Food Grade Magnesium Carbonate market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Food Grade Magnesium Carbonate Industry Hit Worst due to Russia-Ukraine War Impact?
The global food grade magnesium market size is expected to expand on account of the use of the product for flour lifting and other applications in the food industry, shares Fortune Business Insights™, in its report titled, “Food Grade Magnesium Market, 2021-2028.”
Magnesium carbonate is also popularly known as magnesite and is a naturally forming mineral. It is insoluble in both water and in alcohol. It can be extracted by mixing magnesium and carbonate ions in the presence of atmospheric carbon dioxide.
Magnesium carbonate is popularly and extensively used as a food additive to avoid caking and as a dairy whitener in the application of food processing. It is alternatively used as a demolding agent in the production of biscuits or cookies, as a source of carbonate in soft drinks, as well as a provider of magnesium in dietary supplements. Moreover, it is a primary component acquired for the composition of flour stabilizers. Hence, the chemical is widely used in various activities and is expected to boost the market growth during the forecast period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Food Grade Magnesium Carbonate market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Food Grade Magnesium Carbonate market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Based on type, the global food grade magnesium market is divided into powder and granular. On the basis of application, the market is further segregated into flour improver and moisture-proof agent. With a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report provides a thorough study of the market segments and a detailed analysis of the market overview. A profound evaluation of the current market trends, as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. It also sheds light on key players and their prominent strategies to stay in the leading position.
Beneficial Properties of the Chemical in Food Sector to Spur Market Growth
The application of food grade magnesium for adding flavor to ready-to-eat items or to serve as a flour stabilizer has gained its importance in the food industry, as well as the chemical industry. It further helps in the dough prepared from the flour to gain excess flexibility and the property can be fully dissolved. This factor is expected to boost the demand for food grade magnesium.
The presence of several manufacturers and key companies in the food grade magnesium market increases the competition for survival, as well as divides the demand among all, leaving decreased workload for each player. This factor is anticipated to hamper the market growth.
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Asia Pacific to Lead the Market Backed by Surging Usage of Magnesium Carbonate
Asia Pacific holds the majority of the shares and is anticipated to dominate the food grade magnesium market. The growth is owing to the increasing awareness of health and fitness in this region and the beneficial usage of magnesium carbonate in the production of healthy food items, thereby boosting the regional market growth.
North America is expected to witness notable growth and is the second-largest shareholder in the global market. The increasing demand for making healthy lifestyle choices and choosing the right diet is further creating a need for the inclusion of magnesium carbonate in flavoring food items. This is estimated to promote the market growth of food grade magnesium in this region.
Europe is again anticipated to witness significant growth as the hectic lifestyle of people is compelling them to choose ready-to-eat food products which contain flavored foods variety and is gaining popularity with each passing day. This is expected to spur the market growth in this region.
Acquisitions Initiated by Key Companies to Promote Growth in the Market
Leading players in the market for food grade magnesium are constantly opting for efficient strategies to bolster their brand value, as well as promote their products with encountering least possible obstacles. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
For instance, in April 2020, Sumitomo Chemical Company Limited acquired subsidiaries in Brazil, Argentina, Chile, and Colombia, in the South American region which were owned by a leading chemical company in Australia called Nufarm Limited.
List of Key Players Covered in the Food Grade Magnesium Market Report
- Naikai Salt Industries
- Konoshima Chemical
- Rahul Magnesia
- SCORA S.A.S
- Bakhtawar Industries
- Hebei Gaolin
- Zehui Chemical
- Xingtai Messi
- Liaoning Xinghai Pharmaceutical
- Yixing Lark Fine Chemical
- Yingkou Magnesite Chemical
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