Market Overview:
Ammonium ferric citrate is a reddish-brown, water soluble compound. The compound is used as a food additive to control and regulate acidity, in powder form. It is a source of iron, and thus finds application as a nutrient supplement. It is totally soluble in water but insoluble in alcohol. Ammonium ferric citrate is a multi-functional compound and is widely used in various end-user industries, such as metal processing, wastewater management, photographic printing, pharmaceutical, and food and beverages, among others. In the pharma industry, it is used as a contrast agent in medical imaging and as an intermediate in drug processing. Moreover, this compound acts as a reducing agent thus suppressing salt formation in metals such as silver and gold. It is also used to make blue prints required in printing process and for water purification. Thus, there is an increasing demand across various end-user industries.
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Competitive Landscape:
Major players operating in the global ammonium ferric citrate market are Shreenath Chemicals, Devendra Kirti Pharmachem, West Bengal Chemical Industries Limited, Eminenco Pharma, West Bengal Chemical Industries Limited, among others.
Key Market Drivers:
Increasing wastewater treatment/management activities and rise in number of water treatment plants worldwide is expected to propel growth of the ammonium ferric citrate market during the forecast period. For instance, in October 2019, India and Netherlands launched the second phase of the Local Treatment of Urban Sewage streams for Healthy Reuse (LOTUS-HR) plant as a part of joint collaboration in New Delhi, India to recover nutrients and energy from the urban waste water, thus converting drain into profitable mines.
Moreover, increasing demand for ammonium ferric citrate from the pharmaceutical and food and beverage industries is expected to fuel the growth of the ammonium ferric citrate market. Food and beverage industry use this compound to make iron supplements, which are generally given to children having iron deficiency (iron deficiency anemia). This most common type of anemia is caused by a shortage of iron in the body. For instance, according to the World Health Organization (WHO), around 42% of children aged 5 years or less and 40% of pregnant women worldwide are anaemic.
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COVID-19 Impact Analysis:
In the food & beverage industry, ammonium ferric citrate is used to make iron supplementary beverages. These supplements are generally given to children having iron deficiency. COVID-19 may be a bigger risk for people whose iron levels are low. Iron deficiency, the most common nutritional deficiency, affects 1.62 billion people worldwide, also leads to fatigue, headaches, and difficulty concentrating. Iron deficiency affects both the mental and physical growth which ultimately results in anemia and other abnormalities. So, the best iron supplements are needed to transform mental and physical wellbeing of the children. Thus, there is an increasing demand for ammonium ferric citrate in the pharmaceutical and food and beverage industries during the pandemic. This in turn is expected to boost the market growth.
Key Takeaways:
The ammonium ferric citrate market is expected to exhibit a CAGR of 7.2% during the forecast period owing to the increasing developments in the pharmaceutical sector and the rapid growth of the construction and automotive industries, especially in the Asia Pacific, For instance, according to the India Brand Equity Foundation (IBEF), India ranks 3rd in terms of pharmaceutical production by volume and 14th by value. India’s pharmaceutical market is expected to reach US$ 42 billion in 2021, US$ 65 billion by 2024, and ~US$ 120-130 billion by 2030.
Among regions, North America and Latin America are expected to witness strong growth in the ammonium ferric citrate market due to the increasing demand for or increasing use of ammonium ferric citrate in several end-use industries. For instance, in 2018, the World Bank launched the ‘Wastewater: From Waste to Resource’ initiative, in the Latin America and the Caribbean region, to address the wastewater challenge and raise awareness among decision makers about the potential of wastewater as a resource.
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Important Features that are under Offering and Key Highlights of the Reports:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Market
– Strategies of key players and product offerings
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✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.
✤ Examine the potential and advantages of the global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.
✤ Determine whether market growth is being driven or hampered by trends and factors.
✤ Stakeholders will be able to assess market potential by identifying high-growth categories.
✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.
✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.
✤ To develop a strategic profile of the major players and conduct a thorough analysis of their growth strategies.
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✔ In the next seven years, what innovative technology trends should we expect?
✔ Which sub-segment do you believe will grow the fastest over the next few years?
✔ By 2028, which region is predicted to have the largest market share?
✔ What organic and inorganic strategies are businesses employing to gain market share?
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