What Is The Overview Of The Global Potassium Iodide Market?
Potassium iodide (KI) is a chemical compound consisting of potassium and iodine, commonly used as a nutritional supplement and in medical treatments for thyroid-related conditions. It is also employed as a radiation protective agent to prevent the uptake of radioactive iodine by the thyroid gland during nuclear emergencies.
Potassium Iodide Global Market Report 2024 provides data on the global potassium iodide market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Potassium Iodide market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Potassium Iodide Market Expected To Grow In Size And Annual Rates?
The potassium iodide market has shown strong growth, increasing from $0.90 billion in 2023 to $0.97 billion in 2024, with a CAGR of 7.7%. This growth is attributed to rising demand for nutritional foods, high health concerns, an increased number of CT examinations, the expansion of the food & beverages and pharmaceutical industries, and demand for diagnostic imaging treatments in the pharmaceutical sector. Looking ahead, the potassium iodide market is projected to grow further, reaching $1.31 billion by 2028 at a CAGR of 7.8%. This anticipated growth is driven by factors such as the increasing prevalence of thyroid disorders and iodine deficiency disorders (IDDs), growing awareness of iodine supplementation, rising concerns about nuclear accidents and radiation exposure, increased demand from the food and beverage industry, and growth in industrial applications. Major trends expected to impact the market include the expansion of applications in nutritional supplements, technological advancements, product innovation, partnerships and collaborations, and the growth of the pharmaceutical industry.
What Main Forces Are Fueling Expansion In The Potassium Iodide Market?
The increasing demand for nutritional supplements is expected to propel the growth of the potassium iodide market going forward. Nutritional supplements, which include essential vitamins, minerals, amino acids, and other substances, are increasingly popular due to growing awareness of nutrition's role in health maintenance, preventive healthcare interests, lifestyle-induced dietary deficiencies, and aging populations seeking health support. Potassium iodide, used as a supplement to support thyroid function and prevent iodine deficiency disorders such as goiter and hypothyroidism, aligns with these trends. For instance, in October 2021, a survey by the Council for Responsible Nutrition, a US-based trade association, revealed that 80% of Americans used dietary supplements, marking a 7% increase from 2020, with 79% finding the industry trustworthy, up from 74% in 2020. Therefore, the rising demand for nutritional supplements is driving the growth of the potassium iodide market, with the market size projected to reach $S billion in 2023, $T billion in 2024, and $U billion in 2028.
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What Are The Primary Segments In The Global Potassium Iodide Market?
The potassium iodide market covered in this report is segmented –
1) By Product Type: Solid, Liquid
2) By Grade: Industrial Grade, Pharmaceutical Grade, Feed Grade
3) By Application: Pharmaceutical Industry, Nutritional Supplements, Industrial Applications, Radiation Protection, Photography And Imaging, Other Applications
Which Key Trends Are Driving Changes In The Potassium Iodide Market?
Companies in the potassium-iodide market are forming strategic partnerships to enhance product availability and meet diverse consumer needs. In April 2023, the Delaware Emergency Management Agency (DEMA), in collaboration with the Delaware Division of Public Health (DPH), distributed potassium iodide tablets to residents within a ten-mile radius of the Salem or Hope Creek Nuclear Generating Stations. This initiative is part of Delaware's emergency preparedness plans, offering protection against radioactive iodine in case of a nuclear incident and is supported by a program initiated by the U.S. Nuclear Regulatory Commission (NRC).
What Is The Leading Region In The Potassium Iodide Market?
Asia-Pacific was the largest region in the potassium iodide market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the potassium iodide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
