Mineral Supplements Market
Global Market Study on Mineral Supplements: Rising Preventive Healthcare Trend to Bode Well for Market Growth
Minerals Supplements Market Segmented By Multivitamin and Mineral Supplements, Dietary Supplements, Liquid Feed Supplements, Brain Health Supplements, Online Vitamin and Supplement
The recently revised report on the mineral supplements industry hints at an incremental opportunity of US$ 15 Bn by the end of 2031. According to this analysis by Persistence Market Research, the mineral supplements market amounts to a total revenue worth of US$ 15 Bn in 2021, which is anticipated to double by the end of the decade.
Analysts have also predicted demand for mineral supplements to expand at a robust CAGR of 7.4% over the next ten years. The U.K. is expected to hold 18% of the market share in the European region.
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Some of the major companies operating in mineral supplements market:
- Glanbia Plc.
- Nu Skin Enterprises, Inc.
- E. I. du Pont de Nemours and Company.
- NBTY, Inc.
- Koninklijke DSM N.V.
- BASF SE, Bayer AG, Atrium Innovations Inc.
- Amway and Herbalife, Ltd.
Key Points Covered in Mineral Supplements Market Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on demand for mineral supplements and how to navigate
- Recommendation on key winning strategies
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Acquisitions and Expansions Fueling Industry Growth
Nutritional imbalance has been increasing as people are eating more and more junk food, coupled with sedentary lifestyle, and this is becoming a major issue and leading to early onset of many diseases and disorders, and even untimely death. Deficiency is being met by various mineral and vitamin supplements, and their popularity seems to be rising as the healthy lifestyle trend paces itself.
- Nestlé Health Science, in August 2021, completed its acquisition of the Bountiful Co.’s core brands, including Nature’s Bounty. This acquisition will help Nestlé solidify its position in the nutritional supplements market. Nestlé aims to strengthen its mineral, vitamin, and herbal product range through various acquisitions.
- Vitamin Shoppe, a wellness lifestyle company, recently announced its expansion in South Korea with the launch of its direct e-commerce business. South Korean customers can now easily access a wide array of wellness products delivered by the company. This new venture in the Asian market is the firm’s second foray in the region after opening two stores in Vietnam.
Expansion and mergers of such brands hints toward increase in demand for wellness products such as mineral and vitamin supplements.
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With growing consumer preference to preventive healthcare, the supplements market is consistently growing since the past few years. Mineral supplements especially help people of all ages to lead a healthy life, preventing nutritional deficiency disorders.
The global mineral supplements market is currently growing at a healthy pace and will expand a CAGR of 7.4% over the ten-year forecast period 2021-2031. In 2021, the market registered a value of US$ 15 Bn, which is expected to reach US$ 30.5 Bn by 2031-end.
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Key Market Analysis
Increasing urbanization, rising geriatric population, and burgeoning awareness about preventive healthcare together drive the growth of the global mineral supplements market. A remarkable number of consumers are turning to mineral supplements against allopathic medicines in order to adopt a healthier and safer option.
As mineral supplements provide calcium, phosphorus, chromium, magnesium, sulfur, iron, zinc, folic acid, silicon, copper, and cobalt, which help to deal with and prevent mineral deficiency diseases. Moreover, these supplements can be consumed in form of pills, tablets, capsules, granules, gel capsules, powder, and liquid.
A large number of consumers, due to their busy lifestyle, are adopting this convenient alternative over other conventional medicine methods. Pregnant women are recommended iron and calcium consumption throughout the pregnancy period.
As a result, the demand from pregnant women is also continuously on the rise. In addition, aging population often faces bone related issues, weakness, loss of appetite, weakening digestive system, poor eyesight, and mineral deficiency. Growing prominence of lifestyle disorders is another key factor propelling the demand for mineral supplements on a global level.
The recent past has seen an upsurge in the use of supplements. However, inadequate regulatory standards prevent the interference of any regulatory body and leave the validity period of mineral supplements to manufacturers. Thus, lack of quality check may hamper the market growth during the forecast period. Improper labeling is another factor that will continue to restrict the market penetration.
On the basis of application, the global market for mineral supplements is segmented into pharmaceuticals, food and beverages, and others. Compared to food and beverages, the pharmaceuticals segment consumes larger amounts mineral supplements.
The latter registered the maximum consumption in 2021 with the highest market share, and will continue to be the dominant application-based segment.
Among the end-user segments categorized by end-use, the adult women segment will remain predominant against adult men, senior citizens, and others. The growth in adult women segment is attributed to a range of health and weight related problems among middle-aged women.
- Food and beverages
- Adult Women
- Adult Men
- Senior Citizens
- North America
- Asia Pacific
By geographical analysis, the global mineral supplements market is segmented into four key regions – North America, Europe, Asia Pacific, and rest of the world. While North America is predicted to maintain the largest market for mineral supplements, Asia Pacific will witness the fastest growing mineral supplements market.
Although the Asia Pacific market is cost-sensitive and volatile, mineral supplements manufacturers are increasingly capitalizing on ample untapped opportunities in this region. Europe also witnesses a swift market for dietary supplements, and will be a major market for mineral supplements during the forecast period.
Key Market Players
Some of the leading companies in the global market for mineral supplements, include Glanbia Plc., Nu Skin Enterprises, Inc., E. I. du Pont de Nemours and Company, NBTY, Inc., Koninklijke DSM N.V., BASF SE, and Bayer AG. A few other notable players are Atrium Innovations Inc., Amway, and Herbalife, Ltd.