Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Mineral Supplements Market Size, Share & Trends Analysis Report By Product (Calcium, Magnesium, Iron, Potassium, Zinc, Chromium, Selenium), By End-use, By Formulation, By Application, By Sales Channel, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global mineral supplements market size is expected to reach USD 19.97 billion by 2030 and is expected to expand at a CAGR of 3.3% from 2023 to 2030
The major factor influencing the industry growth is the growing worldwide incidences of chronic diseases such as anemia, osteoporosis, cancer, and diabetes is boosting the growth as these supplements are useful for managing such conditions. The rising adoption of a sedentary lifestyle has led to the rising cases of lifestyle disorders
For instance, as per the report of the National Diabetes Statistics report released in 2022, 11.3% of the overall U.S. population were diagnosed with diabetes. Due to unhealthy dietary habits, the majority of the population is expected to deal with vital nutrient deficiencies, particularly iron and calcium, therefore driving the consumption and demand for nutritional supplementation.
Furthermore, an increasing percentage of working- and middle-class people, along with growing disposable income, is projected to boost demand in the coming years. A large percentage of the population is willing to pay more for functional food, which includes nutrient supplementation.
Many key participants are focusing on introducing novel products consisting of new exotic ingredients. Moreover, the growing trend of vegan products is expected to produce new opportunities for the industry. Growing consumer preference for preventive healthcare is also one of the key factors augmenting the product demand. Increasing awareness about the benefits of nutrient supplementation among consumers is further expected to fuel the demand for mineral supplements.
COVID-19 had a favorable impact on market growth since some studies suggested that taking higher dosages of mineral supplements could assist COVID-19 patients lower viral load and reducing hospitalizations. As a result, the population's demand for nutritional supplementation is growing. However, the presence of counterfeit products in the market is expected to hamper the growth.
Mineral Supplements Market Report Highlights
- The market growth can be attributed to the increasing prevalence of diseases such as osteoporosis, anemia, cancer, and diabetes
- The calcium supplement segment accounted for the largest revenue share of over 27.2%in 2022 as a large percentage of women and the elderly population are suffering from osteoporosis due to calcium deficiency in the body
- Asia Pacific dominated the market with a revenue share of over 52.5% in 2022 owing to the increasing disposable income, increasing prevalence of lifestyle disorders, growing elderly population, and growing adoption of a healthy lifestyle
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $15.08 Billion |
| Forecasted Market Value (USD) by 2030 | $19.97 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Increasing geriatric population
- Rising mineral deficiencies in working population
- Increasing bone related sports injuries
Market Restraints
- Low awareness levels in emerging economies
Business Environment Analysis
- SWOT Analysis; By Factor (Political & Legal, Economic And Technological)
- Porter's Five Forces Analysis
- COVID-19 Impact Analysis
Competitive Landscape
- Company Categorization
- Strategy Mapping
- Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- Product Benchmarking
- Strategic Initiatives
Company Profiles
- Glanbia, PLC.
- Abbott
- Nestle
- Biovea
- Herballife International of America, Inc.
- Sanofi
- Omega Protein Corporation
- Bio Botanica, Inc
- Pharmavite LLC
- DSM
For more information about this report visit https://www.researchandmarkets.com/r/4hdjl3
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