Magnesium Citrate Market Assessment, By Type [Anhydrous, Non-anhydrous], By Form [Powder, Liquid, Tablet, Others], By Application [Food and Beverage, Healthcare, Personal Care, Industrial, Others] By Region, Opportunities and Forecast, 2017-2031F

Magnesium Citrate Market Assessment, By Type [Anhydrous, Non-anhydrous], By Form [Powder, Liquid, Tablet, Others], By Application [Food and Beverage, Healthcare, Personal Care, Industrial, Others] By Region, Opportunities and Forecast, 2017-2031F

Global magnesium citrate market is projected to witness a CAGR of 3.5% during the forecast period 2024-2031, growing from USD 55.2 million in 2023 to USD 72.91 million in 2031F. The market growth is supported by expansion of the food and beverage sector, increasing utilization of magnesium citrate for industrial applications, and rising demand from the healthcare sector.

The rapid expansion of the food and beverage market is one of the major global magnesium citrate market trends supporting industry growth. Magnesium citrate finds applications in the food and beverage sector as a preservative, acidity regulator, and emulsifier. The rapid expansion of the food and beverage industry in various regions across the globe is providing lucrative growth opportunities to the market.

For instance, India’s food and beverage industry is one of the fastest growing sectors in the country, with various sub-segments and segments, according to the estimates of the Inc42, the domestic food processing segment will attain the value of USD 470 billion by FY2025, increasing from USD 263 billion in FY2021. Some drivers bolstering the growth include changing lifestyles and eating habits, increasing urbanization, and introducing favorable government policies. Thus, propelling the requirement for magnesium citrate and positively influencing the expansion of the market.

The significant growth of the pharmaceutical industry is another major factor boosting the global magnesium citrate market demand. This is because magnesium citrate finds applications in various pharmaceutical products, such as phlegm agents and diuretics. In the healthcare industry, it is used as a diuretic in various medications to adjust blood pH. The booming pharmaceutical sector in different regions is aiding the market expansion. For instance, according to IQVIA (MIDAS May 2023), during 2017-2022, 16.4% of sales of new medicines launched were in the European market, whereas 64.4% were in the American market. In 2022, North America held 52.3% of the world pharmaceutical sales, whereas Europe held 22.4%. Thus, propelling the requirement for magnesium citrate to support the production of new medications.

Increasing Product Requirements from the Healthcare Sector Supports Market Expansion

The increasing requirement for colonoscopies due to the growing threat of colorectal cancer is one of the major factors bolstering the requirement for magnesium citrate from the healthcare sector. For instance, according to the estimates of the World Health Organization (WHO), colorectal cancer is the third most common cancer type around the world. It is the second leading cause of cancer-related deaths and accounts for approximately 10% of all cancer cases. The increasing prevalence of the condition is propelling the pharmaceutical sector's requirement for magnesium citrate as it is used as a cathartic agent for bowel preparation before colonoscopy. The cathartic action comes in effect due to the high osmolarity of the solution.

Furthermore, magnesium citrate is an inactive ingredient in approved drugs with a maximum concentration of 237 mg and is administered orally. Magnesium citrate is used as an active ingredient in several over-the-counter products. The product is adopted on a short-term basis for treating occasional constipation as is from the class of medications that are known as saline laxatives. The mechanism of action involves the retention of water with the stool, this softens the stool, making it easier to pass and increases the number of bowel movements. Hence, the above trends are fostering market growth.

Rising Consumption of Magnesium-based Health Supplements Boosts Market Growth

Due to the increasing awareness about various health benefits associated with magnesium citrate, its consumption as a health supplement is increasing globally. Magnesium citrate readily dissolves in water and can be used in powder, liquid, and capsule form. Magnesium citrate easily absorbs in tissues and bloodstreams, making it an excellent source of dietary magnesium. The increased consumption of health supplements derived from magnesium citrate can be attributed to the high availability of magnesium ions in the supplements. Magnesium works with nucleic acid to produce energy and is essential for over three hundred enzyme systems that regulate system transmission in muscles and nerves, blood glucose, protein production, and blood pressure, among other functions.

Furthermore, it provides nerve and muscle support and bone strength by providing electrical charges that aid nerves in sending signals across the body and transporting calcium across cell membranes. Thus, due to the increasing awareness about the provision of such benefits by magnesium citrate supplements, their consumption is increasing in various regions across the globe, augmenting the market's growth.

