by Ferrous sulfate is an iron supplement that is used widely to treat and prevent iron deficiency. It is administered orally in tablet or liquid form. Ferrous sulfate contains iron in a form that is readily absorbed by the body to boost iron levels. Iron deficiency is a widespread problem across the globe affecting people of all ages. According to WHO, about 2 billion people have anaemia, with iron deficiency being the most common cause. This has significantly boosted the demand for iron supplements such as ferrous sulfate to improve iron levels. The global ferrous sulfate market remains fuelled by the need to address iron deficiency issues that impact health, growth and development.
The global Ferrous sulfate Market is estimated to be valued at US$ 1015.83 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements have led to the development of enhanced formulations that allow for better absorption of ferrous sulfate in the body. This has boosted compliance for iron therapy. Another major trend is the increasing application of ferrous sulfate as an iron supplement for children and pregnant women to address nutritional deficiencies. Rising focus on preventive healthcare is also driving higher intake of iron supplements for various at-risk demographic groups prone to anaemia. Research efforts continue towards establishing the efficacy of ferrous sulfate against various other conditions beyond iron deficiency alone.
Porter’s Analysis
Threat of new entrants: The threat is low due to the high capital requirements and established distribution networks of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, pharmaceutical buyers require certifications which provide some leverage to existing suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few suppliers that can supply bulk quantities of ferrous sulfate. However, the suppliers still rely on these buyers for off-take.
Threat of new substitutes: The threat is moderate as there are substitutes available for use as coagulants and feed supplements. However, ferrous sulfate remains one of the most common and cost-effective alternatives.
Competitive rivalry: Competition is high among the top players to gain market share and expand their global footprint. However, firms try to differentiate based on quality and service offerings.
Key Takeaways
The Global Ferrous Sulfate Market Size is expected to witness high growth over the forecast period owing to increasing demand from key end-use industries. The global Ferrous sulfate Market is estimated to be valued at US$ 1015.83 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to continue its lead over the forecast period. China and India contribute significantly to the growth owing to robust demand from water treatment and agriculture sectors. North America and Europe are also sizable markets driven by pharmaceutical and wastewater treatment applications.
Key players: Key players operating in the ferrous sulfate market are 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. These players are focusing on capacity expansion plans and new product launches to consolidate their position in the global market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
