The global magnesium phosphate market accounted for $1,177.8 million in 2018, and is anticipated to reach $1,703.2 million by 2026, at a CAGR of 4.2% during the forecast period.
The magnesium phosphate market has witnessed a remarkable growth in the recent years; however, due to the sudden outbreak of the COVID-19, the market is expected to experience a decline in the year 2020, owing to sudden decline in the magnesium phosphate product demand. This is majorly due to lockdown of several industrial activities to break the chain of virus transmission, since the virus majorly transfers through human contact. Similarly, market may experience a decline in the product availability because of unavailability of raw materials due to global shutdown. However, Research Dive analysts have predicted the condition of the magnesium phosphate market during the COVID-19 outbreak, and have come to the below-mentioned inferences.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|4.3%||4.2%||Q1/Q2 2022||15||USD 1,329.8 Million||USD 1,063.8 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Rising demand from healthcare, coupled with growing product consumption from other end use industries such as food & beverage, fertilizer and other industries are some of the magnesium phosphate market drivers. Increasing demand from the healthcare sector helps to improve the market growth. In addition, rising number of patients suffering from various diseases such as constipation, indigestion and magnesium deficiency are the key for the market growth in the near future. Furthermore, there is growing demand for magnesium phosphate products from bakery sectors to use as a leavening agent to store the bakery products, which will accelerate the market growth in the forecast years. Similarly, swift growth in the preference of mineral enriched foods for livestock to improve immunity power and milk productivity is expected to propel the magnesium phosphate market growth in the coming years.
Uneven geographical distribution of phosphate salts across the globe will affect the production of magnesium phosphate; this factor is expected to hinder the development of the global market. Also, price volatility of raw materials due to insufficiency and development of many other substitute products are also estimated to hamper the market growth. Similarly, adverse effects of high consumption of magnesium phosphate may cause stomach upset, low blood pressure and respiratory problems; this factor is also estimated to limit the market size.
Magnesium is a vital nutrient for plants, as it supports to improve the photosynthesis process. Due to this, this product is widely used in manufacturing fertilizers. The outburst of COVID-19 pandemic has increased the need to produce adequate food supplies and maintain the availability of food to people all across the world. To cope up with this growing demand, various governments across the globe are investing huge for offering additional benefits to the farmers and encouraging them to continue farming. The growth in farming activities has resulted in a considerable growth for magnesium-based fertilizers, thus boosting the growth of magnesium phosphate market.
Despite of the lockdown that has been imposed in majority of the countries, some countries such as Malaysia has given clearance to the fertilizers production organization considering fertilizers to be one of the essential products to cultivate crops. However, the disruptions in the supply chain is expected to affect the market. The growth in farming activities has resulted in a considerable growth in the demand for magnesium-based fertilizers, thus boosting the growth of magnesium phosphate market.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The predicted decline in 2020 is expected to negatively impact the market growth as compared to previous times. However, according to study conducted by Research Dive, the global magnesium phosphate market is expected to recover by the end of Q2 in 2022. Also, the growing concerns regarding COVID-19 are expected to impact the distribution and production of fertilizers in many countries across the globe, especially Southeastern Asian countries, and is anticipated to boost the market growth once the COVID-19 scenario is under control. In addition, the demand for fertilizers from both developing and developed economies will again boost the product demand, which in turn increases the global magnesium phosphate market growth.
Moreover, growing health concerns among the people about dietary supplements is expected to boost the demand for magnesium phosphate because it is used as nutrient; this is predicted to enhance the market size in the coming years. In addition, rising necessity for magnesium phosphate across the food & beverages and healthcare industry is expected to boost the market growth in the near future. Magnesium plays a vital role in balancing chemical reactions in the body along with maintaining the proper growth of bones, muscles and appropriate functioning of nerves. These factors make magnesium phosphate a vital component in the pharmaceutical industry.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Magnesium phosphate Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity