New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
The market for mineral supplements is poised for significant expansion, with a projected value-based Compound Annual Growth Rate (CAGR) of 7.9%. Anticipated revenue is expected to surge from US$ 1,706.5 Mn to approximately US$ 3,849.8 Mn by the year 2033.
The increasing adoption of sedentary lifestyles has contributed to a rise in lifestyle disorders, further fueling the demand for vitamin and mineral supplement market. Numerous factors are set to propel the growth of the industry, including a heightened emphasis on health and wellness, a surge in micronutrient deficiencies, and a growing interest in preventive healthcare measures.
The primary catalyst for this industry growth stems from the escalating global incidence of chronic diseases such as anemia, osteoporosis, cancer, and diabetes. The utilization of these supplements for managing such health conditions is a key driving force.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 1,706.5 million | |
| Estimated Revenue 2033 | US$ 3,849.8 million | |
| Growth Rate - CAGR | 7.9% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 69 Pages | |
| Market Segmentation |
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| Regions Covered |
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| Key Companies Profiled |
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Mineral Supplements Market Consumption Analysis:
The historical trajectory of the global mineral supplements market reveals significant growth, boasting a Compound Annual Growth Rate (CAGR) of 5.5%. In 2023, the market reached a valuation of US$ 1,706.5 Mn and is poised for continued expansion driven by heightened awareness regarding the diverse applications of mineral supplements.
A burgeoning trend towards healthy eating is steering a growing number of consumers towards supplements, with mineral supplements emerging as a pivotal source of nutrition. The global market is witnessing a substantial surge in demand for mineral supplements, primarily propelled by increased consumer awareness of their health benefits. These supplements encompass a range of vitamins and minerals in a single serving, contributing significantly to their nutritional profile.
Vitamins and minerals, classified as organic compounds and essential nutrients, require specific consumption amounts. The formulation of vitamins and minerals in liquid or powder form is tailored to consider process conditions and the shelf life of the final product.
Mineral supplements represent a blend of macro minerals and ultra-trace minerals, incorporating salts selected for their minimal impact on the ultimate formulations. In the fortification of food and beverages, a personalized blend of vitamins and minerals is employed.
With the continued dominance of health and nutrition in consumer food preferences, the escalating consumption of mineral supplements is anticipated to propel the market forward in the coming years. The global mineral supplements market is projected to achieve an approximate valuation of US$ 3,849.8 Mn in the forecast period.
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Top 8 Key Trends in the Market for Mineral Supplements:
- Increasing Consumer Awareness: A noteworthy trend in the mineral supplements market is the rising awareness among consumers regarding the importance and benefits of mineral supplementation for overall health. This heightened awareness is driving increased demand for these products.
- Focus on Preventive Healthcare: There is a growing trend towards preventive healthcare, with consumers proactively seeking ways to maintain and improve their health. Mineral supplements are increasingly being recognized as a preventive measure against various health conditions, contributing to their market growth.
- Diverse Applications: Mineral supplements are finding applications beyond traditional health concerns. Consumers are exploring these supplements for a variety of health benefits, including energy boost, immune system support, and cognitive health, leading to a more diverse market landscape.
- Innovative Formulations: Companies in the mineral supplements market are investing in research and development to create innovative formulations. This includes personalized blends, convenient delivery formats (such as gummies and dissolvable powders), and targeted solutions for specific health needs.
- Clean Label and Transparency: Consumers are increasingly seeking clean label products, and this trend extends to mineral supplements. There is a growing demand for transparent labeling, minimal additives, and ethically sourced ingredients, reflecting a broader shift towards healthier and more sustainable lifestyles.
- E-Commerce and Direct-to-Consumer (DTC) Channels: The rise of e-commerce and DTC channels has facilitated easier access to mineral supplements. Consumers are increasingly purchasing these products online, and companies are adapting their marketing and distribution strategies to cater to this digital shift.
- Customization and Personalization: Tailoring mineral supplement formulations to meet individual needs is gaining traction. Companies are exploring ways to offer personalized solutions, considering factors such as age, gender, and specific health concerns to enhance the effectiveness of their products.
- Regulatory Compliance and Quality Assurance: As the market expands, regulatory scrutiny increases. Companies are placing a stronger emphasis on ensuring their products meet regulatory standards and are of high quality. Adherence to Good Manufacturing Practices (GMP) and other quality assurance measures is becoming a key differentiator in the market.
Country-wise Insights:
The global mineral supplements market exhibits distinct regional variations, with segmentation into six key geographic regions: North America, Europe, East Asia, South Asia & Pacific, Latin America, and the Middle East and Africa.
North America is poised to maintain its dominance as the largest market for mineral supplements, while the Asia Pacific region is anticipated to experience the most rapid growth. Despite being cost-sensitive and volatile, manufacturers of mineral supplements are increasingly seizing untapped opportunities in the Asia Pacific market.
Europe, with its swift market for dietary supplements, is expected to be a significant market for mineral supplements throughout the forecast period.
In the Middle East, the pharmaceutical sector is undergoing rapid growth, propelled by shifts in socio-economic factors. Increased income, rising affluence, and improved access to modern facilities have led to lifestyle changes and a surge in diseases such as cancer, diabetes, and cardiovascular conditions, contributing to mineral deficiencies like hypocalcaemia.
The growing wealth in developing markets such as Saudi Arabia, Iran, Israel, and Oman is a strong driver for increased health spending, fostering demand for quality healthcare treatment and services.
The Middle East economy is transitioning from its traditional reliance on oil revenue to diversify into sectors like pharmaceuticals, supported by substantial government budgetary allocations for the development of the pharmaceutical industry. This shift is indicative of a broader economic transformation and an increased focus on healthcare infrastructure driven by enhanced spending power in the region.