Europe Accounts for a Significant Share of the Market

The rapid expansion of global magnesium citrate market in Europe can be attributed to the increasing utilization of cosmetic products in the region. For instance, according to the estimates of Cosmetics Europe, the personal care association, the European Cosmetics Market was approximately USD 96 billion (EUR 88 billion) in 2022 at retail sales price. The growth is expected to boost the requirement for magnesium citrate, aiding the market expansion. Magnesium citrate finds applications in cosmetic products as a preservative and for adjusting the acid/base balance.

Additionally, the significant growth of the food and beverage industry in Europe is further propelling the requirement for magnesium citrate. For instance, according to the Food Drink Europe’s Data & Trends 2023 report, the EU food and drink industry generates a turnover of USD 1.2 trillion (EUR 1.1 trillion) and USD 250 billion (EUR 229 billion) in value-added. Hence, this growth is bolstering the requirement for magnesium citrate as it finds applications in various foods and beverages as a preservative and acidity regulator, and emulsifier, thus, augmenting the growth of the market.

Rising Requirement for Anhydrous Magnesium Citrate Boosts Global Magnesium Citrate Market Growth

The increased requirement for anhydrous magnesium citrate can be attributed to the easy-to-use nature of the product, increasing accessibility to anhydrous magnesium citrate, and the rising requirement by the healthcare sector. The rapid expansion of the healthcare sector is providing lucrative growth opportunities for the market. For instance, according to the Hindu, the Indian healthcare sector accounts for approximately USD 372 billion and is growing at a CAGR of 22%. The size of the global healthcare sector is approximately USD 10 trillion. The growth is propelling the requirement for anhydrous trimagnesium citrate as it is used for treating and reducing the risk of hypomagnesemia in patients with gastrointestinal conditions, such as celiac disease and Crohn’s disease, cardiovascular conditions such as plaque buildup in artery walls, hypertension, cognitive heart failure, electrolyte abnormalities, and others.

Furthermore, trimagnesium citrate anhydrous is used in the production of skin and hair care products as a source of magnesium. The expansion of the professional skincare industry in various regions across the globe is therefore propelling the requirement for anhydrous magnesium citrate, bolstering the growth of the market.

Personal Care Accounts for Significant Global Magnesium Citrate Market Share

The rising adoption of personal care products is augmenting the market's growth. The growth can be attributed to different applications of magnesium citrate in personal care products. Magnesium citrate is added in personal care products to adjust the acid/base balance and aids in preserving the products by chelating metals. The expansion of the personal care industry is supported by increasing investments in product promotion, rising research and development activities, and growing awareness about the various advantages associated with the products among consumers. The personal care, hygiene, and beauty sector has witnessed significant growth in India over the past few years due to the rapid expansion of the e-commerce sector and rising provision of customizations. For instance, according to Invest India, personal care and premium beauty products are anticipated to grow at a CAGR of 54% during FY2021-26 and makeup and cosmetics, fragrances, and men’s grooming will grow at a CAGR of 20-40%. Furthermore, according to Forbes, the cosmetics market in the United States was valued at approximately USD 50 billion in the year 2022. Henceforth, the demand for magnesium citrate will increase over the coming years as it aids in balancing the PH of personal care products and their preservation, boosting the revenue of the market, and supporting the market growth.

Future Market Scenario (2024 – 2031F)

According to global magnesium citrate market analysis, increasing awareness about various benefits offered by magnesium citrate in management of neurological and psychological conditions is boosting its consumption for management of such conditions, positively influencing the growth of the market. For instance, according to the reports of The Vitamin Shoppe, a survey conducted by the retailers of magnesium supplements showed that 49% of the respondents consuming sleep aid took magnesium supplements to bring about more rest. The rising utilization of magnesium supplements for relieving stress is expected to bolster the demand for magnesium citrate, supporting the market's growth.

Key Players Landscape and Outlook

The continuous investments by the key market players in the research and development activities are expected to offer lucrative growth opportunities to the market over the forecast period.

For instance, in August 2023, Gadot Biochemical Industries developed a novel solution to facilitate the incorporation of magnesium into gummies. The company’s facilitation method allows for higher efficacy and bioavailability in the body and ensures enhanced dispersion of magnesium compounds. The manufacturing process developed by the company eliminated the gritty and sandy texture usually associated with magnesium sources. These developments will bolster the demand for magnesium-based gummies and propel the global magnesium citrate market demand.