Mineral Supplements Market Size, Share, Growth Analysis, By Product(Calcium, Magnesium), By End-user(Adults, Geriatric), By Formulation(Capsule, Tablet) - Industry Forecast 2024-2031

Mineral Supplements Market size was valued at USD 15.5 billion in 2022 and is poised to grow from USD 16.12 billion in 2023 to USD 22.06 billion by 2031, growing at a CAGR of 4.00% during the forecast period (2024-2031).

The mineral supplements market features a competitive landscape characterized by a diverse array of players vying for market share and consumer attention. Major pharmaceutical companies, health and wellness brands, and nutraceutical firms are among the prominent contenders in this space. These market participants engage in strategic maneuvers such as product innovation, partnerships, mergers, and acquisitions to gain a competitive edge. Innovation stands out as a critical factor, with companies continuously introducing novel formulations that target specific health concerns and cater to evolving consumer preferences. Research and development efforts are channeled into creating supplements that offer enhanced bioavailability, incorporate functional ingredients, and provide personalized solutions. Branding and marketing strategies play a pivotal role in differentiating products in a competitive milieu. Key players invest in marketing campaigns, social media engagement, and endorsements by health professionals to build consumer trust and foster brand loyalty. Furthermore, the expansion of online retail and e-commerce platforms has altered the competitive dynamics, providing companies with a broader reach and allowing consumers to conveniently compare products and prices. 'Nestlé S.A. (Switzerland)', 'Abbott Laboratories (USA)', 'Amway Corporation (USA)', 'Pfizer Inc. (USA)', 'Bayer AG (Germany)', 'Glanbia plc (Ireland)', 'Herbalife Nutrition Ltd. (USA)', 'Nature's Bounty Co. (USA)', 'GNC Holdings Inc. (USA)', 'Nutrition International (Canada)', 'Nu Skin Enterprises, Inc. (USA)', 'Nature's Way Products, LLC (USA)', 'Otsuka Holdings Co., Ltd. (Japan)', 'Kirkland Signature (Costco Wholesale Corporation) (USA)', 'Vitabiotics Ltd. (United Kingdom)', 'Blackmores Limited (Australia)', 'Suntory Holdings Limited (Japan)', 'NOW Health Group, Inc. (USA)', 'Archer Daniels Midland Company (USA)', 'MegaFood (USA)'

The shift towards preventive healthcare practices is encouraging individuals to take proactive measures to maintain their health. Mineral supplements are seen as a convenient way to support overall well-being and prevent potential health issues.

Plant-Based Supplements: The growing interest in plant-based diets has extended to supplements. Plant-based mineral supplements are becoming more popular, catering to vegan and vegetarian consumers.

North America stands out as a prominent player in the mineral supplements market. The prevalence of chronic conditions like osteoporosis, anemia, and nutritional deficiencies has propelled the demand for supplements. Major pharmaceutical companies are running awareness campaigns to promote healthy lifestyles and supplement consumption. The sedentary lifestyle and unhealthy diet patterns prevalent in this region have led to an increased need for mineral supplementation. Furthermore, government initiatives promoting wellness and preventive healthcare have fueled the market growth.