The global market for mineral supplements has reported steady growth in recent years. Backed by the rising level of awareness pertaining to preventive healthcare among people, the market is deriving opportunities from the rising demand for various mineral supplements such as calcium, chromium, phosphorus, sulfur, iron, magnesium, folic acid, copper, zinc, cobalt, and silicon in the form of pills, capsules, powder, gel caps, granules, tablets, and liquids.
Analysts at PMR note that the global mineral supplements market stood at a total value of US$7.3 million in 2013. They expect the market to report healthy development at a CAGR of 7.3% between 2014 and 2020 and to attain a value of US$14.5 million by the end of the forecast period.
Rising Awareness to Drive Demand
In recent times, the awareness level regarding the benefits of mineral supplements is rising among the consumers. The hectic lifestyle of people, nowadays, is leaving little room for people to have proper, traditional meals. In this case, mineral supplements act as a crucial part of the solution. Additionally, geriatric people face many problems owing to their inability to absorb important nutrients from the food. Intake of mineral supplements is thus a necessity for them. All these factors together stimulate the growth of the global market for mineral supplements.
Lack of Global Regulatory Body Hampering Market Growth
Mineral supplements need a different method to be regulated than regular drugs, as they are pretty different from regular drugs. So far, government agencies for the regulation of mineral supplements are either nonexistent or lack sufficient clout. No legal procedure is required for the registration of mineral supplements. The manufacturers themselves validate the mineral supplements they manufacture. There isn’t any regulatory body to arbitrate the quality and impact on the consumers of these products. The dearth of a proper regulatory body is hampering the growth of this market to a large extent.
Additionally, many cases are reported by consumers pertaining to the adverse effect owing to wrong labeling of ingredients used in the mineral supplement products. Several side-effects have been recorded on the account of incorrect proportion of critical ingredients in mineral supplement products that have negatively affected popularity of mineral supplements and are hampering the growth of the global market for mineral supplements.
North America Dominates Global Market
The mineral supplements market is spread across the globe and is present majorly in North America, Europe, Asia Pacific, and Rest of the World. The market in North America leads the global market, controlling a majority of the overall industry, followed by the markets in Europe and Asia Pacific. The mineral supplements market in Asia Pacific is likely to report the fastest growth in the coming years. Increase in the urban population in this region is expected to create ample opportunities for the market players operating in the global mineral supplements industry.