According to Persistence Industry Research’s most recent market analysis, “Global Market Study on Mineral Supplements: Pharmaceutical will be the largest segment by 2020,” the market for mineral supplements was worth US$7.3 million in 2013 and is expected to be worth US$14.5 million in 2020. From 2014 to 2020, it is predicted to grow at a CAGR of 7.30%.
The research claims that the growing geriatric population, expanding urban population, and growing demand from expectant mothers are all contributing to the growth of the market for mineral supplements. Further increasing demand for mineral supplements is growing consumer awareness of preventive healthcare. Additionally, due to the growing baby boomer generation, mineral supplements are in great demand. As individuals age, their bones weaken and they lose their appetite, so they take mineral supplements to make up for these inadequacies.
On the other hand, the lack of adequate regulatory authorities, which means that producers are solely responsible for determining the validity of mineral supplements and that no regulatory authority steps in to conduct quality inspections, has a detrimental impact on the market’s expansion. This is because consumers may occasionally doubt the validity of mineral supplements as a result of regulatory bodies’ lack of involvement, which lowers consumer demand for these products. This aspect may restrict the growth of the market in the coming years.
On the basis of application, the market is segmented into pharmaceuticals, food and beverages, and others. Amongst these, in 2013, the pharmaceuticals sector emerged as the biggest application segment of the market. The utilization of mineral supplements within the pharmaceutical sector is expected to rise to US$6.9 mn by 2020, expanding at a 7.10% CAGR between 2014 and 2020.