The glycinates market is poised for substantial growth, with a projected CAGR of 6% from 2023 to 2033, reaching a valuation of USD 2338.37 million by the end of the forecast period. Key drivers include increasing health consciousness, rising demand for natural food additives, and expanding applications in various industries such as food, pharmaceuticals, and agriculture.
Increased Demand for Nutrient-Dense Foods
Glycolates are in high demand due to the increased demand for nutrient-dense foods. Factors driving the industry growth are:
- Increased mineral scarcity in the population, particularly in emerging economies such as Brazil.
- Rising demand for chelated minerals in food additives.
- Tightening limitations on the use of antibiotics in livestock feed are also driving the business.
Glycinates are commonly used as dietary supplements to strengthen bones and enhance the immune system. The pharmaceutical and nutraceutical industries’ demand for healthy and natural food additives, as well as rising consumer awareness of skincare products containing natural ingredients such as magnesium glycinate, drive glycinates market growth further.
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Market Dynamics:
- Growing health consciousness and demand for nutritive food products are driving glycinates market growth.
- Glycinates offer various health benefits, including treating mineral deficiencies and boosting immune function.
- Expansion of the animal feed industry and increasing meat consumption fuel demand for glycinates in animal nutrition.
- Rising awareness about natural food additives and preferences for clean-label products drive glycinates market growth.
- Lack of knowledge about health benefits in certain regions and affordability issues may limit market growth.
- Efforts to raise awareness about nutrition and health aid in overcoming market constraints.
- Demand for liquid glycinates is increasing in fertilizers, processed foods, pharmaceuticals, and personal care products.
Key Points from the Glycinates Market
- Globally increasing demand for pharmaceuticals/nutraceuticals, food additives, feed additives, and personal care items has a direct impact on the growth of glycinates.
- The market size is anticipated to be US$ 1305.74 million in 2023.
- Glycinates market is expected to thrive at a CAGR of 6% during the forecast period 2023 to 2033.
- Asia Pacific dominated the glycinates market.
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Key Developments in the Glycinates Market
- September 2019 – BASF SA, a chemical business based in Germany, announced the acquisition of Isobionics, a prominent biotechnology company focusing on natural flavors and fragrances. The agreement enabled BASF to expand its product range to meet the rising demand for natural ingredients.
- November 2017 – BASF SE, a German chemical business, announced a collaboration with Vital Therapeutics Pvt. Ltd., an Indian main maker of veterinary formulations and vitamin premixes. The collaboration is likely to result in a new product for the South Asian feed market, particularly India.
- BASF Animal Nutrition introduced a new glycinates product range in August 2014. The iron, copper, manganese, and zinc glycinate series line is intended for use in a variety of premixes, minerals, and mixed feeds.
- In July 2022, Avitech Nutrition introduced Performins, an organic blend of Glycinates to the market. The most widespread application has been in animal feeds, where it functions as an enhancer.
- In January 2022, OHMG, a U.K.-based company, announced the debut of the world’s first magnesium blend drink. This drink contains three types of glycinates: magnesium threonate, magnesium citrate, and magnesium glycinate, which function as a de-stress cure to reduce tension and anxiety levels.
Glycinates Market Key Segmentation
Glycinates Market by Type:
- Magnesium glycinate
- Calcium glycinate
- Zinc glycinate
- Iron glycinate
- Copper glycinate
- Manganese glycinate
- Sodium glycinate
Glycinates Market by Form:
- Dry
- Liquid
Glycinates Market by Application:
- Animal feed
- Pharmaceutical/nutraceutical
- Food & beverage
- Cosmetics & personal care
Glycinates Market by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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