Magnesium gluconate is an organic salt that contains magnesium bound to gluconic acid. Magnesium plays an essential role in various physiological processes in the body including nerve function, muscle contraction, heart activity, bone health and blood glucose control. Magnesium gluconate supplements are used to treat and prevent magnesium deficiency which is common due to low intake of magnesium rich foods. As a supplement, it helps maintain healthy bones and supports nerve and muscle function. Magnesium gluconate supplements have gained popularity in dietary supplements and functional foods industry owing to magnesium's wide-ranging health benefits.
The global Magnesium Gluconate Market is estimated to be valued at US$ 198.84 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for dietary supplements and functional foods represents a key opportunity for magnesium gluconate market growth. The rising health consciousness among consumers has led to increased consumption of supplements and fortified foods for perceived health benefits. Magnesium is an essential mineral required for numerous physiological functions in the human body. However, studies show magnesium deficiency is widespread due to low dietary intake of magnesium rich foods. This inadequacy in magnesium intake through regular diet has created demand for magnesium enriched supplements and functional foods. The opportunity for magnesium gluconate, which is readily absorbed by the body, is substantial in the growing dietary supplements and functional foods industry. Formulators are increasingly utilizing magnesium gluconate in various product formulations owing to its absorption properties and multi-health benefits.
Porter's Analysis
Threat of new entrants: The threat of new entrants is relatively low due to the presence of established players and requirement of a strong distribution network.
Bargaining power of buyers: The bargaining power of buyers is high attributed to the availability of substitutes. Buyers can easily switch to alternatives if given unfavorable market conditions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials used in magnesium gluconate production are commoditized.
Threat of new substitutes: The threat of new substitutes is moderate as few close substitutes of magnesium gluconate are available in the market.
Competitive rivalry: Competition among existing players is high due to their strong global presence and capabilities.
SWOT Analysis
Strength: Magnesium gluconate is a nutritional dietary supplement with absorbable properties. It is considered safe for internal consumption and absorption by the body.
Weakness: Limited awareness regarding therapeutic benefits of magnesium gluconate. Availability of alternative magnesium salts with equivalent therapeutic properties.
Opportunity: Rising health-conscious population and growing preference for natural dietary supplements present an opportunity for market expansion. Increasing R&D for new applications offers new areas of growth.
Threats: Stringent safety regulations surrounding dietary supplement approvals pose compliance challenges. Fluctuating raw material prices adversely impact production costs.
Key Takeaways
The Global Magnesium Gluconate Market Growth is expected to witness high over the forecast period attributed to the growing awareness about nutrition and wellness.
North Americaregion currently holds the largest share in the market and is expected to maintain its dominance owing to favorable regulatory policies, rising health expenditure, and increasing consumer preference for natural supplements in the region.
Key players operating in the magnesium gluconate market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM. The key players are focused on new product launches, expansion of manufacturing facilities and collaboration activities to strengthen their geographical presence. For instance, in 2020, Philips Lighting launched multiple new energy-efficient lighting solutions for Europe and Asia Pacific markets.
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