Global Glycinates Market: Overview
According to BlueWeave Consulting report, the global glycinates market was valued at USD 984.10 million in 2017 and is projected to expand at a CAGR of 5.15% from 2018 to 2024, by value, reaching around USD 1488.10 million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to global glycinates market in 2017.
Growing demand from supplements & healthcare products is driving the global glycinates market.
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Magnesium glycinates are often used in health supplement products over other magnesium form, as the body finds it easier to absorb this form. It is also one of the gentlest supplements, unlike other forms of magnesium. It does not cause as many side effects, such as an upset stomach or loose stools. This characteristic makes magnesium glycinates a good supplement for people recovering from bariatric surgery or anyone who might be at risk for magnesium levels which is stimulating the demand for magnesium glycinates over the forecast period.
With the rising opportunities in meat & dairy sector, there has been a shift in the focus of manufacturers towards animal feed. This is also anticipated to increase the consumption of glycinates in livestock feed. Glycinates is used in farming and agriculture industries to feed chicken and cattle in order to provide important nutrients for their growth. The government authorities are implementing strict regulation in Europe and United States, which has banned the use of certain antibiotics as growth promoters in animals. Thus, stringent regulations against antibiotics in livestock feed industry will promote glycinates market by 2025.
Global Glycinates Market: Scope of the Report
The global market for glycinates is segmented by product, by application, and by region. The product is further segmented into magnesium glycinates, zinc glycinates, calcium glycinates, copper glycinates, manganese glycinates, iron glycinates, sodium glycinates, and others. The application further segmented into pharmaceuticals, calcium glycinates, feed additives, personal care, and sodium glycinates. Thus, the demands for glycinates products, like magnesium glycinates and zinc glycinates, will generate higher revenue returns over the forecast period.
Global Glycinates Market: Competitive Dynamics
Major industry players in global glycinates market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the glycinates market. For instance, in November 2017, BASF SE entered into a partnership with Avitech Nutrition to expand organically-bound trace elements for animal feed manufacturers. Product contains high-quality glycinates by BASF which will enhance nutritional value of feed additive, improving poultry vitality in South Asia.
Market Segmentation: Global Glycinates Market
By Product
By Application
By Region
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