The glycinates market share from the dry form is projected to grow at nearly 5.5% CAGR between 2021 and 2027. Since the dry form of the product is extensively utilized in dietary supplements, the consumption of magnesium glycinate tablets is rising.
By 2027, the glycinates market share from the liquid form is anticipated to cross $350 million. Due to the increased consumption of glycinates in shower gels and other personal care products, the liquid product form is gaining traction.
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The sodium glycinates market share is anticipated to witness a growth, driven by its use in cosmetic products due to its skin-softening properties.
There are more than 500 million cosmetic product users across Europe alone. These individuals use personal care and cosmetic products on a day-to-day basis. According to Cosmetics Europe, the retail sales during 2020 from the beauty industry reached €76.7 billion. Italy accounted for over €9.7 billion, France contributed about €11.5 billion, while Germany led the pack with over €14 billion of the total revenue from retail segment.
The global glycinates market size is set to reach a valuation of nearly USD 1.35 billion by 2027. Surging incidence of chronic health conditions, including asthma, type 2 diabetes, high blood pressure, metabolic syndromes, and some types of cancer, has added to product consumption. The pharma industry has been a leading consumer of the product, due to the numerous health benefits of magnesium glycinate. The coronavirus and its multiple variants have unfolded new possibilities for industry participants due to the rising product use in therapeutics for patients diagnosed with mental health conditions.
A growing number of millennials have been preferring personal care products that have mild cleansing agents. Due to this trend, the use of mild anionic surfactants, including glycinates, has increased significantly over the past few years.
Earlier, in July 2021, the Indian Cabinet Committee on Economic Affairs had approved a package for the livestock sector. Over the next 5 years (starting from 2021-22), more than 10 crore farmers contributing toward the animal husbandry sector throughout the nation will receive remunerations, leveraging the $540 billion investment.
Some top players operating in glycinates market across the globe include Dunstan nutrition, BASF SE, Solvay, Innospec, Aditya Chemicals, Clariant, Jost Chemical Co., Pancosma SA, and Pharmavit.
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Since the realignment of the National Livestock Mission of the Department of Animal Husbandry and Dairying (DAHD), training for all aspects of animal husbandry practices, including the domain of animal feed production, is being provided. Due to the growing product use in animal feed, these investments might translate to a higher revenue for India glycinates market through 2027.
A growing number of beauty start-ups, including Mama Earth and Curology, have emerged over the last decade.
The animal husbandry sector in India has been receiving significant government attention since the past few years. Several beneficial schemes and plans are being introduced to strengthen prospects for rural livelihood, wherein animal husbandry is a key industry. Recently, in February 2022, the government of India announced that it will offer a subsidy up to 50% to animal feed producers across multiple schemes.
The glycinates market is likely to record an expedited growth rate over the next few years, owing to the increasing awareness regarding product use across diverse applications.
The magnesium glycinate market share is expected to grow at a noteworthy pace through 2027, pushed by the rising concerns regarding magnesium deficiency across the United States. According to a 2020 review published in the Journal of the American Osteopathic Association, nearly 50% of Americans are magnesium deficient. The study also suggests that the growing consumption of refined grains, sugar, fatty foods, and phosphate-based ingredients is diminishing the magnesium levels of the population.
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