Mineral Supplements Market, Analysis, Development and Forecast to 2020
The global mineral supplements market was valued at $9.9 million in 2014 and it is expected to grow at a CAGR of 7.5% during the period 2015 - 2020.
Global mineral supplements market is increasing mainly attributed to growing geriatric population, increasing demand from pregnant women, and rising urban population. By end-user, the adult women segment hold the largest share of the total market in 2014 and it is expected to reach $5.7 million in 2020, at a CAGR of 7.6% for the period 2015-2020. During pregnancy, women are advised by their doctors to take more supplements, including mineral supplements, to avoid any deficiency in the body related to minerals. This, in turn, acts one of the growth factors for the global mineral supplements market.
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In recent years, the awareness of consumer regarding the health benefits of mineral supplements is growing due to the rise in educational level in the Asia-Pacific region. Moreover, health-related magazines, such as Men’s Health and Fit, and media channels are increasing the awareness of mineral supplements products among consumers. It helps consumers to choose right mineral supplements products for their health issues. Such factors are expected to propel the demand for mineral supplements.
By geography, Asia-Pacific mineral supplements market is expected to witness the fastest growth (9.4% CAGR) globally during 2015 – 2020. Rising urban population paired with rising number of health conscious people, especially in the developing Asian countries such as India and China, are more willing to shift towards intake of supplement products including mineral supplements to compensate their nutritional requirement, which is mainly due to the hectic lifestyle associated with urban population. This is further expected to boost the global mineral supplements market.
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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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Jan 23, 2017