Market Trends of Iron Phosphate Industry
This section covers the major market trends shaping the Iron Phosphate Market according to our research experts:
Increasing Demand from the Pharmaceutical Industry
- Iron phosphate is used as one of the key ingredients in pharmaceuticals to treat patients with iron deficiency. Globally, anemia or deficiency of iron affects around 1.6 billion or approximately 25% of the population.
- The rising health consciousness and higher disposable incomes spent on healthcare in the developed and developing nations are driving the demand for iron supplements. Furthermore, increasing consciousness among budding athletes and increasing popularity of calisthenics and karate that demand a better body metabolism is increasing the demand for iron supplements.
- Furthermore, there has been a decrease in iron content naturally present in beef, other animal proteins, and plant-based foods. This is leading to greater demand for iron supplements and is driving the market for iron phosphate.
- According to the World Helath Organization (WHO), anemia is defined as the condition when the the values of hemoglobin (Hb) are below 13-18 g/dL for men and 12-16 g/dL for women. The condition is knwon as iron deficiency.
- In India, more than half the population of women have a deficiency of iron and 46% of girl children under the age of 15 are anemic. This is driving the need for iron supplements in India.
- Owing to all these factors, the market for iron phosphate is likely to grow during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region has seen significant growth in the iron phosphate market, with countries such as China and India accounting for significant consumption of iron phospahte.
- China is the second-largest market for pharmaceuticals, globally. The market for pharmaceuticals is emerging rapidly, owing to the growing middle-class and aging society in the country, rising incomes, and increasing urbanization.
- The market for food additives in China is expected to grow in the forecast period owing to factors such as the increasing middle class, and changing lifestyles driving the demand for convenience and packaged foods. Furthermore, consumers are becoming more aware of the ingredients in food products. These factors are positive for the iron phosphate market.
- India is expected to become one of the world's leading pharmaceutical manufacturing markets owing to the low cost of manufacturing, research and development, and favorable government policies.
- In June 2021, the Finance Minister of India, announced an outlay of INR 197,000 crore that will be used over five years for the pharmaceutical Production Linked Incentive (PLI) scheme across 13 sectors including active pharmaceutical ingredients, drug intermediaries, and key starting materials. This is expected to be positive for the iron phosphate market.
- Furthermore, the Indian dietary supplements market is growing owing to the increasing health consciousness among consumers, increasing disposable incomes, and improving distribution networks. This is further expected to increase the market for iron phosphate in the region.
- Due to all such factors, the market for iron phosphate in the region is expected to have a steady growth during the forecast period.
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