Iron Phosphate Market Size

Iron Phosphate Market Size

Global Iron Phosphate Market size was worth over USD 520 million in 2017 and will witness over 5% CAGR up to 2024.

Rapid expansion in the agriculture, pharmaceutical and food & beverages sectors will propel the global iron phosphate market growth. Upsurge in the population rate resulting in the declining arable land availability, thus increasing product application scope in fertilizers. Increasing agricultural pest concerns and emerging new agrochemicals varieties will support the its penetration. Rising demand for crops along with more R&D investments in the agricultural sector will drive the business expansion.

Food & beverages being the major application having usage as food additives for the longer duration preservation of food freshness, colour, texture and flavour. Growing consumer concerns regarding mineral enriched and fortified food items are the key factors fuelling product demand. Increased consumer awareness about the intake amounts for dietary supplements will boost the business growth. Rapid urbanization and increased per capita consumption expenditure will strengthen the FePO₄ demand in various applications.

Pharmaceuticals sector plays an important role in the industry expansion owing to the increasing consumer health concerns every year. Surging heavy investments by the global leader pharma companies such as GlaxoSmithKline, Merck, and Johnson & Johnson in the new and improved medicine processing technologies will boost the respective segment growth. Rising regulatory reforms among various regulatory authorities for the drugs improvisation with respect to efficiency and effectiveness will drive iron phosphate market demand.

New and safe alternatives development in the agricultural sector such as bio-farming and organic based materials pesticides will likely to restrain the FePO₄ adoption. Fluctuations in the raw material prices, periodic reforms in the government regulations, and policies regarding the environment conservation may hamper the industry growth. As per the government policies, ferric pyrophosphate & ferrous phosphate are harmful ingredients in the animal feed manufacturing process which may influence the overall product demand.