Business

Food Grade Iron Powder Market – Remarkable Growth in Food Industry

Food Grade Iron Powder is suitable for use as a fortificant (food additive containing any bioavailable iron nutrient or for pigmentation) for different application/purpose. During the process of selection of iron compound as a food fortificant, the overall objective is to find the one that has greater absorbability i.e. the highest relative bioavailability (RBV)* compared with ferrous sulfate.

Wide application of food grade iron powder in different sub-verticals is expected to rise in the forecast period. Far-reaching uses in nutritional & dietary supplements, dairy products, infant food products, animal feeds and for crop protection in agricultural segment makes it a prominent additive. Revenue generated from the global food grade iron powder market is estimated to be valued at roughly US$ 4.3 Mn by the end of 2018 and is expected to increase at a CAGR of 5.9% over the forecast period. Global biscuits market are expected to be valued at approximately US$ 6.9 Mn by the end of 2026.

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Drivers & Restraints:

Iron deficiency is one of the world’s widespread micronutrient deficiency among infants and children aged between six months and two years. The application of essential micronutrients in infant formulas is rising, owing to rising consumer preference for nutritional fortification in infant formula and baby food products. Hectic lifestyles of women, improper care due to devotion of less time to kids, and insufficient intake of nutrients by infants from breastfeeding, are expected to grow the demand for infant formulas with essential nutrients. Iron sufficiency is important for normal human growth & development. The early iron supplementation should be met with the rapidly growing child’s need for hemoglobin and tissue iron for growth. Manufacturers are fortifying the infant formulas with iron & calcium, which is likely to reduce the rate of iron deficiency anemia during infancy. Thus, there is a rising demand for iron fortification in infant formula.

Globally, the quality of soil is declining due to various reasons such as overgrazing, agricultural activities, deforestation, and excessive exploitation of land to produce fuel wood and industrialization, which is constantly raising demand for fortified fertilizers to mitigate for poor soil quality. Chelated agricultural micronutrients prevent the precipitation of metal with phosphates in various fertilizers or in the soil. In addition, they are highly efficient, as metal ion is readily available for immediate absorption by crops/plants. Also, they are compatible with phosphorus (P), and therefore metal ion stays soluble. They regulate the physiological activities in crops to provide better crop output and resilience. Thus the demand for vegan food products is expected to increase the demand for micronutrients in the soil.

The iron processors are increasing their production capacities and enhancing the production capability by using cutting-edge processing technologies. The processors are setting up production plants in areas where naturally occurring iron ores are present in abundance, in order to reduce the sourcing costs as well as meet the local market demands. Thus, benefiting in increasing sales and widening regional footprints. The use of technology due to advancement in production machineries resulting in increasing yield with shorter processing times, is further expected to enhance the productivity of iron powder for food applications. Some of the restraints that are potentially restricting the growth of the food grade iron powder market include the risk attached with the higher intake of iron supplements. An overload of iron is likely to damage the internal organs, and may increase the susceptibility to diabetes, heart attack, and cancer. For instance, in the U.S., people have sufficient intake of iron from their natural diets. Thus, issues concerning with over consumption of iron is prominent among Americans.High raw material cost leads to rise in crop prices, which in turn results in food inflation.

Market Taxonomy:

By type, the food grade iron powder market is segmented into elemental iron and iron compounds. The iron compounds such as ferrous fumarate, ferrous sulfate, ferrous gluconate and other is likely to be the most attractive segment in 2018. On the basis of end use, the food grade iron powder market can be segmented into food & beverage industry, animal feed purposes and in agriculture use. The food & beverage segment is estimated to account for a significant revenue share of 37.8% in 2018 and is expected to register significant growth rate during the forecast period. Furthermore, on the basis of region, APAC is expected to rise with a significant CAGR of 7.2%.

Analysis by Region:   

The population in Asia Pacific and MEA region is highly susceptible to lower iron intake owing to higher population density in rural areas, low awareness regarding daily dietary requirements, high consumption of junk food, improper care given to infants with limited compliance to dietary recommendations, menstrual losses etc., all giving rise to low iron absorption by body for effective working & metabolism. Thus, on the basis of region, the market in APAC is expected to dominate over the forecast period followed by MEA.

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Some of the major companies operating in the global food grade iron powder market includes BASF SE, Yara International Ltd., Agrium Inc., Compass Minerals International Inc., Höganäs AB, DowDuPont Inc., AkzoNobel N.V, Bayer AG, Spectrum Chemical Manufacturing Corp, Syngenta International AG, Ashland Global Holdings Inc., Micnelf USA Inc., Industrial Metal Powders (I) Pvt. Ltd., American Elements, Belmont Metals Inc., Salvi Chemical Industries Ltd., Precheza as, Rio Tinto Metal Powders, Cathay Industries Australasia Pty Ltd and Jiangxi Yuean Superfine Metal Co. Ltd.