Growing demand from supplements & healthcare products is driving the global glycinates market
Magnesium glycinates are often used in health supplement products over other magnesium forms, as the body finds it easier to absorb this form. It is also one of the gentlest supplements, unlike other forms of magnesium. It does not cause as many side effects, such as an upset stomach or loose stools. This characteristic makes magnesium glycinates a good supplement for people recovering from bariatric surgery or anyone who might be at risk for magnesium levels which is stimulating the demand for magnesium glycinates over the forecast period.
With the rising opportunities in meat & dairy sector, there has been a shift in the focus of manufacturers towards animal feed. This is also anticipated to increase the consumption of glycinates in livestock feed. Glycinates is used in farming and agriculture industries to feed chicken and cattle in order to provide important nutrients for their growth. The government authorities are implementing strict regulation in Europe and the United States, which has banned the use of certain antibiotics as growth promoters in animals. Thus, stringent regulations against antibiotics in the livestock feed industry will promote the glycinates market by 2025.
According to BlueWeave Consulting report, the Global Glycinates Market was valued at USD 984.10 million in 2017 and is projected to expand at a CAGR of 5.15% from 2018 to 2025, by value, reaching around USD 1488.10 million by the end of the forecast period.
Magnesium Glycinate has dominated the market and accounted for the highest market share of 30.26% of the total market in 2017, which is projected to reach over 33.83% by 2025 owing to its usage in pharmaceutical industry.. Magnesium glycinate is an essential nutrient which is easier to absorb and is among the gentlest supplement on the stomach.
The pharmaceutical application is expected to reach around USD 312.26 million by the end of 2025, which is driven by the factors like used in a heavy amount, for the production of various mineral enriched medicines and oral care products which drove the market. Growing concern towards healthcare products and mineral supplements is driving this segment.
North America is the largest market for Glycinate across the globe.
The demand for Glycinates in the region is expected to rise with a CAGR of 6.11% , in terms of value, generating revenue of around USD 633.04 million by 2025. China, dominates the region with a CAGR of 6.39% during 2018-2025, anticipated to expand owing to increasing demand for Glycinates in the emerging economies like India and others due to its usage in livestock feed additives.
Global Glycinates Market: Competitive Dynamics
Major industry players in global glycinates market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the glycinates market. For instance, in November 2017, BASF SE entered into a partnership with Avitech Nutrition to expand organically-bound trace elements for animal feed manufacturers. Product contains high-quality glycinates by BASF which will enhance the nutritional value of feed additive, improving poultry vitality in South Asia. Most of the major vendors in the Global Glycinates Market are actively focused on enhancing their offerings to meet the ongoing demand.
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