ALBANY, New York, April 23, 2018 /PRNewswire/ --
Global food grade iron powder market is anticipated to expand at a promising CAGR over the next eight years, owing to insufficient iron intake from daily human diet, better yield & quality in agricultural produce and to enhance quality growth among animals. Transparency Market Research (TMR), in its recent outlook titled, "Food Grade Iron Powder Market: Global Industry Analysis and Opportunity Assessment 2018-2026," projects the global market for food grade iron powder to expand at a CAGR of 5.9% during the forecast period. In terms of revenue, the market will possibly reach US$ 4.3 Mn by the end of 2018 and is anticipated to increase to nearly US$ 6.9 Mn by 2026 end.
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Food grade iron powder is suitable for use as a fortificant (food additive containing any bioavailable iron nutrient or for pigmentation) for different application/purpose. Wide application of food grade iron powder in different sub-verticals is expected to rise in the forecast period. Far-reaching uses in nutritional & dietary supplements, dairy products, infant food products, animal feeds and for crop protection in agricultural segment makes it a prominent additive. Multinational players are expected to witness a growth in the demand for food grade iron powder from end use industries to enhance productivity and curb micronutrient deficiency by providing them with sustainable food & feed fortification solutions. Key players are expected to continue the integration of the value chain to gain control over the final prices of the products.
By type, the food grade iron powder market is segmented into elemental iron and iron compounds. The iron compounds such as ferrous fumarate, ferrous sulfate, ferrous gluconate and other is likely to be the most attractive segment in 2018. On the basis of end use, the food grade iron powder market can be segmented into food & beverage industry, animal feed purposes and in agriculture use. The food & beverage segment is estimated to account for a significant revenue share of 37.8% in 2018 and is expected to register significant growth rate during the forecast period. Furthermore, on the basis of region, APAC is expected to rise with a significant CAGR of 7.2%.
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Iron deficiency is one of the world's widespread micronutrient deficiency among infants and children aged six months to two years. The application of essential micronutrients in infant formulas is rising, owing to rising consumer preference for nutritional fortification in infant formula and baby food products. Hectic lifestyles of women, improper care due to devotion of less time to kids, and insufficient intake of nutrients by infants from breastfeeding, are expected to grow the demand for infant formulas with essential nutrients. Thus, there is a rising demand for iron fortification in infant formula.
The iron processors are increasing their production capacities and enhancing the production capability by using cutting-edge processing technologies. The processors are setting up production plants in areas where naturally occurring iron ores are present in abundance, in order to reduce the sourcing costs as well as meet the local market demands. Thus, benefiting in increasing sales and widening regional footprints. The use of technology due to advancement in production machineries resulting in increasing yield with shorter processing times, is further expected to enhance the productivity of iron powder for food applications.
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Some of the restraints that are potentially restricting the growth of the food grade iron powder market include the risk attached with the higher intake of iron supplements. An overload of iron is likely to damage the internal organs, and may increase the susceptibility to diabetes, heart attack, and cancer. For instance, in the U.S., people have sufficient intake of iron from their natural diets. Thus, issues concerning with over consumption of iron is prominent among Americans. Also, high prices of chelated micronutrient fertilizers is a major constraint limiting widespread adoption or application, especially in field crops. High raw material cost leads to rise in crop prices, which in turn results in food inflation.
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Some of the major companies operating in the global food grade iron powder market includes BASF SE, Yara International Ltd., Agrium Inc., Compass Minerals International Inc., Höganäs AB, DowDuPont Inc., AkzoNobel N.V, Bayer AG, Spectrum Chemical Manufacturing Corp, Syngenta International AG, Ashland Global Holdings Inc., Micnelf USA Inc., Industrial Metal Powders (I) Pvt. Ltd., American Elements, Belmont Metals Inc., Salvi Chemical Industries Ltd., Precheza as, Rio Tinto Metal Powders, Cathay Industries Australasia Pty Ltd and Jiangxi Yuean Superfine Metal Co. Ltd.
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