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Manganese Gluconate Market Size Forecast to Reach $ 600 Million by 2025

20 day(s) ago

Manganese Gluconate Market size is forecast to reach $ 600 million by 2025, after growing at a CAGR of 7% during 2020-2025. Manganese gluconate is the manganese salt of gluconic acid. Surging demand for manganese gluconate from pharmaceuticals industries for its use in vivo magnetic resonance spectroscopy (MRS) is escalating the growth market. They also find wide applications in end-use industries such as cosmetics & personal care, food & beverages as antioxidant and flavoring agents. Increasing usage of cosmetics in developing nations such as China and India also aid the growth of market. However, high amount of manganese gluconate intake may cause serious health risks, thus restraining the growth of the market.

Grade - Segment Analysis

Based on the grade, pharmaceuticals grade holds the largest share of more than 40% in the manganese gluconate market in 2019. Manganese gluconate combined with calcium gluconate is used in nuclear magnetic resonance (NMR) imagining identifying the acute myocardial perfusion abnormalities. According to Word Health Organization (WHO), cardiovascular disease causes 17.9 million deaths every year. Also, Centre for disease Control and Prevention (CDC) estimated that 365,914 people died in 2017 in the United States. Increasing heart abnormalities has increased the use of nuclear magnetic imaging, subsequently boosting the growth of manganese gluconate market. Additionally, surging uses of Manganese gluconate for the prevention and treatment of hypomagnesaemia as a source of magnesium ion drive the market growth.

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Application – Segment Analysis

Food & Beverages is the fastest growing segment with CAGR of 9% in the manganese gluconate market during the forecast period. Increase in demand of processed food due to rise in global population is driving the growth of this market. Manganese gluconate is used in food as additives for nutrient supply. It dissociates in body fluids to form manganese and gluconic acid further fulfilling the body requirement for manganese. Manganese nourishes the nerves and brain and is necessary for normal skeletal development. Deficiency of manganese lead to various skeleton abnormalities and osteoporosis, thus increasing the concerns of people for manganese supplements and diets. According to International Osteoporosis Foundation (IOF), the worldwide incidence of hip fracture in men is estimated to increase by 310% and 240% in women by 2050, compared to rates in 1990.

Geography - Segment Analysis

Among the regions, the market in Asia Pacific region is projected to witness highest CAGR of 9% in the manganese gluconate market during the forecast period followed by North America and Europe. The growing medical and cosmetic and personal care sector coupled with surging population drive the market growth in APAC region. According to India Brand Equity Foundation (IBEF), India’s beauty and cosmetics market was estimated to be $6.5 billion in 2016 and is expected to reach $20 billion in 2025. High disposable income coupled with increase in standard of living is escalating the demand of cosmetics which in turn drives the growth of manganese gluconate market. Additionally, International Osteoporosis Foundation has estimated that 1.3 billion people in Asia will be aged 60 years in 2050, consequently increasing the China’s annual hip fracture incidence from 411,000 cases in 2015 to 1 million cases in 2050. Increase in bone problems increases the demand of food with manganese gluconate supplements.

Drivers – Manganese Gluconate Market

Increase in demand for oral and dental care

Manganese gluconate is widely used in dental bleaching. Addition of manganese gluconate to the bleaching gel, decomposes the hydrogen peroxide and form free radicals that react with the tooth structure and results in whitening of teeth. According to the Global Burden of Disease Study, Oral diseases pose a major health burden and total people affected with oral disease and was estimated to be 3.5 billion in 2017 worldwide. Increasing oral problems increases the concerns of people and fuels the use of manganese gluconate for dental cleaning. Moreover, government’s programs such as National Oral Health Program (NHOP) create awareness among people about oral health care, substantially increasing the manganese gluconate market.

Surging demand of manganese gluconate for feed additives

Demand for animal meat is increasing worldwide. According to the United Nations Food and Agriculture Organization (FAO) the demand for food will grow by 60% by 2050 and the meat production is projected to rise by nearly 70%. Manganese are essential for the enzymes that are used for the carbohydrate, protein and fat metabolism and also helps in growth of animals. According to the International Feed Industry Federation (IFIF), global commercial feed manufacturing generated an annual turnover of over US $400 billion in 2018. Increase in demand of manganese gluconate from meat industries to enhance the growth of animals also boosts the manganese gluconate market.

Challenges – Manganese Gluconate Market

Effects of manganese on human health

According to the Food and Drug Administration, manganese gluconate is considered as safe. However high amount of manganese gluconate intake such as 15 mg per day may cause serious health risks. Toxicity of manganese gluconate can cause imbalance in the brain and increases the risk of developing anxiety, depression, nervousness, mania, reproductive problems and memory loss. Thus, toxicity of manganese gluconate is decreasing its use as food additives which in turn hampers its market growth.

Emergence of COVID-19

The outbreak of coronavirus has restrained the growth of manganese gluconate market. Lack of manpower led manufacturing industries all around the world to stop their production. To overcome this pandemic situation the pharmaceuticals companies have diverted their focus on production of sanitizers and antibodies for COVID-19, substantially impacting the production of manganese gluconate based drugs. Additionally, decrease in demand of cosmetics also impacts the growth of market. Japanese cosmetic giant Shiseido’s quarterly operating profit fell by 83.3% to 6.5 billion yen while its revenue fell by 17.1% to 226.9 billion yen in 2020, subsequently lowering the demand of manganese gluconate.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the manganese gluconate market report. In 2019, the market of manganese gluconate has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the manganese gluconate market are Jost Chemical Co., Qingdao Dacon Trading Co., Ltd., Anhui Xingzhou Medicine Food Co., Ltd., Global Calcium, Shandong Xinhong Pharmaceutical Co. Ltd., Liaoyang Fuqiang Food Chemical Co. Ltd., Ferro chem Industries, Santa Cruz Biotechnology, Inc., Nantong Feiyu Fine Chemical Co. Ltd., and Life NLB, among others.

Acquisitions/Technology Launches

In April 2020, Life NLB launched its first product Enzysamine for joints problem which contains calcium from marine aragonite, manganese gluconate, marine glucosamine sulfate, marine chondroitin sulfate, extracts of meadowsweet, enzymatic catalyst.

Key Takeaways

Government spending on health care is boosting the growth of manganese gluconate in the U.S market. According to the Centre for Medicare and Medicaid Services, total health care spending of the United States grew by 4.6 percent reaching $3.6 trillion in 2018.

Manganese gluconate fulfills the body need for manganese element, thus increasing its demand from food industries.

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

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