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Mineral Supplements Market : Pharmaceutical sector to Cross US$ 6.9 million in 2020
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According to a new market report published by Persistence Market Research “Global Market Study on Mineral Supplements: Pharmaceutical to be the largest segment by 2020”, the global Mineral Supplements market was valued at USD 7.3 million in 2013 and is expected to grow at a CAGR of 7.3% from 2014 to 2020, to reach an estimated value of USD 14.5 million in 2020.
The global supplements market is growing at a steady rate, majorly due to increasing consumer awareness about preventive healthcare. Mineral supplements are consumed in different forms, such as capsules, pills, powder, gel caps, granules, tablets, and liquid. Mineral supplements such as calcium, phosphorus, chromium, magnesium, sulfur, iron, zinc, folic acid, silicon, copper, and cobalt help consumers of different age groups to stay healthy and be free from nutrition deficiency diseases. Due to busy lifestyle, many working individuals are unable to follow a regular diet, leading to deficiency of nutrients, including minerals in the body. In order to address the need for nutrients and prevent mineral-deficiency diseases, individuals consume additional food supplements, including mineral supplements.
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A study suggests that adequate amount of mineral in pregnant women’s body helps to improves fetal growth and results in healthy baby. During pregnancy, women are recommended to consume 27 milligrams of iron per day compared to 18 milligrams by non-pregnant women. Undernourished women may be at a high risk of giving birth to low-weight infants. Additionally, increasing occurrences of various lifestyle diseases, such as chronic diseases, along with hectic lifestyle and the growing aging population are expected to boost the demand for mineral supplements in the global market.
North America holds majority of the market for mineral supplements, followed by Asia Pacific and Europe. During forecasted period (2014-2020), Asia Pacific is expected to witness fastest growth rate owing to its increasing aging population and sustainable increase in disposable income.
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The intensity of rivalry is high among industry players. Product differentiation in the mineral supplements market is low as most manufacturers offer similar products. Industry players focus on innovative packaging and exotic ingredients to differentiate their products. Demand for minerals supplements is growing in different end-use groups, such as pregnant women and aging people.
The mineral supplements market is fragmented with several players including 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.
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