Market Analysis
Global Epsom Salt Market is projected to grow at a significant rate of 5.1% from 2019 to 2024 to reach a market size of USD 4.5 billion by the end of 2024.
Epsom salt is regarded as organic fertilizer which is added to the soil or applied to the plants as a foliar spray. Epsom salt (Magnesium sulphate) is used as a fertilizer in diverse set of applications including agriculture fields, livestock breeding, forestry and soilless culture with its major use in rubber tree, oil palm, tobacco plant, orange and tangerine plant & grasslands. It promotes the healthier growth of plants, relieve magnesium deficiency in soil found during intensive cropping and offer plant nutrient solutions. This will stimulate the demand of Epsom salt in agriculture sector to stimulate and promote plant growth, development and productivity.
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Key Players
This report includes a study of strategies used in the market, mergers and acquisitions in Epsom salt, multiple product launch by Epsom salt market players. It further includes product portfolios and developments of leading major players which includes Bathclin (Japan), Parfums De Coeur, Ltd (U.S.), CVS Pharmacy (U.S.), San Francisco Salt Company (U.S.), SaltWorks, Inc. (U.S.), Baymag Inc. (Canada) and K+ S Kali Gmbh (Germany)
Global Epsom Salt Market is mainly occupied by some key manufacturers. The competitive environment in this market is expected to increase with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
Market Forecast
Magnesium and sulphate are two major component of Epsom salt and considered as healing minerals. Magnesium helps in regulating the enzyme activity and performs a significant role in orchestrating many bodily functions ranging from muscle control and electrical impulses to energy production and the removal of harmful toxins. However, sulphate plays a vital role in biological processes such as formation of proteins in joints, formation of brain tissue, detoxifying drugs & environmental contaminants, and helps in cascading the digestive enzymes released from the pancreas. Use of Epsom salt is considered as cost-effective measures to mitigate the risk of acute and chronic health problems.
These factors will play a key role in the growth of Epsom Salt Market at the CAGR of 5.1% during 2016-2024.
By Application Analysis
Among the form type, crystal segment is anticipated to retain its dominance throughout the forecast period and estimated to account 31.50% by the end of 2024. Bath bombs segment is also projected to grow at a highest CAGR during the forecast period 2016-2024 by registering 5.07%. In terms of application, personal care & home care segment is projected to dominate the Global Epsom salt market, and it is estimated to retain its dominance throughout the forecast period. However, food additives & pharmaceutical segment is projected to grow at a substantial CAGR of 4.77% during the forecast period.
Region Analysis
Global Epsom salt market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among this Asia Pacific has the major market share followed by Europe. Europe is projected to grow at the CAGR of 4.23% during the forecast period. However, Rest of the world is estimated to grow at a maximum CAGR of 4.95% during the forecast period. Latin America and Middle East region is projected to be one of the attractive destinations among the Epsom salt manufacturers owing to the massive growth of cosmetic & personal care industry in that particular area. Moreover, the rising disposable income is also considered to be one of the significant reasons of the growth of Epsom salt in that particular region.
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