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The global mineral supplements market was valued at $9.9 million in 2014, and it is projected to witness a CAGR of 7.5% during 2015–2020. The key factors resulting in the market growth include the rising consumer awareness about mineral supplements, growing geriatric population, and lack of proper diet due to hectic lifestyle.
Based on application, the mineral supplements market has been categorized into food & beverage, pharmaceutical, and others. Of these, the pharmaceutical category held the largest share in the market in 2014. This is attributed to the use of nutrients, such as minerals, as a source of medicine, which has evolved through decades and continues to be the basic ingredient of many pharmaceutical products. The increasing investment within the pharmaceutical industry is expected to boost the introduction of more-innovative mineral supplement products in the near future.
On the basis of end user, the mineral supplements market has been classified into adult women, adult men, senior citizens, and others. Among these, the adult women category held the largest share in the market in 2014. This is mainly attributed to the consumption of large quantities of mineral supplement products during the prenatal and postnatal stages, when the nutritional requirement of the female body increases. In order to stay healthy and fit, women athletes also consume dietary supplements, which include mineral supplements, to fulfil their nutritional requirements.
Geographically, North America accounted for the largest share in the mineral supplements market in 2014, which is attributed to the increasing awareness about healthcare and growth in the disposable income that drive people to invest more on healthcare and wellness. Asia-Pacific (APAC) is forecast to display the fastest growth, at a CAGR of 9.4%, during 2015–2020. This is mainly due to the rising concern for health, increasing aging population, and problem of iron deficiency in the region.
The hectic and busy schedule of individuals, has shifted consumers’ preference from physical shopping to online shopping. On online shopping platforms, consumers have access to reviews and all related information about products. E-commerce websites, such as Amazon.com and Vitacost.com, have grown in recent years. This trend is expected to aid in the prosperity of the mineral supplements market in the forecast period.
According to the Nutrition Business Journal (NBJ), online sales represented 18% of the overall sales of nutritional products within the U.S. in 2010, and the share grew to 21.1% in 2014. The total number of digital shoppers in the U.S. was 191.1 million in 2010, and it is expected to reach 215.1 million by 2018. The growing number of online shoppers is leading to an increase in the online sales of nutritional products, including mineral supplements, thereby driving the mineral supplements market.
The mineral supplements market is highly competitive with numerous global, regional, and local players. The key companies operating in the global mineral supplements market include Nu Skin Enterprises Inc., Glanbia PLC, NBTY Inc., Koninklijke DSM N.V., BASF SE, E. I. du Pont de Nemours and Company, Atrium Innovations Inc., Bayer AG, Amway, and Herbalife Ltd.
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