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How has the potassium iodide market grown in recent years?

The size of the potassium iodide market has significantly expanded in recent times. The market’s growth is expected to continue from $0.97 billion in 2024 and reach $1.05 billion in 2025 with a compound annual growth rate (CAGR) of 8.0%. The notable growth during the historical period can be linked to factors such as increased preference for nutrition-rich food, heightened health consciousness, growth in the number of CT scans, expansion in the food & beverages and pharmaceutical sectors, and the rising demand for diagnostic imaging procedures within the pharmaceutical industry.

How is the potassium iodide market size expected to evolve during the forecast period?

The potassium iodide market size is expected to see strong growth in the next few years. It will grow to $1.41 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. 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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Which key drivers are propelling the potassium iodide market’s growth?

The growth of the potassium iodide market is projected to be driven by the escalating demand for nutritional supplements. Nutritional supplements, filled with critical vitamins, minerals, amino acids, and other beneficial substances, are designed to enrich the diet and promote overall well-being. Several reasons why nutritional supplements are becoming increasingly popular include heightened acknowledgment of nutrition’s role in maintaining health, a surge in preventive healthcare interest, changes in lifestyle leading to dietary shortfalls, and elderly populations seeking assistance for a variety of health issues. Potassium iodide acts as a dietary supplement to support thyroid function and prevent iodine deficiency disorders such as goiter and hypothyroidism by providing a vital source of dietetic iodine. For instance, the 2022 Consumer Survey on Dietary Supplements by the Council for Responsible Nutrition, a non-profit trade association in the US, revealed in October 2022 that out of 3,133 US adults aged 18 and above surveyed, 2,342 admitted to using dietary supplements either seasonally, sporadically, or regularly, and 75% incorporated dietary supplements into their daily regimen. Therefore, the escalating demand for nutritional supplements is fuelling the growth of the potassium iodide market.

Potassium Iodide Market Driver: Escalated Health Consciousness Fuelling the Augmentation of the Potassium Iodide Market

What are the market segments in the potassium iodide industry?

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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Which leading companies are shaping the growth of 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 Corporation, Incasa S.A

What emerging trends are influencing the growth of the potassium iodide market?

Key players in the potassium-iodide market are using strategic affiliations as a tool to improve product distribution and address various customer demands. These affiliations are a method by which companies use each other’s potential and resources for reciprocal success and advantages. For example, in April 2023, the Delaware Emergency Management Agency (DEMA), a state agency for emergency readiness based in the US, joined forces with the Delaware Division of Public Health (DPH), a department under the US-based Health and Social Services, to distribute potassium iodide (KI) tablets. These were offered to inhabitants residing within the Emergency Planning Zone (EPZ), a ten-mile circumference around the Salem or Hope Creek Nuclear Generating Stations. These tablets protect the thyroid gland from any ingested or inhaled radioactive iodine that might be discharged during a radiation crisis. The tablets are integral to Delaware’s contingency plans for a nuclear event, distributed through a program initiated by the U.S. Nuclear Regulatory Commission (NRC).

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Which geographic areas are influencing the growth of 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.

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