplements rich in nutrients only. This has made its adoption popular among farmers who adopt sustainable farming practices that prioritize soil conservation among other things based on the examples mentioned above (Taghavi et al., 2018). Fertigation systems utilization prefers this compound because of its solubility which matches the agenda of water-saving agriculture.
Market dynamics are also affected by technology advancements in manufacturing processes and applications. These include efforts to improve production efficiency and diversify magnesium sulfate’s applications through on-going research. Adoption of specific industrial and pharmaceutical needs has been facilitated by extraction techniques innovations which include variants of high purity magnesium sulphate. This has increased its overall competitiveness as well as versatility in the market.
Report Attribute/Metric | Details |
---|---|
Market Size Value In 2022 | USD 1.1 Billion |
Market Size Value In 2023 | USD 1.1605 Billion |
Growth Rate | 5.50%(2023-2032) |
Magnesium Sulfate Market Size was valued at USD 815.2 million in 2023. The Magnesium Sulfate industry is projected to grow from USD 898.2 million in 2024 to USD 1136.74 million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.79% during the forecast period (2024 - 2032). Increased food demand globally due to the growing population and the need to increase the yield likely to drive the demand are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The population is rapidly increasing, leading to an increased demand for agricultural production. However, continuous agricultural land use has decreased soil nutrient content, affecting crop yield. As a result, the agriculture industry is witnessing an increased demand for magnesium compounds. Magnesium salt is added to the soil as a fertilizer to address magnesium deficiencies, particularly for cash crops and vegetables. Additionally, plant nurseries require magnesium-rich soil for the optimal growth of potted plants. The growth in population and disposable income in developing countries has also led to changes in dietary habits, thus acting as a market CAGR driver.
Additionally, the demand for magnesium compounds in the personal care industry is increasing rapidly, providing lucrative growth opportunities. Magnesium sulfate, in particular, is gaining popularity in the personal care industry, driving market growth. Personal care companies are incorporating magnesium compounds into their products to combine their self-care and healing properties, resulting in a surge in demand. Magnesium salt is widely used in bath salts for its ability to relieve muscle and joint pain, and Epsom salt is known to offer multiple benefits for hair improvement. These benefits have helped personal care and cosmetics companies rebrand their products and boost sales, driving the market's growth. Thus, driving the Magnesium Sulfate market revenue.
The Magnesium Sulfate market segmentation, based on the Form, includes crystal, powder, and granules. The demand for crystals in various industries such as agrochemicals, medical, textile, and food and beverage has led to their domination in the market.
Figure1: Magnesium Sulfate Market, by Form, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on type, the Magnesium Sulfate market segmentation includes heptahydrate (Epsom Salt), anhydrous monohydrate, and others. The heptahydrate (Epsom Salt) segment dominated the market; the growth can be attributed to its high use in agriculture, as it enhances soil's nitrogen and phosphorous intake to cultivate potatoes, pepper, and tomatoes.
Based on Application, the Magnesium Sulfate market segmentation includes fertilizers, medical, food additives, industrial, chemical, and others. The fertilizer segment dominated the market; the increasing population across the globe resulted in high demand for food. The limited availability of cultivable land supports the demand for fertilizers and decreased agricultural production.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American magnesium sulfate market will dominate this market, due to the increased spending power of consumers and their growing awareness of the importance of self-care and personal care. These factors drive the demand for products, which is expected to further propel the market growth.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MAGNESIUM SULFATE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Magnesium Sulfate market accounts for the second-largest market share the growing demand for the product is driven by various factors, including the expansion of the chemical industry, rising expenditure on personal care items, and advancements in agricultural technology. Further, the German Magnesium Sulfate market held the largest market share, and the UK Magnesium Sulfate market was the fastest-growing market in the European Region.
The Asia-Pacific Magnesium Sulfate Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to their extensive industrialization and urbanization activities. Moreover, China’s Magnesium Sulfate market held the largest market share, and the Indian Magnesium Sulfate market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Magnesium Sulfate market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The magnesium sulfate industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Magnesium Sulfate industry to benefit clients and increase the market sector. In recent years, the Magnesium Sulfate industry has offered some of the most significant advantages to medicine. Major players in the Magnesium Sulfate market, including K+S Minerals and Agriculture GmbH (Germany), PQ Corporation (US), Nafine Chemical Industry Group Co. Ltd (India), UMAI CHEMICAL CO., Ltd (Japan), Giles Chemical (US), Morton Salt, Inc (US), Mani Agro Chem Pvt Ltd (India), Acuro Organics Limited (India), Balaji Industries (India), and Laizhou Guangcheng Chemical Co. Ltd. (China), and others, are attempting to increase market demand by investing in research and development operations.
Milla Pharmaceuticals, part of the Alter Pharma Group, specializes in the development, licensing/acquisition, and marketing of generic prescription drugs for the US market, particularly injectable and solution products for healthcare facilities. The company has received approval for its abbreviated new drug application (ANDA) from the US FDA for its generic version of Magnesium Sulfate in Water for Injection, available in 4 g/50 mL (80 mg/mL), 4 g/100 mL (40 mg/mL), and 2 g/50 mL (40 mg/mL) non-PVC, single-patient use containers. The injection is used to prevent and control seizures associated with preeclampsia and eclampsia, and it is included on the ASHP drug shortage list of essential medications. The approval and imminent release of Magnesium Sulfate Injection will help alleviate the supply challenges faced throughout the US .
December 2021: B. Braun Medical Inc., which specializes in infusion therapy and pain management, has introduced a range of ready-to-use injectable drug products containing magnesium sulfate. The company has chosen to manufacture these products in Irvine, California, to ensure a dependable supply of this important drug for preventing and controlling seizures linked to preeclampsia and eclampsia.
November 2021:
Milla Pharmaceuticals, a subsidiary of the Alter Pharma Group, has received approval for its Abbreviated New Drug Application (ANDA) from the US FDA for the Generic Version of Magnesium Sulfate in Water for Injection. The approval includes doses of 4 g/50 mL (80 mg/mL), 4 g/100 mL (40 mg/mL), and 2 g/50 mL (40 mg/mL) in Non-PVC, Single-Patient Use Containers. Magnesium Sulfate Injection is used to prevent and control seizures in preeclampsia and eclampsia. The drug is currently on the ASHP drug shortage list of essential medications. The approval and launch of the generic version is expected to alleviate supply issues across the US.
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