The human body needs minerals to remain healthy and active. It uses minerals for various tasks, including supporting the growth and development of the heart, eyes, bones, and other body organs. Also, minerals play a crucial role in creating enzymes and hormones.
Mineral supplements are products created to add nutritional value to a person’s diet. With the growing prevalence of sedentary lifestyles and the rising consumption of unhealthy foods, the demand for mineral supplements is rising. In this blog post, we’ll explore the world of mineral supplements and shed light on the industry analysis and top segments influencing the mineral supplements market growth. Read on!
Quick Overview of Mineral Supplements
Simply put, mineral supplements are pills and other products designed to give the human body all the essential nutrients. Most mineral supplements include a combination of minerals and vitamins. Also, some mineral supplements have a mixture of other ingredients as well.
Each of the minerals and vitamins in mineral supplements has a distinct role in the body. Minerals supplements can’t replace the consumption of healthy foods, but they can help address the deficiency of essential nutrients in the body.
Industry Analysis and Growth Drivers
According to a new study by Polaris Market Research and Consulting, the mineral supplements market was valued at USD 14.85 billion in 2022 and is expected to grow at a CAGR of 3.4%, generating an estimated revenue of USD 20.85 billion by 2032.
The market is primarily driven by the growing prevalence of chronic conditions and diseases such as anemia and cancer, leading to the growing usage of mineral supplements to manage these conditions. This trend will drive the market sales in the upcoming years.
Another factor fueling the market demand is the introduction of social campaigns by pharmaceutical companies to encourage supplement consumption. For instance, in February 2023, Indian multinational pharmaceutical company Torrent Pharmaceuticals introduced a television campaign called #BeShelcalStrong to create awareness about calcium deficiencies and their impact on daily life.
Who May Need Mineral Supplements?
The human body needs a small amount of minerals and vitamins daily to work properly. Usually, a varied and balanced diet offers all the essential nutrients the body needs. However, some people may require mineral supplements to correct deficiencies. They include:
- Women in their pregnancy and the ones who are breastfeeding
- People who smoke, consume alcohol, or use drugs
- Individuals who are on very strict diets
- Older adults who are suffering from chronic illnesses or other conditions
- Individuals who follow a vegetarian diet
- Women experiencing heavy periods
- Individuals having malabsorption issues like diarrhea and pancreatitis.
- People with food allergies
Calcium Segment Accounted for the Highest Market Share
The segment’s growth can be attributed to the rising prevalence of osteoporosis, especially among women and the elderly population. According to the International Osteoporosis Foundation, osteoporosis accounts for over 8.9 million bone fractures annually. In addition, the development of novel products and technologies is crucial in driving the demand for calcium supplements in the mineral supplements market.
Bones & Joints Health Segment Held a Significant Market Share
The bones & joints health segment had a significant market share in 2022. The rising calcium deficiency in women and teens has resulted in increased demand for supplements supporting bone and joint health. Besides, there is growing emphasis on maintaining optimal bone and joint health among the elderly population worldwide.
Regional Analysis
Asia Pacific: The Asia Pacific region dominated the market in 2022. The region’s remarkable growth can be attributed to numerous factors, including the rising geriatric population and the presence of mineral supplements market key players. Also, the emergence of contract manufacturing plants in major economies like China and India supports the region’s growth.
Middle East: Middle East is anticipated to account for robust CAGR over the forecast period. This is primarily due to the growing prevalence of mineral supplement manufacturers in the region. Also, the introduction of new initiatives to generate awareness about the benefits of mineral supplement consumption is propelling the market forward.
Final Saying
Mineral supplements are important for addressing mineral deficiencies and promoting the optimal functioning of the body. The growing prevalence of preventive healthcare practices is anticipated to have a favorable impact on the mineral supplements market demand in the upcoming years.