USD 15.5 billion
Mineral Supplements Market Size, Share, Growth Analysis, By Product(Calcium, Magnesium, Iron, Potassium), By End-user(Adults, Geriatric, Pregnant Women, Children), By Formulation(Capsule, Tablet, Powder, Liquid/Gel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2255 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
99
|Figures:
76
Mineral Supplements Market Insights
Global Mineral Supplements Market size was valued at USD 15.5 billion in 2022 and is poised to grow from USD 16.12 billion in 2023 to USD 22.06 billion by 2031, growing at a CAGR of 4.00% during the forecast period (2024-2031).
The market is being driven by the increasing adoption of mineral supplements for managing chronic conditions due to a significant portion of the population grappling with diseases like cancer, osteoporosis, anemia, and osteoporosis. Major pharmaceutical firms are conducting social campaigns to encourage healthier lifestyles and supplement usage. For example, in February 2023, Torrent Pharmaceuticals Ltd unveiled a TV campaign named #BeShelcalStrong, aimed at boosting awareness about calcium deficiency and its impacts on daily life.
The upsurge in sedentary lifestyles and consumption of unhealthy diets has resulted in a higher number of people experiencing nutritional deficiencies. Proper body functioning requires varying mineral proportions. Insufficient minerals can lead to problems like fatigue, weak bones, and a compromised immune system. According to NutraIngredients-USA data, iron deficiency is most prevalent in the U.S. population. Additionally, government initiatives promoting healthier lifestyles are further stimulating market growth.
Beyond increased awareness about mineral supplement benefits, key market players are concentrating on inventive product development and exploring exotic ingredients. The rising popularity of plant-based products is also creating growth opportunities. Furthermore, for managing metabolic disorders, consumers are turning to personalized preventive products and services, favoring them over solely curative health practices, thereby fostering market growth.
US Mineral Supplements Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bone & Joint Health
Fastest Growth
Bone & Joint Health
Growth Rate
4.00% CAGR
Global Mineral Supplements Market ($ Bn)
Country Share for North America Region (%)
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Mineral Supplements Market Segmental Analysis
The global mineral supplements market is segmented on the basis of product, end – user, formulation, application, sales channel, region. By product, the market is segmented calcium, Magnesium, Iron, Potassium, zinc, chromium, selenium, others. By end - user, the market is segmented into adults, geriatric, pregnant women, children, infants. By formulation, the market is segmented into capsule, tablet, powder, liquid/gel, others. By application, the market is segmented into general health, bone & joint health, gastrointestinal health, immunity, others. By sales channel, the market is segmented into pharmacies & drug stores, supermarkets & hypermarkets, online channels. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Mineral Supplements Market Analysis By Formulation
In the year 2022, the tablet format held a commanding position in the market, contributing to more than 36.0% of the total revenue share. This dominance can primarily be attributed to the prevalent availability of most mineral supplements in tablet form. Furthermore, the substantial acceptance rate of mineral tablets among consumers is anticipated to be a central driver for the continuous growth of this segment throughout the projected period.
Conversely, the liquid/gel segment is poised to emerge as the most financially rewarding sector. The burgeoning count of product introductions within the mineral liquid category, coupled with the convenience of administering liquids to children, is predicted to propel the expansion of this segment in the forthcoming years. For instance, a noteworthy development occurred in March 2023 with the launch of "Concentrated Mineral Drops" by Vestige. This novel product, classified as a sea mineral supplement, has received the seal of approval from the American Vegetarian Association for consumption, adding a significant credibility boost to its profile.
Mineral Supplements Market Analysis By Application
In the year 2022, the bone & joint health segment asserted its dominance in the market landscape, contributing significantly with a revenue share exceeding 27.2%. This commanding position can be chiefly attributed to the escalating prevalence of calcium deficiencies observed, particularly among teenagers and women. The increased utilization of mineral supplements to address bone & joint health concerns is a direct consequence of this trend. Furthermore, as the global population experiences an aging trajectory, there is a heightened emphasis on the preservation of optimal bone and joint well-being.
Against this backdrop, bone and joint health supplements have emerged as sought-after remedies, serving to aid in recovery, mitigate inflammation, and enhance overall joint flexibility and strength.
Concurrently, the General Health segment is projected to exhibit a CAGR of 3.5% over the forecast period. This trajectory is predominantly driven by the escalating interest in proactive health management and preventive care. Mineral supplements are being perceived as convenient tools for complementing a balanced diet and addressing potential gaps in essential nutrients, thus contributing to the sustained expansion of the General Health segment.
Global Mineral Supplements Market By Application
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Mineral Supplements Market Regional Insights
North America stands out as a prominent player in the mineral supplements market. The prevalence of chronic conditions like osteoporosis, anemia, and nutritional deficiencies has propelled the demand for supplements. Major pharmaceutical companies are running awareness campaigns to promote healthy lifestyles and supplement consumption. The sedentary lifestyle and unhealthy diet patterns prevalent in this region have led to an increased need for mineral supplementation. Furthermore, government initiatives promoting wellness and preventive healthcare have fueled the market growth.
In Europe, the emphasis on holistic well-being has driven the adoption of mineral supplements. Countries like Germany, the UK, and France have a strong tradition of using natural remedies, including supplements, for health maintenance. The trend towards plant-based and organic products aligns with the increasing demand for mineral supplements derived from natural sources. Additionally, the aging population in Europe has amplified the focus on bone and joint health, driving the demand for calcium and other mineral supplements.
