Magnesium Glycinate Market Trends

Growth Drivers

• Increasing Health Expenditure Among the Global Population – Magnesium glycinate is a supplement that boosts magnesium levels in people with a deficiency of the mineral. Magnesium is a nutrient that maintains the body’s processes including muscle development, nerve functioning, blood glucose levels, and blood pressure.  Increasing healthcare spending is hence expected to be a major growth driver for the global market. As per The World Bank, as of 2019, the current health expenditure per capita was USD 1121.97.

• Increasing Research Expenditure with Growing Research and Development Activities – The growth of the global magnesium glycinate market, over the forecast period, can be further ascribed to the rising investments in R&D activities to continuously bring up more feasible solutions for medical procedures using this chemical. According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.

• Increasing Expansion of the Chemical Industry across the Globe Owing to the Rising Number of Industries – The global chemical industry garnered revenue of nearly USD 4 trillion around the world in the year 2021.

• Increasing Government Support in Chemicals – For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.

• Increasing Urban Population across the World with Rising Disposable Income of People – Statistics provided by The World Bank indicate that approximately 4.5 million people reside in urban areas, representing 57% of the total population. This is expected to influence healthcare spending positively and hence boost the growth of the global magnesium glycinate market.

Challenges

• Restrictions Imposed by Government
• Lack of Expert Professionals
• High Production Cost – The production of pure magnesium glycinate is expensive as there are other alternatives with impurities added to the magnesium glycinate during manufacturing. Magnesium oxide is found in the alternatives of magnesium glycinate powder while hypromellose, or hydroxypropyl methylcellulose are the compounds found in magnesium glycinate capsules. So, to produce purely original content is costly and this hinders the growth of the market.