Market Intelligence Report Mineral Supplements, 2014-2020
Global Market Study on Mineral Supplements: Pharmaceuticals Remain Key Application, Adult Women Continue Maximum Consumption
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 follow a CAGR of 7.3% over the six-year forecast period 2014-2020. In 2013, the market registered a value of US$ 7.3 Mn, which is expected to reach US$ 14.5 Mn by 2020 end.
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.
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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 2013 with the highest market share, and will continue to be the dominant application-based segment. The revenues of this segment recorded in 2013 are anticipated to rise up to US$ 6.9 Mn, and the CAGR will be around 7.1% over 2014-2020.
Among the end-user segments categorized by end-use, the adult women segment will remain predominant against adult men, senior citizens, and others. The adult women segment represented the largest market share in 2013; this segment will expand at a CAGR of 7.5% during the forecast period. This growth is attributed to a range of health and weight related problems among middle-aged women.
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.
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