Wilmington, Delaware, March 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Food Minerals Market by Product (Zinc, Magnesium, Calcium, Iron, and Others), and Application (Food and Beverages, Nutraceuticals, and Pharmaceuticals): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global food minerals market was valued at $1.6 billion in 2022, and is projected to reach $3 billion by 2032, registering a CAGR of 6.3% from 2023 to 2032.
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Prime determinants of growth
The compromised quality of agricultural produce and food products is impacting human health negatively and is not able to fulfill the nutritional requirement of the body. It is difficult to consume the required number of food minerals & nutrients from regular food intake. Thus, mineral supplements are consumed to reach the levels of daily nutrient intake. As a result, the demand for mineral supplements is increasing across the globe. Moreover, the growing demand for mineral supplements among female population to overcome post menopause conditions creates market opportunities for food minerals market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.6 Billion |
| Market Size in 2032 | $3 Billion |
| CAGR | 6.3% |
| No. of Pages in Report | 280 |
| Segments covered | Product, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The magnesium gum segment to maintain its leadership status throughout the forecast period
By product, the magnesium segment held the highest market share in 2022, accounting for nearly one-third of the global food minerals market revenue and is estimated to maintain its leadership status throughout the forecast period. Changed and imbalanced lifestyle has significantly contributed to a rise in numerous physical as well as mental disorders such as stress, muscle tension & cramps, and improper sleep. As a result, there is an increasing demand for functional food and supplements fortified with magnesium as it plays a significant role in supporting better sleep, stress relief, and relaxation. In addition, growing awareness of consumers about the benefits of magnesium for cardiovascular health, bone health, and muscle function significantly increases popularity of magnesium-rich food products. Furthermore, according to the National Library of Medicine, sleep disorders such as insomnia establish a global epidemic that affects 45% of the world's population, but less than 1% have been treated by functional food. Therefore, developing and innovating various magnesium-rich products serves as a strategic opportunity. Moreover, consumer awareness and demand for functional food products are expected to propel the growth of this segment.
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The food and beverage industry segment to maintain its leadership status throughout the forecast period
By application, the food and beverage industry segment held the highest market share in 2022, accounting for nearly half of the global food minerals market and is estimated to maintain its leadership status throughout the forecast period. The food and beverages industry is driving the food minerals market as there is an increasing awareness among the consumers about the relationship between nutrition, food and health which is boosting up the demand for products that are fortified with various vital minerals. The emphasis on fortified and functional food has encouraged the development of novel products that cater to the consumers who are increasingly health-conscious and go beyond basic nutrition. Thus, this segment is expected to witness growth in coming years.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is expected to dominate the market during the forecast period. The surge in demand for calcium-fortified products, driven by an increasing awareness of bone health among the aging population in countries such as Japan and South Korea has driven the growth of food minerals market in the region. In addition, innovative product formulations, such as mineral-infused functional beverages, have witnessed a significant sales growth in China, reflecting changing consumer preferences toward convenient and health-focused beverage options. Moreover, the rise of e-commerce platforms has made it easier for consumers to access a wide range of food products, including those fortified with minerals.
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Leading Market Players: -
- Cargill, Incorporated
- Waitaki Bio
- SPI Pharma, Inc.
- Archer-Daniels-Midland Company
- Sigma Minerals Limited
- ABF Ingredients Limited
- CalciTech Europe Limited
- Calspar India
- Balchem Corporation
- Adani Pharmachem Private Limited
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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