Food Minerals Market Research, 2032
The global food minerals market was valued at $1.6 billion in 2022, and is projected to reach $3 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
Food minerals are the chemical element found naturally in food that is essential for the proper development and functioning of the human body. There are many sources of food minerals such as from fruits and vegetables, whole grains, legumes, nuts and seeds, dairy products, lean meat, and seafood. As per the guidelines set by the U.S. Food & Drug Administration, the recommended daily intake of specific minerals consists of 11mg of zinc, 420mg of magnesium, 1300mg of calcium, 18mg of iron, and other essential elements. The diverse range of food sources highlights the importance of maintaining a balanced diet to ensure an adequate supply of these vital minerals for optimal health and well-being.
Food minerals are essential nutrients in the human body to maintain health & wellness. Food minerals play an important role in digestion, health, immunity boosting, mental health, and overall smooth performance of the body. The compromised quality of agricultural produce and food products is impacting human health negatively and is not able to fulfill the nutritional requirement of the body. It is difficult to consume the required number of food minerals & nutrients from regular food intake. Thus, mineral supplements are consumed to reach the levels of daily nutrient intake. As a result, the demand for food mineral supplements is increasing across the globe, thus driving the food minerals market size.
There has been observed a surge in healthcare costs, which is projected to be a crucial factor in the minerals market growth. According to the report of the Tennessee Advisory Commission on Intergovernmental Relations, in the U.S., the overall cost of healthcare rose from 2018 to 2019, and spending increased by 4.6% to a total of $3.6 trillion. Due to such a rise in healthcare costs, people are shifting toward mineral and nutrient supplements to maintain health and immunity which help to prevent infection and diseases. Therefore, the rising consumer expenditure on mineral supplements, which prevent disease and infections, is expected to drive the growth of the food minerals market share.
Manufacturers are modifying their marketing and branding approaches for their goods to boost sales in various nations. Manufacturers have implemented cutting-edge tactics to boost sales of mineral supplements, including the introduction of new products with natural ingredients and inventive packaging. A common tactic used by producers to draw in more consumers is the use of natural components while manufacturing minerals that don't harm health. This aids in boosting the revenue of businesses engaged in this sector. Collectively, all these strategies adopted by manufacturers drive the food minerals industry.
The demand for plant-based ingredients in mineral supplement products has increased owing to more people choosing cruelty-free products as a result of their increased concern for animal welfare and the environment. An increase in the number of people who are becoming a part of corporate culture and giving importance to diet and nutritional requirements of the body to maintain health and prevent health problems fuels the growth of the food minerals market. The market is anticipated to be driven by the increase in spending on health supplements by consumers. Growing health consciousness and an increase in disposable income are anticipated to have a positive impact on market growth. An increase in awareness through advertisements, social media blogs, YouTube channels, and influencers is likely to augment the food minerals market demand.
Although the demand for food minerals has increased, it still faces challenges owing to the availability of counterfeited supplements in the market. As synthetic mineral supplements directly impact the wellness of consumers, the safety of ingredients & supplement products must be ensured. Government organizations such as the FDA (Food and Drug Administration) are prohibiting adulterated & unsafe dietary supplements from reaching the target market and endangering consumer health. However, companies producing health supplements must meet the terms of the Dietary Supplement Health and Education Act (DSHEA) guidelines and rules set by the Food and Drug Administration. Furthermore, companies manufacturing dietary supplements must review & analyze their products to ensure they are not adulterated and are properly labeled, thus safe for consumption. If a health supplement contains a new ingredient, companies are compelled to inform the FDA before commercializing their product. Thus, stringent regulations on the production of food minerals are expected to hinder the growth of the food minerals market.
The growing demand for mineral supplements among female population to overcome post menopause conditions creates market opportunities for food minerals. The post-menopause female population is more susceptible to diseases such as anemia, osteoporosis, osteoarthritis, fibromyalgia, obesity, and depression. According to the World Health Organization (WHO), 18.0% of women above 60 years have osteoarthritis globally, out of which 80% have movement limitations and 25% cannot perform major activities of daily life. In August 2019, the Food and Drug Administration (FDA) reported that women use dietary supplements to deal with menopausal symptoms. Mineral supplement aimed to reduce the risk of health problems associated with post-menopause such as osteoporosis is expected to increase acceptance of women’s health mineral supplements. The change in dietary habits, lifestyle, and inadequate nutrient consumption is also responsible for causing fertility issues and other problems in women. The increase in health problems among women is expected to propel the growth of the market during the food minerals market forecast.
Furthermore, a significant rise in the penetration of online pharmacies is significantly contributing to the market growth of food minerals. It is easy for consumers to purchase mineral supplements online as it provides them with a home delivery facility, and they can get information about the product while sitting at home. There has been a huge rise in the number of online pharmacies globally in the past few years, owing to the rise in penetration of the internet and digital devices. Online pharmacies such as Apollo, Netmeds, and Pharm Easy provide various offers and discounts to consumers to lure them. A surge in the number of online pharmacies is expected to create an opportunity for the food minerals market to grow significantly.
The food minerals market is analyzed on the basis of product, application, and region. By product, the market is categorized into zinc, magnesium, calcium, iron, and others. Furthermore, the zinc segment is classified into zinc oxide and zinc sulphate. The magnesium segment is divided into magnesium citrate, magnesium chloride and magnesium oxide. The calcium segment is also bifurcated into calcium carbonate and calcium chloride. By application, the market is segmented into food and beverages, nutraceuticals, and pharmaceuticals. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, Italy, Spain, France, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, and the rest of LAMEA).
