The global ferrous sulfate market is projected to grow exponentially during the forecast period of 2019 – 2027, owing to numerous recent technological developments, two of which are highlighted below. (1)
- New solid nanoparticles loaded with iron are a major breakthrough in the medical industry and will present new opportunities for the ferrous sulfate market globally. These solid lipid nanoparticles offer an enhanced oral bioavailability, meaning that more of the iron dosage reaches where it is needed.
- A newly developed intravenous iron therapy has also created new avenues for ferrous sulfate. It is a more physiological way of treating anemia and highly beneficial for patients with functional iron deficiency. Moreover, it offers an improved hemoglobin response and is less expensive. (1)
Key Growth Dynamics
As we’ve discussed in other posts, ferrous sulfate has a multitude of uses, from animal feed and fertilizers to pharmaceuticals. Here’s a look at how some of these uses are driving growth in the global market:
- More individuals are focused on wellness and using more dietary supplements, including those with iron. Population growth is also a contributing factor to the market’s expansion.
- Due to increasing iron deficiency in animals, more ferrous sulfate is used in the diets of animals including swine and poultry.
- It is widely used in numerous plant fertilizers as it reduces alkalinity and overcomes several deficiencies in soil. (1)
- Ferrous sulfate is increasingly used in medicinal preparations for infants and people suffering from hemolytic anemia, porphyria, thalassemia, etc.
- Globally, countries are increasing expenditures on developing their pharmaceutical sector infrastructure to support R&D activities. According to Brand Equity Foundation, for instance, India’s pharma R&D investment increased from 5.3% in 2012 to 8.5% in 2018.(3) The development of more novel medications via increased R&D will likely drive additional ferrous sulfate market growth.
Geographically, Asia Pacific is expected to account for a significant share of the global market in terms of revenue over the forecast period.
China accounted for the largest Asia Pacific market share in 2018 (2). Moreover, the presence of several local manufacturers has propelled the market’s growth in this region.
Europe is also expected to show promising growth during the forecast period due to an increasing need for water treatment. Rising applications of ferrous sulfate in the medical industry have also contributed to European market growth. (1)
The market in North America is expected grow faster, owing to increasing demand from animal food manufacturers and the presence of major players operating in the countries in this region.
Future Outlook (3)
- The global ferrous sulfate market is forecast to reach $1.10 Billion by 2027, according to a new report by Reports and Data.
- The ferrous sulfate market was valued at $824.2 Million in the year 2018, and is forecasted to grow at a rate of 3.2% during the forecast period.
- The food grade segment is projected to witness a significant growth rate of 3.6% during the forecast period, and is expected to represent 30.0% of the market by 2027.