Asia-Pacific showcases a rising trend in health consciousness, with consumers in countries like China, Japan, and India actively seeking solutions to combat nutritional deficiencies. The prevalence of vegetarian diets in some regions underscores the need for iron, zinc, and calcium supplementation. Urbanization and changing lifestyles have contributed to an increased awareness of the importance of mineral intake. Furthermore, traditional medicine practices, rooted in herbal and mineral remedies, influence consumer preferences for natural mineral supplements.
Global Mineral Supplements Market By Geography
- Largest
- Fastest
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Mineral Supplements Market Dynamics
Mineral Supplements Market Drivers
Preventive Healthcare
- The shift towards preventive healthcare practices is encouraging individuals to take proactive measures to maintain their health. Mineral supplements are seen as a convenient way to support overall well-being and prevent potential health issues.
Fitness and Sports Trends
- The increasing participation in physical activities, fitness routines, and sports has led to higher demand for supplements that aid in recovery, reduce inflammation, and support joint flexibility and strength.
Innovative Product Development
- Companies are investing in research and development to create innovative mineral supplement products that cater to specific health needs and preferences, thereby expanding the market.
Mineral Supplements Market Restraints
Counterfeit Products
- The market is plagued by counterfeit mineral supplements that can be ineffective or even harmful. This undermines consumer trust and poses a challenge for genuine manufacturers to maintain their reputation.
Negative Perceptions
- Some consumers remain skeptical about the efficacy of mineral supplements, viewing them as unnecessary or as a substitute for a balanced diet. Overcoming such perceptions can be a challenge.
Safety Concerns
- Excessive consumption of certain minerals can lead to adverse effects. This raises concerns about the proper dosage and potential interactions with medications, leading to cautious consumer behavior.
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Mineral Supplements Market Competitive Landscape
The global mineral supplements market features a competitive landscape characterized by a diverse array of players vying for market share and consumer attention. Major pharmaceutical companies, health and wellness brands, and nutraceutical firms are among the prominent contenders in this space. These market participants engage in strategic maneuvers such as product innovation, partnerships, mergers, and acquisitions to gain a competitive edge. Innovation stands out as a critical factor, with companies continuously introducing novel formulations that target specific health concerns and cater to evolving consumer preferences. Research and development efforts are channeled into creating supplements that offer enhanced bioavailability, incorporate functional ingredients, and provide personalized solutions. Branding and marketing strategies play a pivotal role in differentiating products in a competitive milieu. Key players invest in marketing campaigns, social media engagement, and endorsements by health professionals to build consumer trust and foster brand loyalty. Furthermore, the expansion of online retail and e-commerce platforms has altered the competitive dynamics, providing companies with a broader reach and allowing consumers to conveniently compare products and prices.
Mineral Supplements Market Top Player’s Company Profiles
- Nestlé S.A. (Switzerland)
- Abbott Laboratories (USA)
- Amway Corporation (USA)
- Pfizer Inc. (USA)
- Bayer AG (Germany)
- Glanbia plc (Ireland)
- Herbalife Nutrition Ltd. (USA)
- Nature's Bounty Co. (USA)
- GNC Holdings Inc. (USA)
- Nutrition International (Canada)
- Nu Skin Enterprises, Inc. (USA)
- Nature's Way Products, LLC (USA)
- Otsuka Holdings Co., Ltd. (Japan)
- Kirkland Signature (Costco Wholesale Corporation) (USA)
- Vitabiotics Ltd. (United Kingdom)
- Blackmores Limited (Australia)
- Suntory Holdings Limited (Japan)
- NOW Health Group, Inc. (USA)
- Archer Daniels Midland Company (USA)
- MegaFood (USA)
Mineral Supplements Market Recent Developments
- In March 2023, The United States Food and Drug Administration (FDA) issued a warning to consumers about the dangers of taking high doses of zinc supplements.
- In February 2023, The European Food Safety Authority (EFSA) published a scientific opinion on the safety of iron supplements.
- In January 2023, The British Dietetic Association (BDA) published guidance on the use of mineral supplements.
Mineral Supplements Key Market Trends
- Plant-Based Supplements: The growing interest in plant-based diets has extended to supplements. Plant-based mineral supplements are becoming more popular, catering to vegan and vegetarian consumers.
- Functional Ingredients: Manufacturers are incorporating functional ingredients like herbs, probiotics, and adaptogens into mineral supplements to enhance their health benefits and appeal to a broader consumer base.
- Online Retail and E-commerce: The convenience of online shopping has boosted the accessibility of mineral supplements. E-commerce platforms provide a wide range of options, allowing consumers to easily compare products and make informed choices.
Mineral Supplements Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Minerals Supplements Market analysis, the global mineral supplements market is undergoing a transformative phase, driven by a confluence of factors. The rising awareness of health-conscious consumers, coupled with the escalating prevalence of chronic conditions and aging populations, has significantly boosted the demand for mineral supplements. This surge in demand is further augmented by evolving dietary habits, increased participation in fitness activities, and a growing inclination towards preventive healthcare practices. However, the market also faces challenges, including concerns about counterfeit products, stringent regulations, and consumer skepticism. These hurdles necessitate industry players to maintain quality, adhere to regulatory standards, and build consumer trust through transparency.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.5 billion |
| Market size value in 2031 | USD 22.06 billion |
| Growth Rate | 4.00% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Mineral Supplements Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Mineral Supplements Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Mineral Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mineral Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mineral Supplements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mineral Supplements Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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