The global mineral supplements market size surpassed USD 16.53 billion in 2023 and is anticipated to hit around USD 29.66 billion by 2033 growing at a CAGR of 6.02% from 2024 to 2033.
Key Points
- Asia-Pacific dominated the market with the largest market share of 40% in 2023.
- By product, the calcium segment has contributed the largest market share of 42% in 2023.
- By formulation, the tablet segment led the market with the biggest market share of 36% in 2023.
- By application, the general health segment has led the major market share of 41% in 2023.
- By end-use, the adult segment has accounted more than 48% of market share in 2023.
- By sales channel, the pharmacies & drug stores segment dominated the market in 2023.
The mineral supplements market is witnessing significant growth globally, driven by various factors such as increasing awareness about health and wellness, rising prevalence of mineral deficiencies, and growing consumer inclination towards preventive healthcare. Mineral supplements, comprising essential nutrients like calcium, magnesium, iron, zinc, and others, play a vital role in maintaining overall health and addressing nutrient deficiencies. As consumers become more health-conscious and seek to optimize their well-being, the demand for mineral supplements continues to rise. This overview delves into the growth factors, drivers, opportunities, challenges, and regional dynamics shaping the mineral supplements market landscape.
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Growth Factors
Several growth factors contribute to the expansion of the mineral supplements market. One primary factor is the growing awareness of the importance of minerals in maintaining optimal health. As individuals become more conscious of their dietary habits and nutritional needs, there is a heightened demand for supplements that can fill nutritional gaps and support overall well-being. Additionally, factors such as changing lifestyles, hectic schedules, and dietary imbalances further drive the need for supplementary intake of minerals to maintain a balanced diet. Moreover, the aging population, coupled with increasing healthcare expenditure, drives the adoption of mineral supplements to address age-related health concerns and support healthy aging.
Mineral Supplements Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 6.02% |
| Global Market Size in 2023 | USD 16.53 Billion |
| Global Market Size by 2033 | USD 29.66 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Formulation, By Application, By End-Use, and By Sales Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Mineral Supplements Market Dynamics
Drivers:
Multiple drivers propel the growth of the mineral supplements market. A key driver is the increasing prevalence of mineral deficiencies, driven by factors such as poor dietary choices, inadequate intake of nutrient-rich foods, and lifestyle factors like stress and sedentary behavior. This creates a significant market opportunity for mineral supplement manufacturers to address the growing demand for products that can replenish essential nutrients and promote health. Furthermore, rising disposable incomes and changing consumer preferences towards preventive healthcare drive the adoption of mineral supplements as part of a proactive approach to wellness. Additionally, the proliferation of e-commerce platforms and online retailing channels has made mineral supplements more accessible to consumers, further driving market growth.
Opportunities:
Amidst the evolving landscape of health and wellness, numerous opportunities exist for stakeholders in the mineral supplements market. One such opportunity lies in product innovation and differentiation, wherein manufacturers can develop novel formulations, delivery formats, and targeted solutions to cater to specific consumer needs and preferences. For instance, fortified mineral supplements targeting specific demographic groups such as children, pregnant women, or older adults can gain traction in the market. Moreover, strategic partnerships and collaborations with healthcare professionals, nutritionists, and fitness experts can enhance brand credibility and consumer trust, driving product adoption. Additionally, expanding into emerging markets with growing healthcare awareness presents untapped opportunities for market expansion and revenue growth.
Challenges:
Despite the promising growth prospects, the mineral supplements market faces certain challenges that warrant attention. One significant challenge is regulatory scrutiny and compliance, as the industry is subject to stringent regulations governing product safety, labeling, and health claims. Ensuring compliance with regulatory requirements across different regions and markets can pose logistical and operational challenges for manufacturers. Moreover, concerns regarding product quality, efficacy, and potential side effects necessitate transparency and rigorous testing protocols to maintain consumer trust and confidence. Additionally, intense market competition and price pressures compel manufacturers to innovate constantly and differentiate their offerings to stay competitive in the market.
Region
The dynamics of the mineral supplements market vary across regions, influenced by factors such as demographic trends, healthcare infrastructure, regulatory frameworks, and consumer preferences. In North America, the United States dominates the market, driven by a large consumer base, high health consciousness, and robust distribution channels. The region’s aging population and prevalence of chronic health conditions contribute to the demand for mineral supplements. In Europe, countries like Germany, France, and the UK are key markets for mineral supplements, characterized by stringent regulatory standards and a strong focus on product quality and safety. In Asia-Pacific, rising disposable incomes, increasing urbanization, and growing healthcare awareness drive market growth, with countries like China, Japan, and India emerging as lucrative markets for mineral supplements.
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Recent Developments
- In September 2023, Sanofi declared the successful conclusion of its acquisition of Qunol, the top-ranking health and wellness brand in the United States market. With a focus on the active “healthy aging” market, this transaction enhances Sanofi’s Consumer Healthcare’s (CHC) Vitamin, Mineral, & Supplements (VMS) category, which is among the largest and most rapidly expanding consumer health segments in the United States.
Mineral Supplements Market Companies
- 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
By Product
- Calcium
- Magnesium
- Iron
- Potassium
- Zinc
- Chromium
- Selenium
- Others
By Formulation
- Capsule
- Tablet
- Powder
- Liquid/Gel
- Others
By Application
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Immunity
- Others
By End-Use
- Adults
- Geriatric
- Pregnant Women
- Children
- Infants
By Sales Channel
- Pharmacies & Drug Stores
- Supermarkets & Hypermarkets
- Online Channels
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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