According to a recent FMI report, the global reduced iron powder market is anticipated to cross a valuation of US$ 1,663.28 Mn in 2033. It is likely to grow at a CAGR of approximately 6% between 2023 and 2033.
Reduced iron powder is a versatile component with numerous applications in food and beverage preparation. In many countries, it is utilised as a dietary supplement and is a vital nutrient for human health. Reduced iron powder absorbs quickly and has a high bioavailability.
Reduced iron powder is widely used in the food and beverage industries. It is found in a variety of foods, including meat, infant formula, baked goods, and breakfast cereals. Reduced iron powder is added to a variety of beverages, including orange juice and sports drinks.
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Due to growing consumer demand for better food safety, sustainability, and quality, the mature industry of reduced iron powder is going through a drastic period of change. According to FMI, a provider of market research and competitive intelligence, increased use of reduced iron powder in the meat processing industry is set to surge the value of the market globally over the next ten years.
Apart from that, increasing demand for food and beverages fortified with iron and rising consumption of infant formula & dietary supplements are anticipated to push sales of reduced iron powder during the forecast period. Besides, growing awareness about the health benefits of iron supplementation is anticipated to aid demand.
Key Takeaways from the Reduced Iron Powder Market Study:
- During the projection period from 2022-2032, the reduced iron powder market is expected to be the fastest-growing segment, rising at a CAGR of 6%.
- By region, Asia Pacific is expected to generate the lion’s share in the global reduced iron powder market in the evaluation period.
- The U.S., China, Canada, Germany, and Mexico are the major countries driving demand for reduced iron powder.
- The North America reduced iron powder market is expected to register 38% CAGR between 2023 and 2033.
- The global reduced iron powder market size is expected to reach US$ 1,167.80 Mn by the end of 2023.
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“Demand for reduced iron powder is mainly set to be driven by its wide range of applications in food and beverages, animal feed, and pharmaceuticals. Besides, increased awareness about the health benefits of reduced iron powder is expected to push its demand in the food and beverage industry,” says a lead analyst at Future Market Insights.
Competitive Landscape: Reduced Iron Powder Market
Some of the key players in the global reduced iron powder market are BASF, Yara, Nutrien, Compass Minerals, DowDuPont, AkzoNobel, Spectrum Chemical, Ashland, IMP, American Elements, Belmont Metals, Salvi Chemical, Precheza, Rio Tinto Metal Powders, Cathay Industries, and Yuean Metal.
Get Valuable Insights into Reduced Iron Powder Market
FMI, in its new offering, provides an unbiased analysis of the reduced iron powder market presenting historical demand data (2018-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for reduced iron powder market based on by product (elemental iron, iron compounds), by application (food and beverage industry, animal feed, agriculture, pharmaceutical.) distribution channel (online, offline) and regions from 2023-2033.
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