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. The global mineral supplements market is increasing due to growing geriatric population, increasing demand from pregnant women, and rising urban population. With the increasing population of baby boomers, spending on mineral supplements is anticipated to increase. Due to weak digestive system at older age, it is difficult for human body to absorb all the required nutrients from food. Among geriatric population, loss of appetite and weakening of bones are considered to be the most common problem. In order to get sufficient amount of nutrients, the dependency of the geriatric population towards mineral supplements product is increasing. At the same time, the population of senior citizen (aged 65 years and above) in Asia-Pacific was around 288.0 million in 2010, which is expected to reach 911.0 million by 2050.
The positive impact of rising global baby boomers population is anticipated to remain medium in the next few years as with improving health standards, the life expectancy is expected to increase. The impact of rising urban population is anticipated to increase in the long run. With hectic lifestyle, the working hours are expected to increase, especially in low-cost countries, thus increasing growth opportunities for the mineral supplements market. Increasing demand for mineral supplements in pregnant women is anticipated to provide further growth opportunities for mineral supplements market.
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However, certain restraint such as lack of proper regulatory bodies is hindering the market growth. Mineral supplements products are regulated differently from drug. The responsibility for ensuring the validity of mineral supplement products claims remains solely with manufacturers and no regulatory body intervenes for quality control of any sort.
By end-user, the adult women segment hold the largest share, with $3.7 million value, 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. By geography, the Asia-Pacific mineral supplements market is expected to witness the fastest growth (9.4% CAGR) globally during 2015 – 2020. Based on application, the pharmaceutical industry holds the largest share of the global mineral supplements market in 2014.
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The 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. This is mainly due to the hectic lifestyle associated with urban population. This is expected to boost the global mineral supplements market.
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The mineral supplements market is a highly competitive market with numerous global, regional, and local players. 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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