Ferric Citrate Market Size, Share, Growth, and Global Industry Analysis, By Type (Food Grade and Pharma Grade), By Application (Medicine, Food & Nutritional Supplements, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

FERRIC CITRATE MARKET REPORT OVERVIEW

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The global ferric citrate market size was USD 1341.2 million in 2021 and is projected to touch USD 5439.71 million by 2031, exhibiting a CAGR of 15.0% during the forecast period.

Ferric citrate is made of various complex bindings of any conjugate bases derived from the ferric ions citric acid. Mostly these complex compounds are red-brown or orange in appearance. It contains two or more iron (Fe) centers. It is water-soluble and insoluble in alcohol. It forms various coordination complexes with the Fe ions. Some of the complexes may be polymers or oligomers. Thus, it is not well-defined as a single compound. It is a family of compounds with a similar formula. It describes the coordinating complexes that contain citrate anions with Fe2+ formed in the aqueous solution. Only one complex is crystallized, and others are possible. These compounds are paramagnetic and reflect the weak crystal fields of carboxylate ligands. 

Treating the disodium citrate produces the ferric citrate with an iron source aquo complexes such as iron sulfate solution. It is the citric acid’s triple conjugate base where three groups of carboxylic acid are ionized. This chemical group is volatile in the air as it reacts when it comes in contact with the air. It is used in controlling the level of phosphorus in the patient’s blood suffering from chronic kidney diseases. It is also used in treating patients suffering from iron deficiency anemia. It is available in tablet form in the market. Patients on dialysis require the phosphorus binder to prevent hyperphosphatemia and deficiency of iron. 

"COVID-19 Impact: Supply Chain Disturbance Hindered Growth "

The global COVID-19 pandemic has been unprecedented and staggering, with the ferric citrate market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the ferric citrate market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The pandemic outbreak created outrage in the healthcare industry due to the rising number of patients. Every market was affected by the epidemic, which had a long-lasting impact on its expansion. The rapid pandemic epidemic had an impact on the market in a number of ways, including by impeding demand, manufacturing, and shipping. In the international market, there have been significant upheavals. The market experienced a decline in manufacturing, supply, and demand. Due to decreased production and supply of the product, the industry experienced a decline in growth. The market's growth rate was impacted by the market's slow demand-supply balance. During the projected period, it is expected that the market will recover from the effects of the pandemic. Additionally, the pandemic led to an improvement in the healthcare system, which encouraged the use of affordable, sustainable, and energy-efficient technologies. 

LATEST TRENDS

"Prevalence of Iron Deficiency in the General Population to Foster Growth"

Increased use in the pharmaceutical and food and beverage industries is what is driving the need for ferric citrate market growth. It is used by the food and beverage industry to create iron-fortifying beverages. Children who lack iron are typically given these supplements. Children with an iron deficiency experience problems with their physical and mental development, which can lead to illnesses like anemia and other abnormalities. After ingestion, it efficiently converts to iron and is quickly absorbed into the circulation. Additionally, these complex compound is also used in the production of food goods because it regulates acidity by modifying or neutralizing pH levels. This compound is primarily utilized in medical imaging in the pharmaceutical business. Using ammonium ferric citrate as a contrast agent enhances market growth.

FERRIC CITRATE MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into food grade and pharma grade.

• By Application Analysis

Based on application, the market is classified into medicine, food & nutritional supplements, and others. 

DRIVING FACTORS

"Various Product Applications to Foster Product Demand"

Ferric citrate has a wide range of applications in various processes such as a reducing agent, medical treatment, blueprinting, photography, food additive in animal food, and water purification. The product is used in various applications. The market’s growth is also attributable to the higher product demand from the end-use industries such as food and beverages, printing, wastewater management, and pharmaceuticals. The increase in demand from the pharmaceutical industry due to rising incidences of disease from unhealthy lifestyles and pollution is projected to aid ferric citrate market growth. 

"Rising Demand for Products from the Pharmaceutical Sector to Boost Growth"

Rise in demand for the product is anticipated to be driven by rising awareness of the benefits of ferric citrate in treating various disorders. Additionally, an increasing number of initiatives by governments from different nations throughout the world to increase awareness about various disorders. The causes, symptoms, and available treatments for Chronic Kidney Disorders (CKD) and iron deficiency anemia are also anticipated to significantly contribute to the market's revenue growth. The world's rapidly expanding geriatric population, as well as the increased risk of CKD and iron deficiency in the elderly, are anticipated to boost market revenue development.

RESTRAINING FACTORS

"Side Effects of the Product to Impede Growth"

Increased usage of the product may cause a variety of medical conditions, including headaches, nausea, constipation, and other similar problems. Increased ingestion of this chemical results in symptoms such as headache, nausea, rash, swelling, dizziness, and vomiting. Using medicines that may cause diarrhea, constipation, Weakness, a stuffy nose, and a sore throat are further side effects of higher consumption of this substance. Additionally, consuming this medicine may cause dark-colored stools. These factors are likely to retard ferric citrate market growth. 

FERRIC CITRATE MARKET REGIONAL INSIGHTS

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"North America to Lead the Market Due To Increasing Product Demand from End-Use Industries "

North America is projected to dominate the market due to rising demand from the product from the pharmaceutical industry for food additives and product applications.

Europe is likely to show sizeable growth owing to the presence of prominent players in the region. Additionally, the region is also expected to grow due to rising urbanization resulting in higher demand for the product. 

Asia Pacific is forecasted to hold a significant part of the ferric citrate market share due to increasing development in the pharmaceutical sector, among other sectors. China is projected to be the major contributor to the growth of the region as it is a prominent producer and distributor of ferric citrate in the global market. 

KEY INDUSTRY PLAYERS

"Prominent Players to Adopt Various Strategies to Gain a Competitive Advantage"

Key players are emphasizing on development of various advanced strategies to gain long-term growth in the global market. Organic and inorganic strategies are adopted by the companies to grow in the market. Major players are focusing on research and development of new products to gain a competitive advantage in the global market. Moreover, the prominent companies are focusing on gaining regional markets to further grow in the global market. Important market participants work to implement tactics that will provide the company with competitive growth. The corporations place a strong emphasis on expanding their product line by introducing new items.

List of Market Players Profiled

• Keryx (U.S.)
• Panion & BF Biotech (Taiwan)
• Japan Tobacco (Switzerland)
• Nantong Feiyu (China)
• Innophos (U.S.)
• Jost Chemical (U.S.)
• Showa Kako (India)
• Ruipu Biological (China)
• Shreenath Chemical (India)

REPORT COVERAGE

The report is an overview of the market, including the following:

• Key players and their recent development.
• The latest trends are also included in the report.
• Segmentation of the market on the basis of application and type.
• Factors projected to aid ferric citrate market growth.
• The impact of COVID-19 is also represented in the report.
• Regions are anticipated to lead the global market.
• Factors that may limit the growth of the market.

These aspects altogether give a complete overview of the market and help the stakeholders in gaining a better understanding of the market.