Global ferrous gluconate market is projected to witness a CAGR of 5.7% during the forecast period 2024-2031, growing from USD 703.4 million in 2023 to USD 1095.98 million in 2031F. The market expansion is supported by the rising requirement by the food and beverage companies, increasing awareness about various health benefits offered by the product, and expansion of pharmaceutical and cosmetics industry.
The chemical compound is commonly used as an iron supplement to treat or prevent iron deficiency in humans and animals. Due to their requirement for managing and preventing iron deficiency in animals, their demand increases as the adoption of pets rises in various regions across the globe. For instance, the Humane Society and Shelter Animals Count estimates that between 2.2 million and 2.6 million dogs and cats are adopted annually in the United States. Due to this increase in the adoption of pets, the requirement for ferrous gluconate as a supplement for preventing iron deficiency in animals is increasing.
The chemical finds applications as a food additive for fortifying processed foods with additional nutritional content and as a coloring agent in various food products and cosmetics. It is most used in bread, cereal, grains, and flour to enrich their iron content. The global ferrous gluconate market growth is supported by the development of technologically advanced manufacturing processes to improve the safety and efficacy of ferrous gluconate. This results in improved product formulation production and supports the expansion of the market. Furthermore, the rapid expansion of the pharmaceutical sector is bolstering the requirement for ferrous gluconate, as it is found in various pharmaceutical applications, including intravenous iron therapy and oral iron supplements. Thus providing lucrative growth opportunities for the market in the coming years.
Increasing Prevalence of Anemia Supports the Market Expansion
The rise in several cases of anemia in various regions across the globe is boosting the requirement for ferrous gluconate. For instance, World Health Organization (WHO) estimates that 40% of the children of the age 6-59 months, 30% of women aged 15-49 years, and 37% of pregnant women are affected by anemia. The growth in the prevalence of cases of anemia is propelling the global ferrous gluconate market demand as the product is commonly used for iron supplementation for treating iron deficiency or anemia. A 600 mg of ferrous gluconate dose, if taken two to three times daily, ensures iron supplementation in anemia. Thus, this will bolster the requirement for ferrous gluconate for individuals suffering from iron deficiency and support the market’s growth.
Rising Health Consciousness Among the General Population
The increasing consumption of health supplements owing to growing awareness about various nutritional deficiencies and rising emphasis on maintaining a healthy lifestyle will provide lucrative growth opportunities to the market. The consumption of these supplements aids individuals in ensuring that they receive all the nutrients essential for improving and maintaining their health. For instance, the data collected from the 2023 Council for Responsible Nutrition Consumer Survey on Dietary Supplements confirms that supplements play a crucial role in the lives of most American individuals, with 55% qualifying as regular users and 74% of the population of the United States consuming dietary supplements. It, in turn, is propelling the requirement for health supplements derived from ferrous gluconate as these supplements allow the treatment and management of various conditions caused by iron deficiency.
Moreover, the medication derived from ferrous gluconate is used to prevent and treat low blood levels of iron, which are usually caused by pregnancy or anemia. The iron obtained from ferrous gluconate becomes a part of the myoglobin and hemoglobin. Hemoglobin is responsible for carrying oxygen through the blood to the organs and the tissues, whereas myoglobin aids the muscle cells in storing oxygen. Due to the growing awareness about the increasing prevalence of various health conditions, individuals around the globe are taking regular health checkups to ensure that their health is maintained. It ensures that they are made aware of any deficiencies on time and can initiate the consumption of any required health supplements. Thus, boosting the demand for ferrous gluconate and supporting the expansion of the market.
North America Accounts for Significant Global Ferrous Gluconate Market Share
The rapid expansion of the market in North America can be attributed to the strong presence of various market players, the increasing prevalence of anemia, and the growing consumption of health supplements. The rising consumption of health supplements in the region can be attributed to the growing health consciousness and increasing emphasis on maintaining a healthy lifestyle. The increasing prevalence of anemia in the United States is further augmenting the market’s growth in the region. For instance, the Centers for Disease Control and Prevention estimated that approximately 2.8 million visits to the physician’s office receive a primary diagnosis of anemia and approximately 5,987 individuals die from anemia annually. This rise in cases of anemia is propelling the requirement for ferrous gluconate as the product aids in regulating the iron levels in the body.
Additionally, in cosmetics, the gluconate ion is employed as a vector of penetration that aids the transportation of electrolytes through the skin. The rapid growth of the cosmetics sector in the region is further aiding the expansion of the market. For instance, the L’Oreal 2022 annual report estimates North America accounts for 28% of their global market share. The expansion of the cosmetics sector in North America is providing lucrative growth opportunities to the market as ferrous gluconate finds applications in various hair and skin care products as an iron source.
Ferrous Gluconate with More than 99% Purity Accounts for a Significant Share of the Market
The segment’s growth can be attributed to the rising requirement for ferrous gluconate with more than 99% purity by the cosmetics sector. For instance, approximately USD 49.2 billion worth of cosmetic products are sold in the United States every year, and on average, Americans spend somewhere between USD 244 and USD 313 on cosmetics every month. Thus, the cosmetics sector is witnessing significant growth, which, in turn, is propelling the requirement for ferrous gluconate with more than 99% purity, thus boosting the segment’s expansion and providing lucrative growth opportunities to the market.
Increasing Requirements for Cosmetics Boost Global Ferrous Gluconate Market Size
The increasing utilization of cosmetics and skincare products in various regions across the globe is propelling the requirement for ferrous gluconate and supporting the market expansion as the chemical finds various applications in the development of cosmetics and skin care products. For instance, Cosmetics Europe estimates that Europe cosmetics and personal care products market was valued at USD 95 billion (EUR 88 billion) in 2022. The various markets for cosmetics and personal care products in region are in France with USD 13.96 billion (EUR 12.9 billion), the United Kingdom with 11.37 billion (EUR 10.5 billion), Germany with USD 15.48 billion (€14.3 billion), and Italy with USD 12.45 billion (EUR 11.5 billion), and others. Due to this growth of the market for cosmetic and personal care products the demand for ferrous gluconate is increasing as it acts as a keratin restructurer in hair products and as a skin conditioner in various skin care products.
In cosmetics, the chemical is deployed to ensure easy transport of different electrolytes through the skin. Gluconate is a cellular revitalizer generator implied in the pentose synthesis pathways, which are the main source of Nicotinamide adenine dinucleotide phosphate. Thus, boosting the demand for ferrous gluconate and aiding the market growth.
Future Market Scenario (2024 – 2031F)
According to global ferrous gluconate market analysis, the market will witness significant growth over the forecast period owing to the rising number of cases of anemia in various regions and increased product demand from the cosmetics sector. The growing investments in the cosmetics industry and rising utilization of skincare and cosmetic products will boost the requirement for ferrous gluconate due to varied applications of the product in the development of skin and hair products. The market growth will be supported by the increasing efforts of the market players towards the development of technologically advanced manufacturing processes to improve the efficacy and safety of ferrous gluconate.
Report Scope
“Ferrous Gluconate Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global ferrous gluconate market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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