The food grade iron powder market has shown remarkable growth in the past. The market was lavishing with the worth USD 3.43 million till 2014.
Keeping the progress and growth in full swing, the global food grade iron powder market is projected to touch the mark of USD $5.72 million by the end of 2023. Some of the big shot companies throughout the globe dominate the market of food grade iron powder. Many of these are BASF SE, Yara International Ltd, Agrium Inc., Compass Minerals International Industries, and Dow DOUPont Inc.
The global food grade iron powder market is segmented into ferrous fumarate, ferrous sulphate, and ferrous gluconate. On the basis of the end-user, the global food grade iron powder market shall be dominated by food and beverage segment. This is because the segment has an effective and natural way of satisfying the rising need for quality, diversity, and freshness. Also, the rising demand for low or zero-additive alternatives to conventional preservation techniques by consumers is also a reason that the food and beverages segment shall dominate the global food grade iron powder market in the forecast tenure.
During this tenure, Asia Pacific shall dominate the global food grade iron powder market. The region is expected to grow with the highest registered CAGR as the population in this region is highly susceptible to intake of lower iron contained food. This is because of higher population density in rural areas along with minimal awareness of daily diet. Also with the high consumption of junk food, the health concerns in this region are likely to support the growth of food grade iron powder market.
What Pushes the Global Food Grade Iron Powder Market Forward?
The deficiency of iron is one of the world’s most widespread micronutrient deficiency in children between 6 months and 2 years. The application of food grade iron powder in children’s diet has opened various doors of opportunities for the players of global food grade iron powder market. Also, the hectic lifestyle of women and improper care of kids due to overbooked with official work is also one of the driving factors pushing the global food grade iron powder market forward.
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Secondly, the quality of the soil is degrading across the globe owing to various reasons such as excessive agricultural activities, deforestation, overgrazing, exploitation of land to produce fuel woods, and industrialization. The constantly rising demand for iron infused fertilizers to mitigate poor soil quality is another factor that drives the growth of global food grade iron powder market.
What are Restraints that Hampers the Growth of Global Food Grade Iron Powder Market?
The major restraint that hampers the growth of food grade iron powder market is health risk that comes while manufacturing the food grade iron powder products. These risks involve the possibility of getting diseases like diabetes, heart attacks, and cancer. However, researcher and scientists are investing heavily in research and development to overcome this challenge and help global food grade iron powder market to grow in the forecast period.