Food Minerals Market Expected to Reach $3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Food Minerals Market," The food minerals market was valued at $1.6 billion in 2022, and is estimated to reach $3 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.

Food minerals are essential for body development and the proper functioning of the body. Change in the food habits of consumers, busy & hectic life schedules, rise in employment levels, and rise in awareness regarding the health benefits of consuming food mineral supplements are some of the prominent factors that are expected to boost the global food minerals market growth in the forthcoming future. The busy & hectic schedule does not allow consumers to maintain a proper diet, which leads to the deficiency of essential nutrients in the body. Therefore, the consumption of food mineral supplements is rising rapidly among consumers to fulfill their daily nutrient & food mineral intake, which has helped drive the food minerals market size.

Manufacturers are changing their product branding & advertising strategies to accelerate their sales across various countries. Innovative strategies such as new product launches with natural ingredients and innovative packaging have been adopted by manufacturing companies to increase sales of nutraceutical products. As food minerals have become an integral part of lives, consumers prefer to use such products that are handy while traveling or attending social meetings. The use of natural sources for manufacturing food mineral products such as food mineral supplements, which do not have any adverse effect on skin & other body parts is a popular strategy of manufacturers to attract more customers. ongoing food minerals market trends are expected to create opportunities for manufacturers during the food minerals market forecast. Collectively, all these strategies adopted by manufacturers drive the food mineral market growth.

Moreover, the rise in the geriatric population in developed and developing economies is expected to offer lucrative growth opportunities to the market players in the foreseeable future. The geriatric population is the major consumer of food mineral supplements to fulfill nutritional requirements and strengthen bones. and boost immunity. According to the United Nations by 2050, one in six people in the globe will be over age 65 years (16%), up from one in 11 in 2019 (9%). According to the U.S. Census Bureau, there were 54.1 million U.S. residents 65 years or older on July 1, 2019. Such a huge geriatric population and rise in food minerals market demand will provide a great opportunity for the market to grow, thus creating food minerals market opportunities.

The food minerals market is analyzed on the basis of product, application, and region. By product, the market is divided into zinc, magnesium, calcium, iron, and others. The magnesium products segment occupied the major share of the market in 2022 and is projected 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. In addition, growing awareness of consumers about the benefits of magnesium for cardiovascular health, bone health, and muscle function significantly increases popularity of magnesium-rich food products. Furthermore, according to the National Library of Medicine, sleep disorders like insomnia establish a global epidemic that affects 45% of the world's population, but less than 1% have been treated by functional foods. 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 this segment.

Furthermore, magnesium segment was divided into magnesium citrate, magnesium chloride and magnesium oxide. Among these, the magnesium citrate segment was the highest revenue to the market in this category. Magnesium citrate is a chemical compound that is developed by combining magnesium and citric acid. It is a popular form of magnesium supplement owing to its bioavailability, which allows the body to effectively absorb and utilize it. Furthermore, magnesium citrate used as a heath supplement offers a broad range of benefits such as relaxing blood vessels, relieving constipation, lowering the risk of developing type 2 diabetes, reducing anxiety, and promoting better sleep. Moreover, magnesium citrate is obtainable in multiple forms such as powder, pills, and liquid solutions, which has helped this segment gain popularity in food minerals market share.

By application, the market is segmented into food and beverages, nutraceuticals, and pharmaceuticals. The food and beverages segment is anticipated to grow at a moderate rate 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 during the food minerals market analysis.

Asia-Pacific dominated the global food mineral market in 2022, and its dominance is anticipated to continue during the forecast period. Several food mineral market trends are driving the market growth in the Asia-Pacific region. One key driver is the increasing health consciousness among consumers in this region. As awareness about the significance of nutrition and a balanced diet rises, there is a growing demand for food products fortified with essential minerals. Governments in several Asia-Pacific countries have also taken proactive measures by implementing fortification programs to address prevalent micronutrient deficiencies. The increased effort enhances the market's growth by promoting the consumption of mineral-fortified foods.

Moreover, the dynamic urbanization and changing lifestyles in many Asia-Pacific countries play a pivotal role. The shift towards urban living has led to busier schedules and a preference for convenient, on-the-go nutritional solutions, has boosted the demand for food minerals. The food industry's response to these trends includes the development of innovative products and formulations, catering to the diverse dietary habits and preferences within the region. As the Asia-Pacific region continues to experience economic growth and an expanding middle-class population, consumers are increasingly able and willing to invest in premium and fortified food products. These patterns are anticipated to continue as the region leads the world in food minerals consumption, making the Asia-Pacific region a major market share holder globally.

The major players analyzed for the global food minerals industry are 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.

KEY FINDINGS OF STUDY

• By product, the magnesium products segment was the highest revenue contributor to the market in 2022.
• As per application, the food and beverages segment was the highest dominating segment in the global food minerals market during the forecast period.
• Region-wise, Asia-Pacific was the highest revenue contributor in 2022.