A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global zinc sulfate market reached USD 631.5million in 2020 and is further projected to reach USD 898.0million by 2027, growing at a CAGR of 5.8% during 2021-2027 (forecast period). The growth of the global zinc sulfate market has been positively influenced by the increasing demand arising from applications like raw material componentsfor latex products, desulphurization process, pigment lithopone, and agrochemicals.As a fertilizing catalyst chemical in the agricultural process, zinc sulfate prevents zinc deficiency in the soil.Additionally, its end-use across animal feeds is expected to positively contribute to the growth of the zinc sulfate market worldwide.
Increased in zinc deficiency disorders across the globeisdriving the global zinc sulfate marketgrowth
The growth of the global zinc sulfate market is being fueled by the rising incidences of zinc-deficient diseases.The demand for zinc sulfate is expected to remain strong over the next few years as well.An inadequate intake of zinc causes problems such as stunted growth, impaired appetite, and immunological dysfunction. Thus, zinc sulfate is used as a dietary supplement to treat zinc deficiency.An article published in the journal Scientific Reports stated there are over 1.1 billion people who are zinc deficient.Zinc deficiency in the human body can be caused by lack of zinc in the diet, poor zinc absorption, and chronic illnesses.In view of all of these factors, zinc sulfate dietary supplements have proven to be the most effective aid, which is driving the global zinc sulfate market.
Expansion of the agrochemical industry is augmentingthe growth of the global zinc sulfate market
Zinc sulfate, used in fertilizers and animal feed supplements, has been witnessing tremendous expansion in the agrochemical industry.Zinc sulfate is used to fertilize crops such pecans, deciduous fruits, peanuts, cotton, corn, and citrus. According to the India Brand Brief Foundation, food grain output reached 296.65 million tonnes in 2019-2020. The Indian government is planning to target the production of food grains to 298 million tonnes. India is one of the largest producers of food grains in the world. The suitability of zinc sulfate with all types of soils has accelerated the growth of zinc sulfate in the agrochemical industry, thus propelling the growth of the global zinc sulfate market. As a result, the fast-growing agrochemical industry as part of the burgeoning agriculture industry is driving the growth of the global zinc sulfate market.
Major growth in demand coming from zinc sulfate monohydratesegment in the global zinc sulfate market
Based on type, the zinc sulfate market has been segmented into zinc sulfate anhydrous, zinc sulfate monohydrate, zinc sulfate hexahydrate, and zinc sulfate heptahydrate. Among these, zinc sulfate monohydrate held the largest market share in 2020 and is further expected to grow at a brisk CAGR during the forecast period. Zinc sulfate monohydrate is witnessing rising demand from the agriculture sector as it acts as a catalyst for fertilizers, thus, preventing and repairing zinc deficiencies across all crops, making the zinc sulfate monohydrate component dominate the global zinc sulfate market. The zinc sulfate heptahydrate, on the other hand, is predicted to grow at the quickest rate across all varieties, boosting the global zinc sulfate market. This is due to increased demand for astringent and emetic components in medicine, as well as electrolytes for zinc plating.
The agrochemical segmentoccupies the largest market share in the global zinc sulfate market
Based on application, the zinc sulfate market is grouped into medicine, agrochemical, chemical, water treatment, and others. The agrochemical segment accounted for the biggest market share across all application segments in 2020 and is further projected to record a strong CAGR over the coming years.The growth in the agrochemical segment is mainly attributable to the growing consumption rate of zinc sulfate in granular fertilizers.As a result, the agrochemical industry is expected to lead the global zinc sulfate market.Agriculture is the most important source of GDP in some developing countries in Sub-Saharan Africa and Southeast Asia. However, the medicine industry is expected to grow at an accelerating CAGR during the forecast period.
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Global zinc sulfateMarket: Regional Insights
Based on regions, the global zinc sulfate market is groupedinto North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia-Pacific region heldthe largest market share among all the regions in the global zinc sulfate market in 2020. As a result of the growing prevalence of zinc deficiency across developing countries, like India, Bangladesh, Sri Lanka, Malaysia, and Indonesia, zinc sulfate is seeing a rising demand potential.A large proportion of India's population is presently engaged in the agricultural sector. Moreover,the Indian government is taking steps toward the prevention of zinc deficiency across the country by leveraging zinc sulfate supplements in the pharmaceutical industry and lowering the prices of medicines to make them accessible by all.
COVID-19 Impact Analysis
Coronavirus outbreaks have negatively impacted the global zinc sulfate market. However, the demand from supplement application has been witnessing a sharp increase, as zinc has been recognized as one of the most essential components in standard COVID-19 treatment plans worldwide.Further, zinc sulfate application in the agriculture sector has been negatively hit by the COVID-19 pandemic.The supply of fertilizers has dropped as a result of fluctuating currency exchange rates and the impact of macroeconomic uncertainties on food and biofuels demand. It has resulted in reduced utilization of the zinc sulfate market for fertilizer production. To avoid severe consequences for the agriculture sector as a result of the pandemic, the governments of different countries have been investing heavily in public awareness campaigns and subsidies to ensure a consistent supply of zinc sulfate fertilizers and other agricultural components to farmers.
Theleading playersin theglobal zinc sulfatemarket are Bohigh Zinc Product Co., Ltd., Changsha Newsky Chemical Co Ltd., Tianjin Xinxin Chemical Factory, Tianjin Topfert Agrochemical Co. Ltd., Hengyang Best-selling Chemical Industry Co Ltd., ISKY Chemicals Co Ltd., Changsha Haolin Chemicals Co. Ltd., Midsouth Chemical Company Inc., Changsha Latian Chemicals Co. Ltd, Rech (Rongqing) Chemical Co. Ltd, Tianjin Xinxin Chemical Factory, Zinc Nacional, Hemadri Chemicals, Tianjin TopfertAgrochemicial Co., P D NavkarBiochemPvt. Ltd., Old Bridge Chemical Inc., Vinipul Inorganics Private Limited, SulfozymeAgro India Pvt. Ltd., and other prominent players. The presence of many small players across the market has helped in fragmenting the global zinc sulfatemarket. . Because of this fragmentation, there is increasing potential for new entrants to capture market share from major players in the global zinc sulfate market.
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