Home > Pressrelease > Glycinates Market size to reach $1.9Bn by 2032
Glycinates Market size to reach $1.9Bn by 2032
- Published Date: February 3, 2023
Glycinates Market size is projected to surpass USD 1.9 billion by 2032, according to a new research report by Global Market Insights Inc.
The increasing demand for fortified food and beverages, particularly across European countries is expected to have a positive impact on the glycinates industry dynamics. The emergence of new health trends such as vegan diets, plant-based protein, and nutrient-rich foods is propelling the production of functional foods. The growing consumer awareness and preference for healthy dietary lifestyles are also promoting the consumption of value-added food products and supplements, offering lucrative scope for the manufacturers of glycinate products.
Rising incidences of anemia in children to boost consumption of iron glycinate
The glycinates market size from iron glycinate segment is anticipated to expand at 7% CAGR between 2023 and 2032. Iron glycinate is widely recommended to patients with gut issues or malabsorption disorders to improve iron absorption. It is also consumed as a dietary supplement to boost healthy red blood cells and prevent deficiencies such as anemia. Several developing and developed countries report a significant prevalence of anemia, particularly in young children, and pregnant women. For instance, according to the fifth National Family Health Survey (NFHS), 2019-2021, India is witnessing a surge in the prevalence of anemia across all age groups with more than 65% rise in children from 6-59 months of age.
Growing need for glycinate-based drugs & nutraceuticals to limit disease burden to proliferate market growth
In terms of revenue, the pharmaceutical/nutraceutical application segment is predicted to exceed USD 700 million by 2032. Glycinates are widely used in the manufacturing of pharmaceutical and nutraceutical products. These compounds are primarily employed as chelating agents to enhance the absorption of minerals such as zinc and iron. Glycinates also find applications in medications, including antacids since they ensure a controlled release of active ingredients. The rising prevalence of chronic diseases and metabolic disorders is propelling the sales of pharmaceuticals, and dietary supplements with high amounts of bioactive compounds, thus promoting the nutraceutical application scope of glycinates.
Browse key industry insights spread across 250 pages with 347 market data tables and 39 figures & charts from the report, “Glycinates Market Size By Type (Magnesium Glycinate, Calcium Glycinate, Zinc Glycinate, Iron Glycinate, Copper Glycinate, Manganese Glycinate, Sodium Glycinate), By Application (Animal Feed, Pharmaceutical/Nutraceutical, Food & Beverage, Cosmetics & Personal Care), By Form (Dry, Liquid), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
Surging consumption of processed food to foster demand for dry glycinate
The dry form segment will worth over USD 1.4 billion by 2032. The dry form of glycinates find uses in nutraceutical, pharmaceutical, and food & beverage manufacturing as pH adjusters, flavor enhancers, and chelating agents. Glycinates are widely adopted to improve the shelf life of certain food products, playing a key role in food processing and preservation. Advancements in food processing technologies and the rapid adoption of fast-paced lifestyles have accelerated the consumption of ultra-processed food. For instance, according to data published in a National Institute of Health (NIH) study, ultra-processed foods accounted for a total daily energy intake of 17% to 56% across 28 countries in 2021.
High preference for clean-label products to complement North America industry outlook
North America glycinates market is slated to depict over 7% CAGR from 2023 to 2032, as the region is home to a massive footprint of major pharmaceutical and food and beverage giants. The growing consumer awareness and inclination toward natural and clean-label ingredients along with the presence of supportive government regulations monitoring the safe use of food additives will complement the industry growth across North America. According to the 2021 FMCG Gurus USA Clean Labels Survey, more than 80% of consumers reported interest in products that are 100% natural, whereas 67% reported a preference for minimally processed food products.
Expansion initiatives to boost the industry development
Key participants operating in the glycinates market are BASF, Aditya Chemicals, Solvay, Dunstan Nutrition, Clariant, Pancosma SA, Pharmavit, Jost Chemical Co., UNO VETCHEM, Innospec, PAT IMPEX Chemicals India. These companies are focusing on expanding their business footprint through strategic investments and collaborations. For instance, in June 2022, Pharmavite announced plans to expand into the Columbus region by investing more than USD 200 million in a 200,000-250,000 square feet facility.