The global mineral supplements market generated revenue of $9.9 million in 2014, and is projected to reach $15.2 million by 2020, registering a CAGR of 7.5% during 2015–2020. The major factors positively impacting in market growth include the growing old-age population, rising demand for mineral supplements from pregnant women, and increasing consumer awareness.
Based on end user, the mineral supplements market has been categorized into adult women, adult men, senior citizens, and others. Among these, the senior citizens category is projected to witness the fastest growth, at a CAGR of 8.2%, during the forecast period. This is due to the loss of appetite, which results in a lack of sufficient nutrients in the elderly. It can also lead to diseases, disorders, and conditions, such as heart attacks, insomnia, fatigue, depression, diminishing eyesight, fragile bones, and mental disorders.
With increasing age, the absorption capacity of the human digestive framework diminishes, which makes it troublesome for the body to extract all the required nutrients from food. Loss of appetite is a common issue among the geriatric population; hence, they become dependent on extra supplements for proper nourishment. The debilitating of bones, poor digestive framework, immobility, and chronic and degenerative diseases are the common conditions among the geriatric population, for which they require nutritional support. This is why they are consuming mineral-rich products in ever-increasing amounts and driving the mineral supplements market growth.
In order to stay fit, the reliance of the geriatric population upon mineral supplements is growing. As per the Population Division of the United Nations Department of Economic and Social Affairs (UN DESA), almost 868 million people were aged 60 years or more in 2014, as compared to 205 million in 1950. The aged population is predicted to reach more than 2 billion by 2050. With the growing old-age population, the spending on mineral supplements is expected to increase, which would continue helping in the progress of the mineral supplements market.
Mineral supplement products are considered dissimilar from medicines, and are monitored differently. Mineral supplements are free from any lawful procedures, which are usually needed for medication enrolment. The obligations regarding guaranteeing the legitimacy of mineral supplement products remain exclusively with manufacturers, while no administrative body gets involved for quality check of any kind. The improper labelling of mineral supplements may impact the consumer’s health negatively. The side-effects of incorrect amounts of minerals in supplement products may lead to death. Therefore, deaths due to the side-effects of mineral supplements, followed by negative publicity of mineral supplement products, are likely to hamper the growth of the mineral supplements market.
The players in the market are focusing on partnerships, mergers and acquisitions, and product launches in order to have an edge over competitors and gain a large market share. For instance, in September 2014, Glanbia PLC acquired The Isopure Company, a U.S.-based sports nutrition company, for a cash consideration of $153 million. The acquisition was undertaken to enhance Glanbia’s nutrition portfolio and growth prospects in the sports nutrition sector.
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The major players 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.
MINERAL SUPPLEMENTS MARKET SEGMENTATION