Magnesium Sulfate Market Share, Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2022

Market Highlights

The global Magnesium Sulfate Market Share is projected to be valued at USD 1334.6 million by the end of 2028, registering a CAGR of 4.5% during the forecast period.

Magnesium sulfate (MgSO4) is a chemical compound containing magnesium, sulfur, and oxygen. It is naturally found in seawater, mineral springs, and minerals such as kieserite and epsomite. It is commercially available in various types, including heptahydrate, monohydrate, anhydrous, or dried. Magnesium heptahydrate, also known as Epsom salt, is the most commonly available form of magnesium sulfate.

The increasing use of magnesium sulfate as fertilizer is a prime driver of the global market. Magnesium, the mineral, plays an important role in chlorophyll formation and photosynthesis for plants. It alsoinfluences various metallic processes and reactions such as photophosphorylation (i.e., ATP formation in chloroplasts), photosynthetic carbon dioxide (CO2) fixation, protein synthesis, partitioning and utilization of photo-assimilates, generation of reactive oxygen species, and photooxidation in leaf tissues. These processes and reactions are important in the growth phase of the plants and to gain high yields.

Magnesium sulfatecauses dilatation of the cerebral blood vessels and reduces the chances of cerebral ischemia and therefore is widely used in the treatment of eclampsia and severe pre-eclampsia as a first-line drug. This is also expected to drive the global magnesium sulfate market during the review period.

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Covid Impact Analysis

The restrictions on travel and face-to-face meetings coupled with lockdown and curfews to limit the spread of the coronavirushave negatively impacted magnesium sulfate production due to the disruption in the supply chain across the globe.

The unavailability of labor and travel restrictions have posed a significant challenge for the farmers, resulting in decreased agricultural produce. The rising health concerns among the consumers have resulted in a massive decline in sales of dairy products. On the other hand, a growing inclination has been noticed toward consuming plant-based foods and beverages among consumers in 2020.

The governments and managements have imposed various fiscal and monetary policies across the globeto limit the damage caused by COVID -19, which is expected to result in certain relief for consumers.

Segment Analysis

The global magnesium sulfate market share has been segmented on the basis of form, type, application, and region.

Based on form, the global magnesium sulfate market has been segmented into crystal, powder, and granules. The crystal segment accounted for the largest market share in 2020, owing to its widespread use in various applications such as agrochemicals, medical, textile, and food and beverage, among others.

On the basis of type, the global magnesium sulfate market share is segmented into heptahydrate (Epsom salt), anhydrous, monohydrate, and others. The heptahydrate segment emerged as the dominating segment on account of its high use in agriculture. This is because heptahydrate enhances the nitrogen and phosphorous intake of soil to cultivate potatoes, pepper, and tomatoes.

By application, the global market is classified into fertilizer, medical, food additive, industrial, chemical, and others. The fertilizer segment accounted for a significant market share in 2020 and is expected to register a healthy growth rate during the review period. This is due to the fact that magnesium sulfate is a convenient source of magnesium, important for the formation of chlorophyll and aiding the absorption of phosphorus. It also helps in speeding up the ripening process of certain fruits and vegetables. With the growing population and rising food demand globally, the demand for fertilizer is increasing, which in turn, will drive the global magnesium sulfate market.

Key Findings of the Study:

The global magnesium sulfate market is projected to reach a value of USD 1,535.01 millionby 2028with a CAGR of around 4.5%during the forecast period of 2021–2028.
Asia Pacific accounted for the largest market share in 2020. This is due to the presence of major agro-based countries in the region such as India, China, Thailand, and Indonesia, etc.
Asia-Pacific is expected to be the fastest-growing regional market due to the fast-paced industrialization and urbanization in emerging economies such as India, China, Thailand, and Malaysia as well as high agricultural produce.
The market in the Middle East & Africa region is the second-fastest growing market owing to the expanding agricultural base along with other end uses. Wheat and barley are the major staple crops grown in the Middle East region. In addition, significant quantities of rice, maize, lentils, chickpeas, vegetables and fruits are produced in Egypt, Syria, Saudi Arabia, and Jordan.
Growing popularity of magnesium sulfate in personal care products such as hair products, skin care products, sun-tan products, skin fresheners, etc. is likely to open new growth avenues for the players in this market.

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