According to a recent FMI report, the global reduced iron powder market is is on a trajectory of substantial growth, with projections indicating a valuation exceeding US$ 1.6 billion by 2033. This growth is underpinned by a robust compound annual growth rate (CAGR) of approximately 6% from 2023 to 2033. Reduced iron powder, renowned for its versatility and high bioavailability, serves as a vital dietary supplement across various nations, contributing significantly to human health.
Reduced iron powder holds a pivotal position in the food and beverage sector, featuring prominently in a myriad of products ranging from meat items and infant formula to baked goods and breakfast cereals. Its widespread use extends to beverages like orange juice and sports drinks, where it serves as a fortifying agent. As consumers increasingly prioritize nutritional value in their food choices, the demand for reduced iron powder continues to escalate, creating lucrative opportunities for market participants.
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The growth of the reduced iron powder market is fueled by several factors. Its inherent flexibility and high absorption rate make it an indispensable ingredient in food fortification, addressing prevalent nutritional deficiencies worldwide. Moreover, the expanding consumer base, coupled with rising awareness regarding the importance of dietary supplements, further propels market demand. Additionally, ongoing innovations in product formulations and applications are driving market expansion, offering new avenues for growth and diversification.
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.
“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.
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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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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