Iodine Market Size, Share & Trends Analysis Report By Source (Caliche Ore, Underground Brines), By End-use (Pharmaceuticals, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030

Iodine Market Size, Share & Trends Analysis Report By Source (Caliche Ore, Underground Brines), By End-use (Pharmaceuticals, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030

Iodine Market Growth & Trends

The global iodine market size is expected to reach USD 4.88 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.7% from 2023 to 2030. Increasing demand for medicines that address iodine deficiency in the thyroid gland is a key driver for the market. In addition, the requirement for enriched animal feed is also boosting product demand. Based on segmentation by source, iodine is derived from caliche ore, underground brines, recycling, and seaweed. Caliche ore held the largest revenue share in 2022 due to its widespread availability in the earth’s crust. The two naturally occurring crystalline forms of iodine in caliche ore are lautarite and dietzeite, constituting around 0.04% (400 ppm) of iodine.

Based on data from the World Iodine Association, about 2 billion people around the globe are afflicted by iodine deficiency, which is understood to be one of the most preventable causes of mental retardation in children and adults. It also results in decreased rates of metabolism, thereby impacting the general functioning and efficiency of people.

The global market is highly concentrated. The growth in the medical devices and pharmaceutical industry are the key growth drivers for the market. For instance, an agreement was signed between GE Healthcare and Sociedad Quimica y Minera de Chile S.A, for securing iodine supply for the former’s Pharmaceutical Diagnostics business, in October 2022. In medical devices such as X-ray and Computed Tomography (CT) procedures, iodine continues to be a key ingredient for contrast media products.

Iodine Market Report Highlights

• Based on country, the U.S. is anticipated to register a CAGR of 3.4%, in terms of revenue, over the forecast period. The growth can be attributed to the increasing requirement for medical intervention to treat an underactive thyroid amongst the vast population, including pregnant women and geriatric patients
• Based on source, the caliche ore segment held a revenue share of 48.0% of the market in 2022. It is widely available, especially in arid regions and is easily extracted and cost-effective
• Based on end-use, the medical imaging segment held the largest revenue share of about 35%, in 2022. It constitutes the X-ray contrast media used in diagnostic devices such as X-rays, CT machines, and angiography
• Competitive rivalry is high in the market. Players have been undertaking acquisition activities to increase their share. For instance, in September 2022, Evonik sold one of its subsidiaries RheinPerChemie GmbH to Calibre Chemicals,an Indian company engaged in nutrition, pharmaceuticals, and personal care specialty chemicals, including iodine derivatives. This will enhance the latter’s share in Europe

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