Potassium Iodide Global Market Report 2024

The potassium iodide market size has grown strongly in recent years. It will grow from $0.9 billion in 2023 to $0.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The historic period's growth can be attributed to several factors, including an increase in the demand for nutritional foods, heightened health concerns among the population, a rise in the number of CT examinations, growth in the food & beverages and pharmaceutical industries, and the growing demand for diagnostic imaging treatments within 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 forecast period's growth can be attributed to several factors, including 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, and growth in industrial applications. Major trends expected in this period include the expansion of applications in nutritional supplements, technological advancements in the field, product innovations, partnerships and collaborations with industry peers, and the overall expansion of the pharmaceutical industry.

The potassium iodide market is set to experience growth due to the increasing demand for nutritional supplements. Nutritional supplements are products containing essential nutrients such as vitamins, minerals, and amino acids, aimed at complementing dietary needs and supporting overall health. This demand surge is attributed to factors such as growing awareness about nutrition's role in health, the rise in preventive healthcare interest, dietary deficiencies from lifestyle changes, and the aging population's health concerns. Potassium iodide, a supplement used to support thyroid function and prevent iodine deficiency disorders such as goiter and hypothyroidism, is crucial in providing essential iodine in diets. For instance, a survey by the Council for Responsible Nutrition in October 2021 found that 80% of Americans aged 18 and above used dietary supplements, marking a 7% increase from the previous year. Also, trust in the supplement industry grew to 79% in 2021 from 74% in 2020, indicating the rising demand for such products.

The growing health consciousness among individuals is expected to further boost the potassium iodide market. Health consciousness entails being aware and proactive about physical well-being and lifestyle choices. This trend is fueled by increased awareness of preventive healthcare's importance, access to health information, and the pursuit of a better quality of life. Health-conscious individuals use potassium iodide to maintain thyroid health and prevent iodine deficiency disorders, aligning with their proactive health management approach. For example, a survey by Public Health England in January 2021 revealed that 80% of UK adults made lifestyle changes, with COVID-19 being a significant driver. Around 6 million adults aged 40 to 60 focused on healthier eating, weight loss, and increased physical activity, indicating a societal shift toward proactive health management.

Major players in the potassium iodide market are adopting strategic partnerships to improve product accessibility and meet diverse consumer needs. Strategic partnerships involve leveraging mutual strengths and resources for mutual benefits. For instance, in April 2023, the Delaware Emergency Management Agency (DEMA) collaborated with the Delaware Division of Public Health (DPH) to distribute potassium iodide (KI) tablets to residents living near nuclear generating stations. These tablets protect against ingested or inhaled radioactive iodine during a radiation emergency, part of Delaware's emergency preparedness plans facilitated by the U.S. Nuclear Regulatory Commission (NRC).

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.

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.

The countries covered in the potassium iodide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Potassium iodide (KI) is a compound composed of potassium and iodine, widely utilized as a nutritional supplement and in medical treatments for thyroid-related issues. It serves as a radiation protective agent, shielding the thyroid gland from absorbing radioactive iodine during nuclear emergencies.

The primary product types of potassium iodide include solid and liquid forms. Solid potassium iodide refers to the crystalline structure of KI, commonly employed in medicine, photography, and analytical chemistry. Various grades are available, including industrial, pharmaceutical, and feed grades, used across applications such as the pharmaceutical sector, nutritional supplements, industrial uses, radiation protection, photography, and other imaging applications.

The potassium iodide research report is one of a series of new reports that provides potassium iodide market statistics, including the potassium iodide industry's global market size, regional shares, competitors with a potassium iodide market share, detailed potassium iodide market segments, market trends and opportunities, and any further data you may need to thrive in the potassium iodide industry. This potassium iodide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The potassium iodide market consists of sales of potassium iodide granules and potassium iodide solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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