Global Mineral Ingredients Market size is estimated to be $678.8 Million in 2019, growing at a CAGR of 5.1% during the forecast period 2020-2025. Minerals play an important role in the body and support metabolism, human growth, blood formulation or the function of the nerves and muscles. They are important for a wide range of functions in the body ranging from generalized ones including electrolyte balance and bone formation to a very specific role in the synthesis of thyroid hormones. Growing geriatric population and the increase in the number of people suffering from chronic disease coupled with the rising demand of mineral supplements is a vital factor up surging its market growth. Besides this, the product launched by the key players in order to expand their product portfolio is another factor contributing to its market growth. For instance, in October 2019 Gadot Biochemical Industries launched a new sports nutrition-specific citrate mineral line that aims to provide sports nutrition brand manufacturers with essential nutrients athletes and fitness enthusiast need pre- and post-performance with the correct mineral balance they require. Moreover, according to NCBI about 45 percent of the adult men and 55 percent of the adult women in the U.S. takes a vitamin or mineral supplements either regularly or occasionally. Sales of dietary supplements have increased sixfold in the past 15 years, reaching $3 billion in 1987. In addition, the average U.S. adults buying supplements spends about $32 in a year.
Global Mineral Ingredients Market Segment Analysis – By Type
By Type, the Global Mineral Ingredients Market is segmented into Macro Minerals and Micro Minerals. Macro Minerals segment held the largest market share in the year 2019 owing to the wide usage of it in various food products coupled with various health benefits associated with it. Moreover, macro minerals are basically calcium, phosphorous, magnesium, potassium, sodium and others. Calcium is the most abundant mineral in the body which is used structurally to build bones, and cell and also as a messenger in cell signaling, helps maintain heart rhythm, muscle function and more. In addition, the rising benefits of calcium supplements for treating and preventing osteoporosis and osteopenia is a vital factor contributing to its segmental growth. Also, micro minerals are projected to witness growth at fastest CAGR of 5.9% in forecast period 2020-2025. Micro minerals include copper that aids in the formation of bone and cartilage and helps the body use iron properly.
Global Mineral Ingredients Market Segment Analysis – By Application
By Application, the Global Mineral Ingredients Market is segmented into bakery & confectionary, food supplements, dairy products, functional food, beverages and others. Confectionary segment held the largest market share in the year 2019 owing to the increasing demand of bakery & confectionary products across the globe. Product launches, acquisition and the trend of gifting confectionary products is further contributing to its market growth. For instance, in November 2019 Baker Perkins launched new equipment series at ProSweets for the production of gummies and jellies that is used to deliver a variety of functional ingredient including vitamins, minerals, protein, fibre, omega-3, probiotics and energy supplement for sectors including nutraceutical, sports and nutrition and pharmaceuticals. Also, dairy products segment is projected to witness growth at fastest CAGR of 5.5% in forecast period 2020-2025. By adding a variety of flavors and formulating dairy products, producers around the world are reaching whole new consumer groups with tasty and healthy products. Formulations may involve extra vitamins, minerals, proteins and other ingredients like omega-3 or fibre to make a product even healthier. Other formulated product includes lactic acid drink (LAD), tea whitener and formulated cream.
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Global Mineral Ingredients Market Segment Analysis – Geography
North America dominated the Global Mineral Ingredients Market with a region share 42% in 2019 followed by Europe and APAC. Rising geriatric population with many Americans suffering from debilitating condition and disease and adoption of regular exercises, healthful eating habits, and nutritional supplements as a mean for a healthy lifestyle along with the increase in health concerns and a better healthcare structure is a major factor propelling its market growth. Furthermore, the presence of major players in that region is further driving its market growth. Besides this, the stringent government organizations in APAC to provide a better quality of products to its consumers is also contributing to its market growth. For instance, The Food Safety and Standards authority of India has issued rules for health supplements, nutraceuticals, and food for special dietary use, food for special medical purposes, functional foods and novel foods.
Global Mineral Ingredients Market Drivers
Increasing incidence of chronic diseases
Increasing incidence of chronic diseases leading to diabetes and other cardiovascular diseases is a major factor driving the Global Mineral Ingredients Market during the forecast period 2020-2025. Moreover, the rising diabetes and chronic patients and adoption of an appropriate multivitamins tablet is propelling the demand of Global Mineral Ingredients Market during the forecast period 2020-2025. Furthermore, according to the World Health Organization about 422 million people worldwide have diabetes particularly in low and middle-income countries and 1.6 million deaths are directly attributed to diabetes each year.
Increasing Demand of Minerals Ingredients in Diet
Increasing demand of mineral ingredients in diet among people is a major factor driving Global Mineral Ingredients Market during the forecast period 2020-2025. Moreover, minerals are important for the body to stay healthy. In addition, the body needs minerals for many different jobs including keeping bones, muscles, heart, and brain working properly. Therefore, the rising benefits of minerals ingredients in diet have attracted a large number of consumers towards it which in turn is contributing to its market growth.
Global Mineral Ingredients Market Challenges
Rising Side-Effects of Trace Minerals
Rising side-effects by the consumption of trace minerals leading to upset stomach, headache or unusual or unpleasant taste in the mouth is restraining its market growth during the forecast period 2020-2025. Consuming excessive amount can cause liver damage, reduce bone-strength, headaches and birth-defects. Large doses of certain vitamins and minerals can cause nausea, vomiting, nerve damage, weight loss, muscle weakness and other illness.
Global Mineral Ingredients Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Global Mineral Ingredients Market. Global Mineral Ingredients Market top 10 companies are Corbion N.V., DuPont De Nemours Inc., Minerals Technologies, Haifa Chemicals Limited, Yara International ASA, Koninklijke DSM N.V., Gadot Biochemical Industries, Hexagon Nutrition, Arla Foods amba and Balchem.
Developments:
June 2020: RSH global private limited, a leading Indian Personal Care company, under the aegis of its brand joy launched Joy Mineral Sunscreen with natural chemical-free SPF. Additionally, Joy also signed digital sensation, Mithila Palkar as its brand ambassador for the sunscreen category.
Key Takeaways
Macro Minerals segment held the largest market share in the year 2019 owing to the wide usage of it in various food products coupled with various health benefits associated with it.
Confectionary segment held the largest market share in the year 2019 owing to the increasing demand of bakery & confectionary products across the globe.
North America dominated the Global Mineral Ingredients Market owing to the rising geriatric population with many Americans suffering from debilitating condition and disease and adoption of regular exercises, healthful eating habits, and nutritional supplements.
Increasing incidence of chronic diseases leading to diabetes and other cardiovascular diseases is a major factor driving the Global Mineral Ingredients Market during the forecast period 2020-2025.
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