How Has the Potassium Iodide Market Size Evolved in Recent Years?
The potassium iodide market has seen considerable growth due to a variety of factors.
• The potassium iodide market has seen substantial growth in recent years. It is expected to grow from $0.97 billion in 2024 to $1.05 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.0%.
This growth is due to increased demand for nutritional foods, heightened health concerns, a rise in CT examinations, and growth in the food & beverage and pharmaceutical industries, along with a demand for diagnostic imaging treatments in the pharmaceutical sector.
What are the Market Size and Expected Growth Rates for the Potassium Iodide Market?
The potassium iodide market is expected to maintain its strong growth trajectory in upcoming years.
• The potassium iodide market is expected to grow to $1.41 billion by 2029 at a CAGR of 7.7%.
Growth is driven by the rise in thyroid and iodine deficiency disorders, increased awareness about iodine supplementation, concerns about nuclear accidents, higher demand from the food and beverage industry, and industrial applications. Key trends include the expansion of its use in nutritional supplements, technological innovations, product development, industry partnerships, and pharmaceutical industry growth.
Which Key Drivers Are Propelling The Potassium Iodide Market's Growth?
Growing needs for dietary supplements are anticipated to bolster the expansion of the potassium iodide market. Dietary supplements constitute essential vitamins, minerals, amino acids, and other components designed to augment one's diet and promote holistic health. Several factors, such as increasing knowledge of the significance of nutrition in maintaining health, rising interest in proactive healthcare, lifestyle alterations causing dietary gaps, and older populations seeking support for various health issues, are driving the demand for dietary supplements. Potassium iodide is employed as a dietary supplement to bolster thyroid function and avert iodine deficiency conditions such as goiter and hypothyroidism by providing a crucial source of iodine in the diet. For example, in October 2022, as per the 2022 Consumer Survey on Dietary Supplements conducted by the Council for Responsible Nutrition, a US-based non-profit trade group, a survey of 3,133 U.S adults aged 18 or more revealed that 2,342 indicated usage of dietary supplements either seasonally, occasionally, or regularly, with 75% of Americans incorporating dietary supplements into their regimen. Hence, the burgeoning demand for dietary supplements is propelling the expansion of the potassium iodide market. The escalating consciousness about health is projected to boost the expansion of the potassium iodide market. Health consciousness pertains to the cognizance and preventative concern individuals harbor regarding their physical health and lifestyle choices. Escalating health consciousness is fueled by growing awareness about preventive healthcare's significance, availability to health-related knowledge, and aspiration for an enhanced quality of life. Health-conscious individuals leverage potassium iodide to sustain thyroid function and avert iodine deficiency disorders, mirroring their preventive approach to overall well-being. For example, in May 2022, according to the International Food Information Council, a US-based non-profit entity, in 2022, 52% of Americans indicated that they had adhered to a particular diet or eating regimen in the last year, marking a significant hike from 39% in 2021. Therefore, escalating health consciousness is steering the expansion of the potassium iodide market.
What Are The Key Segments Within 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
Subsegments:
1) By Solid: Potassium Iodide Crystals, Potassium Iodide Powder, Potassium Iodide Tablets
2) By Liquid: Potassium Iodide Solution (Aqueous Solution), Potassium Iodide Syrup
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How Are Emerging Trends Reshaping The Dynamics Of The Potassium Iodide Market?
Key players in the potassium-iodide market are strategizing on partnerships to boost product availability and meet varied customer demands. These strategic partnerships entail companies utilizing each other's resources and strengths to achieve shared benefits and success. Take for instance, in April 2023, the Delaware Emergency Management Agency (DEMA), an emergency preparedness agency based in the US, joined forces with the Delaware Division of Public Health (DPH), a health and social service department in the US, to distribute potassium iodide (KI) tablets. These were given out to residents staying within a ten-mile zone, referred to as the Emergency Planning Zone (EPZ), from the Salem or Hope Creek Nuclear Generating Stations. The tablets have a crucial role of protecting the thyroid from ingested or inhaled radioactive iodine possible during a radiation emergency. The tablets form a part of Delaware's safety protocols in the event of a nuclear disaster and are provided under a program initiated by the U.S. Nuclear Regulatory Commission (NRC).
Who Are the Key Players In The Potassium Iodide Market?
Major companies operating in the potassium iodide market are:
• Thermo Fisher Scientific Inc.
• Honeywell International Inc.
• Merck KGaA
• Univar Solutions Inc.
• Arkema Group
• Avantor Inc.
• Tata Chemicals Ltd.
• Ise Chemicals Corporation
• Samrat Pharmachem Limited
• Mitsui Chemicals Inc.
• GFS Chemicals Inc.
• Calibre Chemicals Pvt. Ltd.
• Changshu Yuxi Chemical Co. Ltd
• Ajay-SQM
• Wego Chemical Group
• Proto Chemicals Industries
• Adani Pharmachem Private Limited
• Pandora Industries Pvt. Ltd.
• Deepwater Chemicals Inc.
• Vishal Laboratories
• Junsei Chemical Co. Ltd.
• Dalkem CorporationIncasa S.A
What Are The Regional Insights Into The Potassium Iodide Market?
Asia-Pacific was the largest region in the potassium iodide market in 2024. 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.
