Ferrous Fumarate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1637
Global Ferrous Fumarate Market Size will witness robust growth owing to its extensive use as an iron supplement. Ferrous fumarate, also popularly known as iron fumarate, is an odorless reddish-brown or reddish-orange powder, with iron content of almost a third in pure form.
Iron is one of the most important mineral in the human body responsible for the production of red blood cells and keeping the body in good health. Bone marrow uses iron in the body to make hemoglobin. Due to inadequacy of iron in the human body, hemoglobin is produced in very less quantity for the red blood cells. This causes dizziness, shortness of breath, skin pallor, and fatigue which are some of the symptoms of anemia. Over a fifth of the world population suffer from anemia or iron deficiency which accounts to more than 1.5 billion people. Iron deficiency is the most common reason for anemia in children and pregnant women. Pregnant women in particular require iron supplements as iron deficiency may result in the blood carrying not enough oxygen to the tissues throughout the body leading to preterm labor. These factors will principally drive the global ferrous fumarate market on a large scale.
Due to negligible potential side effects, ferrous fumarate market is set to witness substantial growth in the forecast period. The United States Food and Drug Administration (FDA) and European Medicines Agency have also regulated the product’s use in pharmaceutical products like tablets and capsules for fueling iron contents in the human bodies.
However, due to a number of substitutes such as ferrous sulfate, ferrous succinate and ferrous gluconate, the ferrous fumarate market growth may be hindered. Ferrous sulfate, also known as iron sulfate, has extensive medical application and is also used in fortifying food to treat iron deficiency anemia. Besides, the product also finds its usage as a colorant in ink manufacturing. These extensive uses of other substitute products may lead to a harsher competitive environment in the ferrous fumarate market.
Based on the products, the ferrous fumarate market can be segmented into syrup, capsules, and tablets. Syrup can be injected into the body whereas capsules and tablets are consumed orally as iron supplements. Use of the product as an additive in baby food is also recommended.
Apart from products, the global ferrous fumarate market can also be classified on the basis of end-user industries such as food, pharmaceutical and chemical. The product is added to several foods such as malt based energy drinks for children and other milk based drinks to enhance the iron content in the food. In pharmaceutical industry, the product is used in different medicines, tablets, and capsules as a supplement for iron deficiency whereas in the chemicals industry, the product finds its use for chemical syntheses
The global ferrous fumarate market is growing rapidly owing to huge expansions in the pharmaceutical industry. The pharmaceutical industry is the major end user industry and was valued at over USD 750 billion in 2016. Due to presence of international drug manufacturers and a mature pharmaceutical market, North America has a considerable ferrous fumarate market share. Asia Pacific is considered as the fastest growing market due to increasing number of pharmaceutical manufacturing activities in developing countries such as India and China. These countries are the largest product consumers in this region. India is also one of the largest exporter of the product.
The ferrous fumarate market demand is growing consistently in Europe despite of the economic slowdown in the region. This is due the presence of pharmaceutical manufacturers on a large scale in the countries such as Italy, Germany, and Belgium. Considering Latin America and Middle East & Africa, the ferrous fumarate market demand is comparatively low due to lesser presence of pharmaceutical producers in these regions. Furthermore, gradual development in Latin America in near future is expected to fuel the ferrous fumarate market demand in that region.
Prominent players operating in the global ferrous fumarate market include Henan Sinotech, Shreeji Industries, Lonye Technology, Allied Biochem, Galenica group, Ironwood Pharmaceuticals, Vifom Pharma, Abhishek Organics, Foodchem, Salvichem, Ferro Chem, P J Chemicals, Jost Chemical, Hindustan basic drugs, Ganesh Benzoplast, Triveni chemicals, Salvi Chemical Industries, Nitika Chemicals, ChemNet and SRS Pharmaceuticals Pvt. Ltd. to name a few.
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