Global Mineral Supplements Market to Witness Strong Growth till 2020 by Persistence Market Research
Industry: Food and Drink
New York City, New York (PRUnderground) October 1st, 2015
Persistence Market Research (PMR) has announced the publication of a new report, titled “Global Market Study on Mineral Supplements: Pharmaceutical to be the largest segment by 2020”. According to the report, the global mineral supplements market was estimated at US$7.3 mn in 2013 and by 2020, the market is projected to be worth US$14.5 mn by 2020. The global mineral supplements market will expand at a CAGR of 7.3% during the forecast period from 2014 to 2020.
By end use, the global mineral supplements market is divided into the segments of adult men, adult women, and senior citizens. The adult women sector was recorded as the largest end-use segment in 2013. According to the report, this segment is projected to expand at a notable CAGR of 7.5% during the forecast period. In 2014, the adult women end-use sector in the global mineral supplements market was worth US$3.4 mn. The demand for mineral supplements from adult women is high as women during their pregnancy are recommended to consume 27 mg of iron per day as compared to the 18 mg recommended for non-pregnant women. Undernourished women tend to have a higher risk of giving birth to low-weight infants.
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Besides the elevated demand from pregnant women, the global mineral supplements market will also benefit from the rising consumer awareness regarding mineral supplements. In addition to this, the increasing hectic life schedules in the modern world, resulting in a lack of proper diet, will also propel the demand for mineral supplements around the world. Furthermore, the accelerating incidence of several lifestyle conditions such as obesity and diabetes will drive the demand for mineral supplements from the adult women end-use sector.
Nevertheless, the global mineral supplements market will be challenged by the lack of proper regulatory bodies. The regulation of supplement products is different from that of regular drugs, as supplements are free from the legal procedures needed for drug registration. The responsibility to ensure the validity of these supplement products is solely of manufacturers and no regulatory body is responsible for quality control. However, the improper labeling of ingredients on mineral supplements products can adversely affect the health of consumers.
On the basis of application, the global mineral supplements market is segmented into pharmaceuticals and food and beverages. The pharmaceuticals segment emerged as the largest application segment of the global mineral supplements market in 2013. Geography-wise, the global mineral supplements market is segmented into Asia-Pacific, Europe, and North America. At present, North America leads the global mineral supplements market, trailed by Asia Pacific and Europe. Asia Pacific is projected to be the fastest growing regional mineral supplements market in the foreseeable future, due to the rising geriatric population and elevated disposable income levels.
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Players in the global mineral supplements market will benefit from the rising urban population in emerging countries in Asia-Pacific such as India and China. With the rising number of direct sale outlets, mineral supplement makers are able to sell these products directly to consumers. Moreover, the rising preference for online shopping due to hectic schedules will also offer a good growth opportunity for market players. Some of the top players operating in the global mineral supplements market are Herbalife, Amway, Atrium Innovations, Bayer, BASF SE, NBTY, Nu Skin Enterprises, and Glanbia.
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