Global Magnesium Phosphate Industry to Hit $1,703.2 Million
30 Aug 2021
New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- A latest report on the global magnesium phosphate market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the hunt for comprehensive insights on the impact of COVID-19 on the market growth.
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Key Highlights of the Report:
The COVID-19 pandemic has had a negative impact on the growth of the global market for magnesium phosphate in 2020. As per the report, the global magnesium phosphate market garnered $1,177.8 million in 2018 and is expected to hit $1,703.2 million, rising at a CAGR of 4.2% from 2019 to 2026.
Factors Impacting the Market Growth during the COVID-19 Crisis:
The global magnesium phosphate market has witnessed a drop in growth owing to the execution of lockdown and shutdown of businesses and industries in order to restrain the spread of COVID-19 disease. The market is expected to recover from the incurred losses by the first or second quarter of 2022.
During the pandemic, the demand for food materials and the need to maintain the availability of food to people worldwide has steeply increased. This has fueled the need for magnesium phosphate, which is greatly used in the manufacture of fertilizers that are used for plants’ growth. This factor is likely to propel the global market in the forecast period.
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Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $1,329.8 million in 2020. In the present situation, the market size has declined and reached up to $1,063.8 million in 2020.
Several government bodies worldwide are greatly investing for facilitating additional aids to the farmers and supporting them to continue farming. A considerable rise in farming practices has led to a substantial growth in the demand for magnesium-based fertilizers, hence propelling the development of the magnesium phosphate industry.
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Future Lookout of the Market:
According to the report, the global magnesium phosphate market is expected to undergo significant growth after the relaxation of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and novel developments in the market. Some of the leading players, such as
are anticipated to come up with ground-breaking developments and pave way for beneficial opportunities for the market growth in the upcoming years.
For instance, in March 2021, Gadot Biochemical Industries (GBI), a leading company in the field of food ingredients and fine chemicals, launched new ingredients to its product range of magnesium raw materials including gluconates, magnesium citrates, and phosphates, to offer manufacturers additional flexibility in formulation development, and to satisfy the growing demand of the entire line of magnesium ingredients.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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