Aging Population Proves to be the Key Growth Driver for Global Mineral Supplement Market

  • Published On : Nov 27, 2014
The National Health and Nutrition Examination Survey III (1988–1994) indicated about half the population in United States was using a dietary mineral supplement. In the subsequent years, the number has only witnessed a rise with the annual spending of the Americans amounting to a figure if US$11.8 billion on vitamin and mineral supplements. The expert industry analysts, through their various studies also affirm growth of the global mineral supplement industry as its market is expected to grow at a CAGR of 4% every year till 2018.

Need for Mineral Supplements

To understand the need for mineral supplements, it is imperative to comprehend their role as a dietary supplement from the medical point of view. Mineral supplements are essentially dietary supplements that provide the nutritional value addition to the body, which it otherwise misses due to various reasons. Assisted intake of mineral supplements helps in preventing several chronic diseases over a period of time. The increasing awareness of preventive healthcare is the primary base is driving the need for mineral supplements across the globe. The global mineral supplement market packages these elements in forms of capsules, pills, powder, granules, tablets, gel caps, and liquid. 

Commonly seen mineral deficiencies are a result of poor intake of iron, calcium, magnesium, zinc, and potassium. For example osteoporosis is a commonly occurring condition amongst older woman. Additionally, the World Health Organization (WHO) also states, about 80% of the world’s population suffers from iron deficiency which can lead to anemia at a later stage. Mineral supplements include elements such as chromium, calcium, phosphorus, magnesium, sulphur, zinc, iron, folic acid, silicon, cobalt, and copper which are important for the body to stay fit and devoid of diseases that are a consequence of poor nutrition. 

Global Mineral Supplement Market Division

The global mineral supplement market finds its space amongst various regions, with different groups of users, and through its several types. To precisely understand the magnanimity of global mineral supplement market it has been categorized on the basis of its applications, end-users, and geography. The applications segment of the global mineral supplement market includes food and beverages and pharmaceuticals. The end-users in the mineral supplement market can be categorized as adult men, adult women, and senior citizens. Geographically speaking, the global mineral supplement market is divided on the basis of North America, Asia Pacific, Europe, and Rest of the World.

Future of Global Mineral Supplement Market

Age plays a crucial role in deterioration of the body, preventing it from absorbing important nutrients. This often results in complex health issues for the geriatric population such as weakening of bones, poor eyesight, and dysfunctional digestive tracts among others. Loss of appetite is another factor that contributes to poor health of the aging population. Thus, there has been a remarkable growth in usage of mineral supplements amongst the senior citizen segment. Owing to these reasons, aging population is the key growth driver of the global mineral supplement market. 

The other key segment expected to boost the global mineral supplement market are the pregnant women who are recommended to have 27 milligrams of iron every day, as compared to 18 milligrams prescribed to non-pregnant women. Mineral supplement market for adult women is expected to grow at a CAGR of 7.5% during 2014-2020. On the other hand, the use of mineral supplement in the pharmaceutical industry is expected to reach US$6.9 million by 2020. Despite such strong growth drivers the global mineral supplement market faces some tough challenges such as lack of research about the improper dosage of mineral supplements, its consequent negative publicity, and guaranteeing validity of the mineral supplements without a regulatory body in picture.

As the key players in the global mineral supplement market such as Koninklijke DSM N.V., NBTY, Inc., E. I. du Pont de Nemours and Company, Glanbia Plc., Atrium Innovations Inc., BASF SE, Nu Skin Enterprises, Inc., Herbalife, Ltd., Amway, and Bayer AG are reaching out to their customers through e-commerce, the market is also expected to expand further and further. In conclusion, it can be inferred, while the global mineral supplement market entertain a huge scope for growth against the backdrop of aging population, it does face some tough challenges such as assuring the validity of the mineral supplement to its end-users in absence of a regulatory body.

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