Category-wise Insights
The global market for mineral supplements is segmented by application, with a breakdown into pharmaceuticals, food and beverages, and other sectors. Within this segmentation, the pharmaceuticals segment exhibits a higher consumption of mineral supplements compared to food and beverages.
In 2023, the pharmaceuticals segment recorded the highest consumption, claiming the maximum market share and is projected to continue its dominance as the primary application-based segment. Among the end-user categories based on end-use, the adult women segment is expected to maintain its prominence over adult men, senior citizens, and other demographic groups. The growth in the adult women segment is attributed to various health and weight-related issues prevalent among middle-aged women.
The pharmaceutical sector's need for mineral supplements has grown significantly over the past decade due to an increase in disorders related to mineral deficiency or improper functioning.
Conditions such as anemia, osteoporosis, cystitis, hypophosphatemia, bipolar disorders, among others, are commonly addressed with drugs formulated with Active Pharmaceutical Ingredients (APIs) containing various mineral salts.
Mineral deficiencies in the human body are often linked to exposure to stress, sports, pregnancy, prolonged illness, and individuals suffering from these conditions are frequently recommended drugs containing mineral salts as crucial pharmaceutical ingredients.
Key Recent Developments:
Market Growth: The global mineral supplements market has been witnessing steady growth, driven by increasing consumer awareness of health and wellness.
Regional Trends: Asia Pacific is expected to be a key growth region, driven by a rising population, changing lifestyles, and increased awareness of the benefits of mineral supplements.
Innovative Formulations: Companies are focusing on developing innovative formulations, including personalized blends and convenient delivery formats like gummies and dissolvable powders.
E-commerce Boom: The rise of e-commerce and direct-to-consumer channels has impacted the distribution of mineral supplements, making them more accessible to consumers globally.
Clean Label Movement: Consumers are showing a preference for clean label products with minimal additives and transparent labeling, influencing the formulation of mineral supplements.
Diverse Applications: Mineral supplements are finding applications beyond traditional health concerns, with consumers seeking these products for various health benefits such as energy boost, immune system support, and cognitive health.
Key companies profiled:
- Glanbia Plc: Glanbia is a global nutrition company with a focus on dairy and nutritional ingredients. They provide a range of products, including protein supplements, performance nutrition, and dairy ingredients.
- Nu Skin Enterprises, Inc.: Nu Skin is a direct selling company specializing in personal care and nutritional products. They offer a variety of anti-aging skincare solutions and dietary supplements.
- E. I. du Pont de Nemours and Company (DuPont): DuPont is a multinational conglomerate with diverse business interests. In the nutritional space, DuPont is involved in providing ingredients for the food and beverage industry, including specialty ingredients and solutions for health and wellness.
- NBTY, Inc.: NBTY is a global manufacturer and distributor of a wide range of health and wellness products. They produce and market various vitamins, minerals, and herbal supplements under different brand names.
- Koninklijke DSM N.V.: DSM is a Dutch multinational corporation active in the fields of health, nutrition, and materials. In the nutritional sector, DSM focuses on providing innovative solutions, including vitamins, carotenoids, and nutritional lipids.
- BASF SE (Badische Anilin- und Soda-Fabrik): BASF is a German chemical company and one of the largest chemical producers globally. In the nutritional industry, BASF is involved in providing a wide range of ingredients, including vitamins, carotenoids, and omega-3 fatty acids.
- Bayer AG: Bayer is a German multinational pharmaceutical and life sciences company. In the nutritional space, Bayer offers a range of consumer health products, including vitamins, minerals, and supplements.
- Atrium Innovations, Inc.: Atrium Innovations is a globally recognized leader in the development, manufacturing, and commercialization of innovative, science-based natural health products.
- Amway: Amway is a direct selling company that offers a wide range of products, including health and wellness supplements, beauty, and home care products.
- Herbalife, Ltd.: Herbalife is a global nutrition company that markets and sells nutritional supplements, weight management, sports nutrition, and personal care products through a network of independent distributors.
Mineral Supplements Market Segmentation:
By Application:
Food and Beverages: This segment encompasses the incorporation of mineral supplements into various food and beverage products. It includes fortified foods, beverages, and other consumables aimed at providing nutritional benefits.
Pharmaceutical: Mineral supplements are used as active pharmaceutical ingredients (APIs) in the formulation of drugs to address deficiencies and support specific health conditions. This application involves the development of pharmaceutical products containing essential minerals.
By End User:
Adult Women: This segment focuses on mineral supplements tailored to meet the nutritional needs and health concerns specific to adult women. Products may address issues related to women's health, including bone health, reproductive health, and overall well-being.
Adult Men: Mineral supplements designed for the nutritional requirements of adult men, considering factors such as muscle health, cardiovascular health, and other aspects of men's well-being.
Senior Citizens: This segment targets the aging population and addresses specific health challenges faced by senior citizens. Mineral supplements may aim to support bone health, cognitive function, and overall vitality in older adults.
By Region:
North America: The North American region encompasses the United States, Canada, and Mexico. It is a significant market for mineral supplements with a well-established consumer base focused on health and wellness.
Latin America: Latin America includes countries in Central and South America. The market here may experience growth due to increasing awareness of health-related issues and a rising focus on preventive healthcare.
Europe: The European market for mineral supplements is characterized by a diverse consumer base and a strong emphasis on quality and innovation. It includes countries within the European Union and beyond.
South Asia & Pacific: This region covers countries in South Asia, Southeast Asia, and the Pacific. The market here may witness growth due to changing lifestyles, increasing disposable income, and a growing awareness of health and nutrition.
East Asia: East Asia includes countries such as China, Japan, and South Korea. The region has a significant market potential driven by a large population and an increasing focus on health and well-being.
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