Categories: Healthcare

Global Mineral Supplements Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Mineral supplements are ingestible substances containing essential minerals, such as calcium, iron, and zinc, aimed at fulfilling dietary requirements that may not be met through regular food intake. The uses of these supplements include supporting bone health, aiding in metabolism, and replenishing mineral deficiencies in the body. It can support overall health and address specific deficiencies.

Sizing and Forecast

The mineral supplements market size has grown strongly in recent years. It will grow from $15.39 billion in 2023 to $16.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increasing awareness of health and wellness, rising prevalence of mineral deficiencies, aging population, growing interest in preventive healthcare, and changing dietary patterns and lifestyles.

The mineral supplements market size is expected to see strong growth in the next few years. It will grow to $22.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to personalized nutrition trends, increasing consumer demand for natural and organic products, rising disposable incomes in emerging markets, emphasis on transparent labeling and product traceability, and growing consumer interest in sustainability and ethical sourcing. Major trends in the forecast period include a rise in plant-based mineral supplements, the emergence of targeted mineral formulations for specific demographics, the adoption of novel delivery formats such as gummies and dissolvable tablets, the growth of personalized mineral supplement solutions tailored to individual needs, and increasing focus on evidence-based ingredients and scientific research.

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Segmentation & Regional Insights

The mineral supplements market covered in this report is segmented –

1) By Product: Calcium, Magnesium, Iron, Potassium, Zinc, Chromium, Selenium, Other Products
2) By Formulation: Capsule, Tablet, Powder, Liquid Or Gel, Other Formulations
3) By Sales Channel: Pharmacies And Drug Stores, Supermarkets And Hypermarkets, Online Channels
4) By Application: General Health, Bone And Joint Health, Gastrointestinal Health, Immunity, Other Applications
5) By End Use: Adults, Geriatric, Pregnant Women, Children, Infants

North America was the largest region in the mineral supplements market in 2023. The regions covered in the mineral supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Increased sports and fitness activities are expected to drive the mineral supplement market going forward. Sports and fitness activities encompass a range of physical pursuits aimed at improving health, physical condition, and athletic performance. The factors contributing to increased sports and fitness activities include growing awareness of health benefits, accessibility to healthy facilities, and societal emphasis on well-being. Mineral supplements complement a balanced diet and support the increased mineral needs of athletes and fitness enthusiasts engaged in intense or prolonged physical activity.. For instance, in February 2023, according to the Sports and Fitne=ss Industry Association (SFIA), a US-based non-profit organization, 77.6% of all Americans, or 236.9 million people, participated in at least one sports activity in the 2022 calendar year, which showed a 1.9% increase from 2021. Moreover, Pickleball has seen a significant rise in popularity. It remains the fastest-growing sport in America, with participation nearly doubling in 2022, increasing by 85.7% year-over-year and by an astonishing 158.6% over three years. Therefore, increased sports and fitness activities are driving the mineral supplements market.

Key Industry Players

Major companies operating in the mineral supplements market are Cargill Incorporated, Nestlé S.A., Archer Daniels Midland Company, Pfizer Inc., BASF SE, Bayer AG, Sanofi SA, Abbott Laboratories, GlaxoSmithKline PLC, Otsuka Holdings Co. Ltd., DSM (Koninklijke DSM NV), Amway Corp., Glanbia plc., Orkla, Herbalife International of America Inc., GNC Holdings Inc., Kirkland Signature, Nature’s Way Products LLC, Atrium Innovations Inc., Omega Protein Corporation, NOW Health Group Inc., Ricola, Himalaya Wellness Company, Blackmores Limited, Vitabiotics Ltd., MegaFood, Bio Botanica Inc., Pharmavite LLC

The mineral supplements market report table of contents includes:

1. Executive Summary

2. Mineral Supplements Market Characteristics

3. Mineral Supplements Market Trends And Strategies

4. Mineral Supplements Market – Macro Economic Scenario

5. Global Mineral Supplements Market Size and Growth

…

32. Global Mineral Supplements Market Competitive Benchmarking

33. Global Mineral Supplements Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Mineral Supplements Market

35. Mineral Supplements Market Future Outlook and Potential Analysis

36. Appendix