What’s leading consumers to buy more mineral supplements?
In 2012, the per capita health expenditure in the United States was US$8,745, according to data compiled by the Peter G. Peterson Foundation. As compared to all other developed countries, this is the highest. Healthcare expenses in many other countries-both developed and developing-are witnessing an exponential rise as well. This puts preventative healthcare in focus. Consumers are resorting to the consumption of products such as mineral supplements to remain healthy. This trend is especially visible among the aging population, which is expanding in size with every passing year. Thus, it is not surprising that the global mineral supplements market will exhibit a 7.3% CAGR between 2014 and 2020, reaching US$14.5 million by the end of 2020, as per a research study by a leading market research firm.
The human body requires minerals such as chromium, copper, zinc, iron, silicon, magnesium, cobalt, and sulfur, among others in limited quantities to function efficiently. A deficiency in these minerals impairs the functions of certain organs or functions in the body. A person that cannot obtain minerals via their regular diet is typically advised to consume mineral supplements in the form of pills, liquids, gel caps, or powders. Since mineral requirements vary from one age group to another, companies offer different formulations according to each age group or health condition.
Here are some of the key factors contributing to the growth of the mineral supplements market:
- Preventative healthcare: As stated above, many consumers are now believers of the adage ‘prevention is better than cure’. Hence, in order to avoid hefty healthcare expenses, a number of consumers are now spending on preventative measures such as regular exercise and the consumption of nutrient or mineral supplements. These factors bode well for the global mineral supplements market.
- Busy lifestyles, deficient nutrition: A healthy and complete diet is difficult to follow for individuals that lead a busy lifestyle. This has also led to a number of lifestyle diseases and chronic health disorders. However, to avoid the chances of facing a nutrient deficiency, a number of individuals choose to consume mineral supplements. Just as the trend of ready-to-eat food is catching on, so is the consumption of vitamin and mineral supplements.
- Heightened awareness: Consumers are increasingly connected to various media, in both developed and developing countries. This increases their exposure to the health problems caused by a lack of minerals and vitamins. Thanks to this awareness, there is a greater demand for mineral supplements and consumers are willing to spend money on these products because of increased disposable incomes. Moreover, companies manufacturing mineral supplements are also spending substantially on advertising and marketing campaigns. In the years to come, more and more consumers will likely resort to consuming more mineral supplements, thus pushing the mineral supplements market ahead.
- Aging population: According to the U.S. National Institute on Aging, in 1950, there were 131 million people aged 65 years and above. In contrast, as of 2010, there were 642 million people aged 65 years or more. By 2020, the number of people in that age bracket will likely be 714 million. This demonstrates the growth in the geriatric population globally. As the body ages, its ability to absorb mineral and nutrients diminishes. This makes it imperative for older people to consume mineral supplements to stay healthy. Again, this is something that will push the global mineral supplements market forward.
However, the mineral supplements market has a high level of competitive rivalry. This makes it imperative for companies manufacturing mineral supplements to constantly innovate their product formulations and implement intelligent marketing campaigns. Some of the leading players in the global mineral supplements market are: Amway, Glanbia Plc., Herbalife, Ltd., Nu Skin Enterprises, Inc., Koninklijke DSM N.V., NBTY, Inc., BASF SE, and Bayer AG.
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