Ferric pyro phosphate accounted over 50% of the overall industry share in 2017. Key applications including iron supplements for disease prevention such as anaemia, fortification in infant cereals & various drink powders, high presence of iron bioavailability will augment the FePO4 demand. Increasing health diseases occurrences every year owing to the nutritional & vitamins deficiencies in infants, children, and adults will drive the ferric pyro phosphate market.
Ferrous phosphate accounted for over 40% of the overall iron phosphate market share in 2017. Ferrous phosphate is a phosphoric acid iron salt that is used in the applications such as slug pellets and moss killers. It is naturally present in the mineral vivianite form. Increasing R&D investments to develop more effective medical compounds against growing dreadful diseases will augment the product demand. Industrial applications including iron & steel manufacturing and base coating for paints due to residential areas expansion will increase the ferrous phosphate demand.
Food & beverages market will surpass 60 kilo tons consumption by 2024. Surging consumer demand and varying preferences in the food & beverages sector will stimulate the FePO4 growth. Rising health awareness regarding nutritional intake on the daily basis and increasing demand for the dietary supplements will propel the business widening.
Fertilizers application will witness over 5% CAGR up to 2024. Rapid advancements particularly in the agriculture sector owing to the rise in population will propel the industry size. Key factors including escalating agricultural and fertilizers R&D investments and developing new & improved agrochemical compounds for the high-quality crop production will meet the requirements for animal feed and food sector. Thus, influencing the overall product iron phosphate market size.
Asia Pacific accounted for more than 50% of the global iron phosphate market share in 2017. Escalation in the number of patients with iron deficiency will augment the product expansion. For instance, India is among the top nations in the world with high population rate that will result in an increased pharmacist’s presence thus boosting the industry size. As per the FICCI 2018 report on Indian Pharma sector, India will become among the top 3 pharma markets over the next 5 years owing to the low cost and at scale manufacturing capability thus resulting an increase in the FePO4 business expansion.
Europe will witness a CAGR of over 4% in the forecast 2018 to 2024. Agricultural and pharmaceutical sector particularly in the countries such as Germany, UK, and France will augment the FePO4 penetration rate. Surging food & beverage segment including various bakery products such as breads, cakes, fresh creams, flavouring agents and sweeteners among the young population at a rapid pace will exhibit an amplification in the product demand. Thus, making an influence on the overall industry size.