About this market
Rapid industrialization in BRICS to drive growth in the market. Rapid industrialization in Brazil, Russia, India, China, and South Africa (BRICS) is creating considerable demand for minerals and chemical products. Soon, industrialization and urbanization will increase the demand for various chemicals and minerals in developing countries. This is likely to support the growth of the global magnesium nitrate hexahydrate market. The analysts have predicted that the magnesium nitrate hexahydrate market will register a CAGR of almost 5% by 2023.
Market Overview
Growing use of feed additives
The adoption of trace minerals in animal feed is increasing in developing countries such as India, China, and Brazil. These factors are crucial role in driving the global magnesium nitrate hexahydrate market growth during the forecast period.
Growing adoption of organic farming
Organic crops have four times lesser pesticide residue than that in conventional crops. Thus, organic faming is gaining traction which is adversely affecting the growth of the magnesium nitrate hexahydrate market.
For the detailed list of factors that will drive and challenge the growth of the magnesium nitrate hexahydrate market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Merck and William Blythe the competitive environment is quite intense. Factors such as the rapid industrialization in BRICS and the growing use of feed additives, will provide considerable growth opportunities to magnesium nitrate hexahydrate manufactures. Avantor, BEANTOWN CHEMICAL, GFS Chemicals, Merck, and William Blythe are some of the major companies covered in this report.