Global Mineral Supplements Market: Overview
Also known as multivitamins, mineral supplements are one of the most popular dietary supplements across the globe. Primarily used to compensate for nutrient insufficiency, mineral supplements can also be consumed to assure optimum health and wellness, and keep chronic conditions at bay. A number of consumers are embracing this convenient substitute over the conventional medicine methods. The recent past has witnessed a considerable advancement in the use of supplements due to the presence of lifestyle influencers, medical research, and health awareness.
Global Mineral Supplements Market: Growth Factors
Increasing urbanization, rising geriatric population, growing demand of dietary supplements among the youth, and increasing nutritional awareness are some noteworthy drivers of the global mineral supplement market. Anti-aging vitamins such as vitamin E are singled out as the potential fountain of youth. Also, some claims have been made about particular vitamins being able to cure chronic disorders such as arthritis, cancer, diabetes, and Crohn’s disease.
The growing prevalence of mineral deficiencies, especially iron and calcium has led to health awareness among people of all ages. Iron deficiency is one of the most common nutrient deficiencies, affecting more than 25% population worldwide. Also, iodine deficiency is observed in nearly a third of global population. Other common nutrient deficiencies include Vitamin D, B12 and A, Calcium, Magnesium and Zinc. These deficiencies can lead to numerous health problems associated with digestion, bone health, eyes (vision), heart health, skin and hair health.
Also, an upswing in the number of distribution channels further elevates expansion of market. Moreover, since these supplements are generally available without a prescription and come in the form of liquids, tablets, pills, capsules, and powders that supply essential nutrients and minerals that boost an individual’s immunity, the market will progress further.
The recent trend of veganism has also driven the demand for such mineral and vitamin substitutes. Nutrients such as calcium and iron are consumed by vegans to meet the required intake of essential nutrients. As a large number of people globally believe that COVID-19 is associated with the consumption of meat, they will become more cautious about the food they consume. This in turn will lead to a significant rise in the demand for food and mineral supplements. Furthermore, due to hectic schedules, many people prefer dietary supplements over whole foods. The dietary supplement market will therefore advance consistently.
Global Mineral Supplements Market: Segmentation
The global mineral supplements market can be segmented on the basis of type, end-user, application, and region. The global mineral supplement market has been bifurcated by type into multi-mineral, single-mineral, multi-vitamin, and single-vitamin. The global mineral supplements market can be segmented by application into general health & wellness, gastrointestinal health, bone & joint health, cardiac health, and other. Geriatric persons, adults, pregnant women, infants & children are some chief categories based on end-user.
Global Mineral Supplements Market: Regional Analysis
While North America remains to be the largest market for mineral supplements, Asia Pacific is predicted to witness the fastest development in mineral supplements market. Due to the steady rise in health-related awareness amongst the population, coupled with the strong presence of the pharmaceutical industries in the region, the mineral supplements establishments are gradually gaining abundant scope in this region.
Europe is expected to observe an evolving market for mineral supplements, and will surface as a notable market for mineral supplements in the coming few years. The spiraling costs of medical service have steered the consumers toward the consumption of healthier options and therefore the demand for mineral supplements have increased rapidly. As a result, the Europe mineral supplements market is projected to account for a significant share in the global mineral supplements market over the upcoming times.
Global Mineral Supplements Market: Competitive Players
Some of the leading companies in the global market for mineral supplements include Pfizer, AMWAY, Puritan’s Pride, Nestle SA, Webber Naturals, Abbott Laboratories, Pharmavite, Otsuka Holdings Co. Ltd., Herbalife Ltd. , Lupin, and Nu Skin Enterprises, Inc. A multitude of competitors are adopting collaborations, mergers, and acquisitions with a view to step up their status in the global mineral supplements market.
Global Mineral Supplements Market: Regional Segment Analysis
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