The global Mineral Supplements market size was estimated at USD 13.9 billion in 2021 and is expected to surpass around USD 17.20 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 2.9% during the forecast period 2022 to 2030.
Key Takeaways:
- By Supplement, the U.S. Mineral Supplements market was valued at USD 3.04 Billion in 2021 and expected to witness growth at a CAGR of 1.11% from 2022 to 2030.
- The market growth can be attributed to the increasing prevalence of diseases such as osteoporosis, anemia, cancer, and diabetes
- The calcium supplement segment accounted for the largest revenue share of over 25.0% in 2021 as a large percentage of women and the elderly population are suffering from osteoporosis due to calcium deficiency in the body
- Asia Pacific dominated the market with a revenue share of over 50.0% in 2021 owing to the increasing disposable income, increasing prevalence of lifestyle disorders, growing elderly population, and growing adoption of a healthy lifestyle
Growing adoption of mineral supplements to manage chronic conditions due to the large percentage of the population suffering from chronic diseases such as cancer, osteoporosis, anemia, and osteoporosis is anticipated to drive the market. According to the International Osteoporosis Foundation statistics, in Canada, about 2 million people were suffering from osteoporosis in 2017. Furthermore, the growing trend of adopting preventive health management practices due to the increasing prevalence of lifestyle diseases fuels the market growth. For instance, as per the data released by the WHO, diabetes caused 1.5 million deaths in 2019, out of which 48% of deaths occurred before the age of 70. The rising number of fitness clubs, along with growing awareness about healthy lifestyles, further propels the market growth.
The major factor influencing the industry growth is the growing worldwide incidences of chronic diseases such as anemia, osteoporosis, cancer, and diabetes is boosting the growth as these supplements are useful for managing such conditions. The rising adoption of a sedentary lifestyle has led to the rising cases of lifestyle disorders
For instance, as per the report of the National Diabetes Statistics report released in 2022, 11.3% of the overall U.S. population were diagnosed with diabetes. Due to unhealthy dietary habits, the majority of the population is expected to deal with vital nutrient deficiencies, particularly iron and calcium, therefore driving the consumption and demand for nutritional supplementation. Furthermore, an increasing percentage of working- and middle-class people, along with growing disposable income, is projected to boost demand in the coming years. A large percentage of the population is willing to pay more for functional food, which includes nutrient supplementation.
Many key participants are focusing on introducing novel products consisting of new exotic ingredients. Moreover, the growing trend of vegan products is expected to produce new opportunities for the industry. Growing consumer preference for preventive healthcare is also one of the key factors augmenting the product demand. Increasing awareness about the benefits of nutrient supplementation among consumers is further expected to fuel the demand for mineral supplements.
COVID-19 had a favorable impact on market growth since some studies suggested that taking higher dosages of mineral supplements could assist COVID-19 patients lower viral load and reducing hospitalizations. As a result, the population's demand for nutritional supplementation is growing. However, the presence of counterfeit products in the market is expected to hamper the growth.
Report Scope of the Mineral Supplements Market
Supplement Insights
In 2021, calcium dominated the market and accounted for a revenue share of over 25.7%. This is attributed to the growing incidence rate of osteoporosis throughout the world, especially among the women and geriatric population. As per the statistics released by the International Osteoporosis Foundation, annually, about 8.9 million bones are fractured due to osteoporosis. Besides, the launch of new innovative products contributed to the market growth. For instance, in December 2018, Nanova Tech, Inc. introduced Nano-Cal, a next-generation supplement, on its e-commerce website.
Potassium is expected to register the fastest growth rate over the forecast period and is anticipated to grow lucratively over the forthcoming years. Rising awareness about the benefits of potassium consumption will have a positive impact on the market growth. Some of the benefits associated with the consumption of potassium supplements are regulation of fluid balance, seamless nerve impulse transmission, and smooth muscle contraction. Furthermore, potassium helps prevent water retention and reduces blood pressure, thereby preventing individuals from risks arising from stroke and other cardiovascular diseases. In addition, potassium supplements help in preventing kidney stones and osteoporosis. Companies are focusing on making potassium ingredients suitable for a variety of formulations.
Regional Insights
In 2021, Asia Pacific held the largest revenue share of more than 50.1%. The key factors that contributed to the growth are the high prevalence of chronic diseases, the growing geriatric population, the presence of a large number of market players, and emerging contract manufacturing hubs, in countries like the Philippines, India, and China. Moreover, rapidly growing disposable income and growing adoption of a healthy lifestyle impacted the market growth positively. For instance, India’s discretionary spending and per capita income are projected to reach 45% and 10.2% by 2025. The Asia Pacific market is expected to hold significant potential for investment, particularly for herbal and ayurvedic extract-based products. This is due to the easy availability and high abundance of raw materials in India and Southeast Asia.
The Middle East and Africa is expected to register the fastest CAGR over the forecast period. The growing number of manufacturers and initiatives for increasing knowledge about the benefits of minerals are expected to boost the market growth in the forecast period. For instance, in 2018, the Big O campaign was established by iNova Pharmaceuticals to increase awareness about osteoporosis and the importance of calcium for bone health. The company sells the B-Cal calcium supplement line, which is one of the most popular calcium supplement products in South Africa.
Some of the prominent players in the Mineral Supplements Market include:
- Glanbia, plc.
- Abbott
- Nestle
- Biovea
- Herbalife International of America, Inc.
- Sanofi
- Amway
- Bayer AG
- Omega Protein Corporation
- Bio Botanica, Inc.
- Pharmavite LLC
- DSM
- Nu Skin
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Mineral Supplements market
- Calcium
- Magnesium
- Iron
- Potassium
- Zinc
- Chromium
- Selenium
- Others
- End-user
- Adults
- Geriatric
- Pregnant Women
- Children
- Infants
- Formulation
- Capsule
- Tablet
- Powder
- Liquid/Gel
- Others
- Application
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Immunity
- Others
- Sales Channel
- Pharmacies & Drug Stores
- Supermarkets & Hypermarkets
- Online Channels
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Points Covered in Mineral Supplements Market Study:
- Growth of Mineral Supplements in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Mineral Supplements and How to Navigate
- Key Product Innovations and Regulatory Climate
- Mineral Supplements Consumption Analysis
- Mineral Supplements Production Analysis
- Mineral Supplements and Management
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