Global Mineral Supplement Market Report published by Accurize Market Research forecast that the global market is expected to reach $22 billion by 2024; growing at a CAGR of 8.8% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Rising geriatric population and advancement in dietary supplement products to drive the growth of the market
Rising geriatric population, increase in consumer awareness and advancements in dietary supplement productsfuels the demand for the global mineral supplement market. Moreover,increasing self-directed consumers and growing number of maternal mortality rate in underdeveloped economies also boosts the growth of the market.
The global mineral supplement market has been bifurcated on the basis of application, end user, and geography. Application is bifurcated as food & beverages, pharmaceuticals, and other applications. End-user segment includes adult women, adult men, senior citizen, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers China, India, Japan, and Rest of Asia-Pacific. Rest of the world (RoW) covers South America, Middle East and Africa.
“Pharmaceuticals accounted for the largest share in the application segment”, says Accurize
By application segment, pharmaceutical industry leads the global minerals supplement market accounted for over half of the market share, due to increasing consumer awareness about preventive healthcare.
By end-user segment, senior citizen is likely to attain the fastest CAGR in global mineral supplements market during forecast period2017 – 2025, owing to broad usage of nutritional supplements in their daily lifestyle.
“North America dominated the global market with the highest market share over the forecast period”, says Accurize
In 2017, North America accounted for the largest market share with 36.2%. In terms of growth, Asia-Pacific is expected to grow with the fastest CAGR during the forecast period 2017 – 2025.
Top players in the market
The key market players include Nu Skin Enterprises, Herbalife, Ltd., Glanbia Plc., Atrium Innovations Inc., Omega Protein Corporation, Bio-Botanica Inc., Pharmavite LLC, Koninklijke DSM N.V., BioPharma, Inc., and BASF SE, among others.