XploreMR published a report on the food grade iron powder market with global market analysis for 2014- 2018 and opportunity assessment for 2019 – 2029. It projects that the food grade iron powder market is expected to reach nearly US$ 5 Mn by the end of 2019 in terms of value, and is forecasted to reach approximately US$ 8 Mn by the end of 2029.
Food and Beverages Industry to Remain Prominent Consumer of Food Grade Iron Powder
By application type, the food and beverage segment is a prominent segment in the food grade iron powder market. The growing demand for processed food, changing lifestyles of consumers, and increasing preference for healthy and ready-to-eat food are supporting the growing demand for food grade iron powder in this segment. However, the agriculture industry is expected to exhibit a high growth rate in the food grade iron powder market during the forecast period.
The healthy processed segment is growing as consumers prefer ready-to-eat and convenience food because of their fast and busy lifestyle. There are numerous innovative food products present in the market, which are healthy as well as tasty. These factors are expected to drive the market growth of food grade iron powder in the food and beverages industry.
Industrialization of Dairy & Meat Industry Feed to Drive Food Grade Iron Powder Consumption for Feed
Animal protein has high demand in the food industry. To increase the production of animal meat, it is important to provide animals a proper diet. Food grade iron powder is an essential nutrient that animals require in small quantities to perform various vital physiological functions in the body. To meet this nutritional requirement in animals, additional micronutrients are added in the animal feed. This leads to an increase in the market demand for food grade iron powder in the animal feed industry.
Increasing Demand for Iron Fortification in Infant Formula to Benefit Food Grade Iron Powder Market
Iron is an essential micronutrient required for the growth of the human body. Iron deficiency is mostly found in infants and pregnant women. To overcome this deficiency, infant formulas are fortified with food grade iron powder. Busy lifestyles of women and insufficient nutrition to infants increases the demand for fortified infant formula with food grade iron powder. For growth and development of babies, iron is an important micronutrient. To meet the iron demand, food grade iron powder is used in infant formulas. Micronutrient deficiency affects all age groups but mostly in children and pregnant women. Food grade iron powder is used to fulfill this requirement.
Food fortification is one of the methods to add iron in food products externally. Food grade iron powder is used for iron fortification. Food grade iron powder helps to boost growth and development in infants. Iron deficiency causes many adverse effects in infants. To fulfill the same, food grade iron powder is used in infant formula to increase its iron content. Nowadays, formula-based infant food is trending and the demand for fortified food is increasing, this leads to an increase in the demand for food grade iron powder in the global market. To add extra nutrition and vitamins to these formulas, food fortification process is used. Iron is one of the three major micronutrients, which are used in the food and beverages industry.
Food Grade Iron Powder Market: Key Companies Analysis
The key players included in the food grade iron powder market report are BASF SE, Höganäs AB, AkzoNobel N.V., Ashland Global Holdings Inc., Industrial Metal Powders (I) Pvt. Ltd., American Elements, Belmont Metals Inc., Salvi Chemical Industries Ltd., DowDuPont Inc., Compass Minerals, Bayer AG, Spectrum Chemical Mfg. Corp., Micnelf USA Inc., Precheza a, Rio Tinto Metal Powders, ShinwooBesteel, Cathay Industries, and Jiangxi Yuean Superfine Metal Co. Ltd.