By product, the magnesium segment dominated the global food minerals market in 2022 and is anticipated to maintain its dominance during the forecast period. Changing and imbalanced lifestyle has significantly contributed to a rise in numerous physical as well as mental disorders such as stress, muscle tension & cramps, and improper sleep. As a result, there is an increasing demand for functional foods and supplements fortified with magnesium as it plays a significant role in supporting better sleep, stress relief, and relaxation. Moreover, the increasing understanding among consumers regarding the advantages of magnesium for the health of the heart, bones, and muscles greatly enhances the popularity of food items rich in magnesium. Additionally, as per the National Library of Medicine, sleep-related ailments such as insomnia have become a widespread epidemic impacting 45% of the global populace, yet functional foods have only been utilized for treatment in less than 1% of cases. Therefore, developing and innovating various magnesium-rich products serves as a strategic opportunity. Moreover, consumer awareness and demand for functional food products will propel market growth of food minerals.
By application, the food and beverages segment dominated the global food minerals market in 2022 and is anticipated to maintain its dominance during the forecast period. The food and beverages industry is driving the food minerals market as there is an increasing awareness among the consumers about the relationship between nutrition, food and health which is boosting up the demand for products that are fortified with various vital minerals. The emphasis on fortified and functional foods has encouraged the development of novel products that cater to the consumers who are increasingly health-conscious and go beyond basic nutrition. For instance, Nestle deals with developing numerous functional and fortified foods, such as its Nestle Nutren Optimum, an adult dietary supplement is fortified with 27 essential food minerals and minerals, including calcium and vitamin D to support bone health. Moreover, consumer preferences & awareness, functional food trends, and innovative fortification techniques are boosting development and integration of food minerals into a variety of products. Furthermore, as plant-based diets become increasingly popular, the demand for vegetarian and vegan alternatives is met by plant-based sources of calcium, iron, and other minerals. As a result, adding minerals from plant sources into various products provides a significant opportunity for the food minerals market growth.
Region-wise, Asia-Pacific is predicted to dominate the market with the largest share during the forecast period. The market in Asia-Pacific offers lucrative growth opportunities for operating players, owing to the presence of countries such as India, China, Australia, and New Zealand. The increase in the adoption of health supplements and the rise in health consciousness among consumers in developing countries such as China, India, and others majorly drive the growth of the minerals market. Moreover, an increase in awareness regarding skin care products and their associated benefits has further led to the growth of the market. Furthermore, busy urban lifestyles often result in a higher demand for convenient and fortified food products, including those enriched with essential minerals. The expanding middle-class population in the Asia-Pacific region is more inclined toward health and wellness products. This demographic segment often seeks products that offer additional nutritional value, contributing to the growth of the food minerals market. These factors are driving the demand for the food minerals market in Asia-Pacific.
The major key players include Cargill, Incorporated, Waitaki Bio, SPI Pharma, Inc., Archer-Daniels-Midland Company, Sigma Minerals Limited, ABF Ingredients Limited, CalciTech Europe Limited, Calspar India, Balchem Corporation, and Adani Pharmachem Private Limited.
Many companies are investing in research and development to create innovative products that cater to evolving consumer preferences. This includes developing new formulations, flavors, and combinations of food minerals to attract a broader audience. In addition, companies are investing in marketing campaigns to educate consumers about the benefits of consuming food products fortified with minerals. This includes highlighting the health advantages and nutritional value of their products through various channels, including social media and influencer collaborations.
Moreover, collaboration with other players in the food and beverages industry is a common strategy followed by the majority of key players in the food minerals industry. This involves partnerships with food processors, beverage manufacturers, or retailers to expand distribution networks and enhance the availability of mineral-fortified products. Furthermore, manufacturers are leveraging digital platforms and e-commerce to reach a wider audience directly. This allows for effective marketing, brand building, and direct-to-consumer sales, addressing the changing dynamics of consumer purchasing behavior.
SOME EXAMPLES OF KEY DEVELOPMENTS IN THE MARKET
- In December 2021, Cargill, Incorporated announcxed to acquire the bio-based industrial business of Croda in order to expand its natured-derived solutions for its customers.
- In August 2022, Balchem Corporation acquired Cardinal Associates Inc. (Bergstrom Nutrition), which is a leading science-based manufacturer of methylsulfonylmethane in order to expand its minerals and nutrients portfolio.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the food minerals market analysis from 2022 to 2032 to identify the prevailing food minerals market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the food minerals market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global food minerals market trends, key players, market segments, application areas, and market growth strategies.
Food Minerals Market Report Highlights
Market Size By 2032
USD 3 billion
CAGR of 6.3%
2022 - 2032
Key Market Players
Adani Pharmachem Private Limited, SPI Pharma, Inc., CalciTech Europe Limited, ABF Ingredients Limited, Waitaki Bio, Cargill, Incorporated, Sigma Minerals Limited, Archer-Daniels-Midland Company, Calspar India, Balchem Corporation
On the basis of insights of top CXOs, the food minerals market is expected to grow rapidly in the future, owing to growing demand for functional foods among the global population. Rise in number of working women, increasing workload, and busy & hectic lifestyle of consumers propel the demand for functional foods across the globe.
Moreover, people prefer mineral supplements to fulfil their daily essential nutrition requirements. Growth in awareness regarding consumption of food minerals among the global population is exponentially contributing toward the growth of the global food minerals market. The CXOs further added that Asia-Pacific is expected to be significant contributor toward the growth of the food minerals market during the forecast period.
One of the most significant impacts on the food minerals market was the surge in demand for healthier and functional food products during the pandemic. Consumers increasingly sought products with added nutritional benefits, and food mineral’s reputation as a natural and clean label ingredient positioned it favorably in this context. Manufacturers leveraged its attributes to fortify a wide range of food and beverage products with vital minerals, meeting the rise in demand for healthier options. Thus, all such factor has high potential to boost the food mineral market demand in coming years.