By Product (Calcium, Magnesium, Iron, Potassium, Zinc, Chromium, Selenium, Others), Application (Food & Beverages, Pharmaceuticals, Other), End-User (Adult Women, Adult Men, Senior Citizen, Other), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Mineral Supplements Market is expected to reach USD 16678.33 million by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 5.45%. The key drivers for the growth of the mineral supplement market include increased awareness of mineral supplementation, a rising geriatric population and an unhealthy diet due to a hectic lifestyle.
The development of the worldwide mineral supplements market is driven by the growth of geriatric populations, increased customer awareness, increased self-directed customers, and increased maternal mortality in sub developed countries and progress on food supplements. Nevertheless, the absence of dose awareness and effective regulators will hamper the growth of the mineral supplements market in the forecasted period.
A dietary supplement made up of a vitamin and mineral blend, often referred to as multivitamins. The demand for multivitamins is increasing, given that these supplements are taken to protect good health as a preventative measure against various diseases. In fact, businesses include certain herbal ingredients in addition to multivitamins for particular purposes to increase efficiency, strength, and enhance immunity. While safety concerns around commercially available supplements are relevant, producers must ensure that supplements satisfy quality demands and conform to current outstanding manufacturing practices.
Mineral Supplements Market Scope and Market Size
Mineral Supplements Market has been segmented on the basis of product, application, and end user.
- Based on product, the mineral supplements market is segmented into calcium, magnesium, iron, potassium, zinc, chromium, selenium, others. The calcium sub-segment of product segment in mineral supplement market holds the largest market share in the forecasted period. One of the significant factors that drive segment development is the growing incidence of osteoporosis. About 5.3 million people in Germany have been impacted by osteoporosis in 2015, according to the International Osteoporosis Foundation. The fast availability of calcium supplements also leads to the growth of the market.
- On the basis of application, the Mineral Supplements Market is segmented into Food & Beverages, Pharmaceuticals, Other. The pharmaceuticals sub-segment of application segment in mineral supplement market holds the largest market share in the forecasted period. This is owing to the use of resources such as minerals in drugs as the main ingredient for various pharmaceuticals, which has been evolving over decades. Further revolutionary mineral replacement is anticipated to improve the growing expenditure in the pharmaceutical field.
- Based on end user, Mineral Supplements Market is segmented into adult women, adult men, senior citizen, other. The adult women sub-segment of end user segment in mineral supplement market holds the largest market share in the forecasted period. This is primarily attributable to the use of large amounts of mineral supplements at reproductive and postnatal periods when the women's dietary demand increases. Women's athletes also consume dietary supplements including mineral supplements to meet their nutritional requirements in order to remain healthy.
Country Level Analysis of Mineral Supplements Market
- On the basis of region, Mineral Supplements Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America is going to account for the largest share in the mineral supplements market in forecasted period, due to increased awareness about health care and growth of disposable income which drive people to invest more in health and well-being. In the forecast period, Asia-Pacific is expected to show the fastest growth at a substantial CAGR. The main reason is the rising concern for health, increasing aging population, and problem of iron deficiency in the region.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, The Vitamin Shoppe(R), The Omni channel nutritional products specialty retailer, announced the launch The Vthrive, The Vitamin Shoppe (TM) is a new ranging of premium vitamins, minerals, supplements and essential oils for wellness consumers looking for just clean formulas with the highest quality ingredients. The whole Vthrive Vitamin Shoppe Company is safe from fake colours, flavours or sweeteners with its high-power beauty solutions. Magnesium stearate, stearic acid or titanium dioxide can be contained in all formulations of the vitamins, minerals and supplements. The 14 essential oils are 100% pure organic oils certified by the USDA.
- In January 2020, Sync Labs Corp announced the launch of an Indiegogo campaign to help produce its line of premium supplemental vitamins designed for the wellness needs of e-gamers. There are currently 3 specific proprietary formulas in the 16VIT vitamin line: Blinking, Starting and Continuing respectively developed in order to support eye, energy and joint health. You have special diet and needs for vitamins so far large.
Competitive Analysis and Mineral Supplements Market Share Analysis:
Mineral supplements market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of mineral supplements market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Mineral supplements market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Mineral supplements market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the mineral supplements market are Albion Laboratories, Inc., Minerals Technologies Inc., Jungbunzlauer Suisse AG, Basel, Akzo Nobel N.V., Compass Minerals., SEPPIC, Corbion, Arla Foods amba , Dr Paul Lohmann Inc, DSM, NSE, inc., The Vitamin Shoppe, many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved