Global Mineral Supplements Market Report, published by Variant Market Research, forecast that the global market is expected to reach $22.3 billion by 2024 from $11.3 billion in 2016; growing at a CAGR of 8.9% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 10.2% and 9.1%, respectively, during the forecast period. The demand for multivitamin is increasing, as individuals are taking these supplements to maintain good health and as a preventive measure from several diseases. Moreover, manufacturers are also including certain herbal ingredients along with multivitamins for special purposes to enhance performance, energy and promote immunity.
"Mineral Supplements Market (By Application: Food & Beverages, Pharmaceuticals, and Other Applications; By End-User: Adult Women, Adult Men, Senior Citizen, and Other End-Users; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rise in consumer awareness boost the global mineral supplements market
The global mineral supplements market is mainly driven by factors such as growing geriatric population, rise in consumer awareness, and increasing self-directed consumers. Additionally, growing number of maternal mortality rate in underdeveloped economies, and advancements in dietary supplement products have also supported the market growth. However, lack of dosage awareness, and lack of proper regulatory bodies may act as the restraining factor for the market growth. Furthermore, untapped markets, progress in e-commerce, and entry for private labels is expected to generate numerous growth opportunities for the market in the forecast period.
The global mineral supplements market is classified on the basis of application, end user, and geography. By application, the market is categorized as food & beverages, pharmaceuticals, and other applications. While, end user is further divided into adult women, adult men, senior citizen, and other end-users.
Pharmaceuticals accounted for the majority of the share in application segment
Mineral Supplements Market By Application
The pharmaceutical industry leads the global minerals supplement market accounting for over half of the market share, due to rising consumer awareness about preventive healthcare.
Senior Citizen expected to attain fastest CAGR in end-user segment
Senior Citizen is likely to achieve the fastest CAGR in global mineral supplements market during forecast period i.e. 2016 – 2024, owing to extensive usage of nutritional supplements in their daily lifestyle.
North America dominated the global mineral supplements market
GLOBAL MINERAL SUPPLEMENTS MARKET SHARE BY GEOGRAPHY, 2016
In the year 2016, North America accounted for the majority of the market share with 36.2%. In terms of growth, Asia-Pacific is expected to grow with fastest CAGR during the forecast period i.e. 2016 – 2024.
In April 2017, Nature Made a vitamin brand of Pharmavite LLC launched four new products of vitamin & supplements for men’s health, digestive probiotics, immune health, and heart health category segments to gain competition in the market. Other key players operating in this market include Bio-Botanica Inc., Omega Protein Corporation, BioPharma, Inc., Koninklijke DSM N.V., Pharmavite LLC, Herbalife, Ltd., Nu Skin Enterprises, Glanbia Plc., BASF SE, and Atrium Innovations Inc., among others.