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%.
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.
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.
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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