Zinc Citrate Market - Growth, Trends, and Forecast (2020 - 2025)
The market for zinc citrate is expected to grow at a CAGR of approximately 4% globally during the forecast period. Zinc citrate is manufactured by the neutralization of citric acid using a high purity zinc source. It is available in a white powder form and is odorless, insoluble in ethanol and is slightly soluble in water. Owing to the versatile and favorable chemical properties of zinc citrate, its application in personal care, health care and food and beverage segment is rising exponentially, consequently propelling the market growth.
However, the increasing threat from substitution from other zinc sources and side effects of zinc citrate is expected to hamper the growth of zinc citrate market during the forecast period. Moreover, the lockdown in numerous countries due to unfavorable conditions arising from the COVID-19 outbreak is also expected to hinder the market growth.
The growing usage in the agricultural industry as soil fertilizer and micronutrient suppliers are likely to deliver opportunities for the zinc citrate market over the next five years.
Asia-Pacific region dominates the market across the world with the escalating consumption of zinc citrate from countries, such as China and India.
Key Market Trends
Health Care Sector to Dominate the Market
- Health care sector stands to be the dominating segment owing to the widespread consumption of zinc citrate in pharmaceutical drugs and dental care.
- Owing to antimicrobial, anti-inflammatory and ability to inhibit the formation of dental plaque and tartar, zinc citrate is widely used in dental products such as toothpaste, mouthwashes, and chewing gums.
- Deficiency of zinc leads to several issues including skin infections, respiratory disorders, delay in wound healing and various dental issues among several others. Therefore, high growth in pharmaceutical industry is a major factor fuelling growth for zinc citrate market.
- In the pharmaceutical industry, zinc citrate is used in medicines for treating common colds, improving the immune system, canker sores, common cold, skin injuries, sore throat, zits, tinnitus, and several other applications. The growing pharmaceutical industry and remedial properties of zinc citrate are anticipated to help the overall market growth.
- Asia-Pacific countries like China, India and Singapore have been registering the strong growth in utilization of zinc citrate in healthcare industry; the requirement for zinc citrate market is projected to increase from this region in the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region stands to be the largest and fastest growing market for zinc citrate. Factors, such as extensive utilization in healthcare, personal care, and the food and beverage sector are expected to drive the market growth.
In the personal care industry, zinc citrate acts as an anti-bacterial agent thus finds application into various products such as deodorants, soap & bath products, hair care products, skincare products, and oral care products.
Growing demand for personal care products owing to growing consumer concerns over beauty and care is projected to drive the demand for zinc citrate over the forecast period.
Government initiatives to give minimal cost healthcare services to its populace, increasing instances of chronic & acute diseases, and impelling interest for pharmaceutical products are anticipated to drive the market. In the Asia-Pacific region, the China’s healthcare industry has been witnessing a major growth, registering a growth rate of more than 10%, annually.
According to IBEF, the healthcare market in India is expected to reach USD 372 billion by 2022, due to the rise in incomes, greater health awareness, lifestyle diseases, and increasing access to insurance. There are over 10,500 manufacturing units and 3,000 pharmaceutical companies in India. Over 60,000 generic brands exist across 60 therapeutic categories. India accounts for 20% of global exports in generics, making it the largest provider of generic medicines globally. Indian vaccines are exported to 150 countries.
Hence, all such market trends are expected to drive the demand for zinc citrate market in the region during the forecast period.fastest-growing
The global zinc citrate market is fragmented with the presence of a few large-sized players and a large number of small players operating. Some of the major companies are Jungbunzlauer Suisse AG, Sucroal S.A, Jost Chemical Co, Feiyu Chemical and Noah Technologies Corporation amongst others.
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