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.
Sizing and Forecast
The potassium iodide market size has grown strongly in recent years. It will grow from $0.90 billion in 2023 to $0.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to the rise in demand for nutritional foods, high health concerns, increased number of CT examinations, growth of the food & beverages and pharmaceutical industries, and demand for diagnostic imaging treatments in the pharmaceutical sector.
The potassium iodide market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the increasing prevalence of thyroid disorders and iodine deficiency disorders (IDDs), growing awareness of the importance of iodine supplementation, rising concerns about nuclear accidents and radiation exposure, increasing demand from the food and beverage industry, growth in industrial applications. Major trends in the forecast period include expansion of application in nutritional supplements, technological advancements, product innovation, partnership and collaboration with peer competitors, and expansion of the pharmaceutical industry.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The increasing demand for nutritional supplements is expected to propel the growth of the potassium iodide market going forward. Nutritional supplements refer to products containing essential vitamins, minerals, amino acids, and other substances intended to supplement one’s diet and support overall health and well-being. The demand for nutritional supplements is increasing due to several factors, such as growing awareness of the importance of nutrition for health maintenance, rising interest in preventive healthcare, lifestyle changes leading to dietary deficiencies, and aging populations seeking support for various health concerns. Potassium iodide is used as a nutritional supplement to support thyroid function and prevent iodine deficiency disorders, such as goiter and hypothyroidism, by providing a source of essential iodine in the diet. For instance, in October 2021, according to the survey conducted on 3,089 adults aged 18 and older living in the United States by the Council for Responsible Nutrition, a US-based trade association for the dietary supplement and functional food industry, 80% of Americans now use dietary supplements, marking a 7% increase from 2020. Additionally, trust in the dietary supplement industry has grown, with 79% of Americans finding it trustworthy in 2021, up from 74% in 2020. Therefore, increasing demand for nutritional supplements is driving the growth of the potassium iodide market.
<h4 class=reporthtag>Rising Health Consciousness Driving Growth of Potassium Iodide Market</h4>
The rising health consciousness is expected to propel the growth of the potassium iodide market going forward. Health consciousness refers to the awareness and proactive concern individuals have regarding their physical well-being and lifestyle choices. Rising health consciousness is driven by increasing awareness of the importance of preventive healthcare, access to health-related information, and a desire for improved quality of life. Potassium iodide is utilized by health-conscious individuals to maintain thyroid function and prevent iodine deficiency disorders, aligning with their proactive approach to overall well-being. For instance, in January 2021, according to a survey conducted on 5000 adults by Public Health England, a UK-based executive agency of the Department of Health and Social Care, 80% of adults over 18 in the UK opted to make lifestyle changes in 2021, with 8 out of 10 attributing these changes to COVID-19. Approximately 6 million adults aged 40 to 60 focused on healthier eating (40%), weight loss (39%), and increased physical activity (41%), showing a significant societal shift towards proactive health management. Therefore, rising health consciousness is driving the growth of the potassium iodide market.
Key Industry Players
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 Corporation, Incasa S.A
The potassium iodide market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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