|Market Size in 2021||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 13.1 Billion||USD 14.8 Billion||2.10%||2021|
Mineral Supplements Market
The global mineral supplements market size was worth USD 13.1 billion in 2021 and is estimated to grow to USD 14.8 billion by 2028, with a compound annual growth rate (CAGR) of approximately 2.10% over the forecast period. The report analyzes the mineral supplements market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mineral supplements market.
The term "mineral supplement" refers to a mixture of minerals, vitamins, and other compounds. Often known as electrolytes or trace minerals, macro minerals are a subset of minerals. Major minerals and trace minerals are the two main categories of minerals. Major minerals are those that the body uses and stores in large amounts, such as calcium, chloride, magnesium, sodium, phosphorus, potassium, and sulfur. The global market for mineral supplements is being pushed by urbanization, a rise in the number of elderly people, and a rise in the popularity of preventative healthcare. The market is expected to grow in acceptance of mineral supplements to manage chronic ailments as a result of the high prevalence of chronic diseases such as cancer, osteoporosis, anemia, and osteoporosis among the population. Growing awareness of healthy lifestyles and fitness clubs' expansion contribute to the market's expansion. Moreover, growing government programs to encourage a healthy lifestyle also expand the market. The market for mineral supplements is being driven by a number of important factors, including the growing elderly population, increased knowledge of preventative healthcare, and an increase in the prevalence of diseases like cancer & diabetes, among others. Additionally, the market for mineral supplements will experience growth during the anticipated period due to an increase in R&D activities, technological developments, and modernization of healthcare practices. However, among other things, the market growth for mineral supplements would be further hampered by the rise in the availability of counterfeit products, the lack of quality control, and inaccurate labelling.
One major factor impeding the growth of the market for mineral supplements is a breakdown in the supply chain for the manufacture of supplements. The COVID-19 outbreak resulted in resource restrictions, increased remote work & social distance, the shutdown of companies, and other economic activity. As a result, from production to global trade, the entire supply chain was impacted. Because of the disruption to distribution networks caused by COVID-19, dietary supplements are now being impacted. Therefore, it is anticipated that interruptions will hamper the expansion of the market for mineral supplements in the food supply chains.
Rising health concerns among consumers are likely to pave the way for global market growth
Consumer interest in dietary supplements infused with numerous vitamins and minerals is brought on by a number of circumstances, including vitamin deficiency, a compromised immune system, and other health issues. People are suffering from ailments related to vitamin deficiencies and chronic conditions like diabetes and obesity due to their hectic schedules and excessive fast food consumption. All these factors are likely to drive the global mineral supplements market during the forecast period.
The high cost of mineral supplements may hamper the global market growth
The availability of low-quality supplements sold by lesser-known or unknown brands or labels and the high costs of mineral supplements are significant factors limiting market revenue growth. Other important factors include low visibility at stores, low consumer awareness of many products, and low visibility of many products among consumers.
The global mineral supplements market is segregated on the basis of application, product, end-user, and region.
By application, the market is divided into pharmaceuticals, food & beverages, and others. Among these the pharmaceuticals segmented the market in 2021. This is linked to the fact that many pharmaceutical products continue to use nutrients, such as minerals, as a source of medication, a practice that has developed over many years and is still prevalent today. More novel mineral supplement products are anticipated to be introduced in the near future, thanks to the pharmaceutical industry's growing investment.
Based on product, the market is divided into calcium, magnesium, iron, potassium, zinc, chromium, selenium, and others. Among these, the calcium segment dominates the market and accounted for a revenue share of over 25.0% in 2021.
By end-user, the market is divided into adult women, adult men, senior citizens, and others. Over the forecast period, the women segment is expected to develop at the fastest rate in 2021. This is primarily related to the excessive consumption of mineral supplement items during the prenatal and postnatal phases when the female body requires more nutrients. In addition, women athletes also use dietary supplements, including mineral supplements, to meet their nutritional needs in order to remain healthy and in shape.
|Report Attributes||Report Details|
|Report Name||Mineral Supplements Market Size Report|
|Market Size in 2021||USD 13.1 Billion|
|Market Forecast in 2028||USD 14.8 Billion|
|Growth Rate||CAGR of 2.10%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Glanbia Plc., Nu Skin Enterprises, Inc., E. I. du Pont de Nemours and Company, NBTY, Inc., Koninklijke DSM N.V., Amway and Herbalife, Ltd., BASF SE, Bayer AG, Atrium Innovations Inc. and Other.|
|Segments Covered||By Application, By Product, By End-User and By Region.|
|Historical Year||2015 to 2019|
|Forecast Year||2022 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Rising consumers spending on healthcare and wellness is likely to help North America dominate the global market
North America is expected to dominate the global mineral supplements market, ascribed to consumers spending more on healthcare and wellness due to rising disposable income and increased knowledge of healthcare needs. The U.S.'s rising mineral supplement consumption is predicted to fuel the expansion of the North American market. The adult population in the United States frequently uses dietary supplements, according to the Centers for Disease Control and Prevention (CDC). Consumers in the United States have easy access to dietary supplements, and tracking their usage over time is a crucial part of the National Nutrition Monitoring System.
Over the forecast period, Asia Pacific regional market is expected to grow significantly in the mineral supplements market. The rising frequency of vitamin and mineral deficiencies among Asian consumers is expected to improve product sales. In addition, growing awareness of the necessity of appropriate diet and vitamin & mineral consumption, as well as fast urbanization and rising disposable income, are expected to be some of the positive aspects driving market expansion in the Asia Pacific.
The global market for mineral supplements is being pushed by urbanization, a rise in the number of elderly people, and a rise in the popularity of preventative healthcare. The market for mineral supplements is being driven by a number of important factors, including the growing elderly population, increased knowledge of preventative healthcare, and an increase in the prevalence of diseases like cancer and diabetes, among others. The market is expected to grow in acceptance of mineral supplements to manage chronic ailments as a result of the high prevalence of chronic diseases such as cancer, osteoporosis, anemia, and osteoporosis among the population.
According to the report, the global Mineral Supplements market size was worth about 13.1 (USD billion) in 2021 and is predicted to grow to around 14.8 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 2.10%.
North America is expected to dominate the Mineral Supplements Market in 2021, ascribed to consumers spending more on healthcare and wellness due to rising disposable income and increased knowledge of healthcare needs. In addition, the U.S.'s rising mineral supplement consumption is predicted to fuel the expansion of the North American market.
Some of the main competitors dominating the Global Mineral Supplements market include - Glanbia Plc., Nu Skin Enterprises, Inc., E. I. du Pont de Nemours and Company, NBTY, Inc., Koninklijke DSM N.V., Amway and Herbalife, Ltd., BASF SE, Bayer AG, Atrium Innovations Inc. and Other.