Analysis of Mineral Ingredients market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
With a surge observed in the popularity of fast food and ready-to-eat food, particularly in growing economies of Asia Pacific, nutritional deficiencies and related ailments have also come to fore in increased numbers.
About 2 Bn people across the globe are affected by a micro-nutrient deficiency such as iron, zinc and iodine. Around 31% of the daily caloric intake in an average American diet comes from mineral ingredient-deficient foods.
The demand for swift supplementation of natural minerals has gained immense traction in the past decade with many companies in food and healthcare sectors heavily investing on developing a vast repertoire of mineral ingredients that can be easily delivered through food and beverages.
This has paved the way for exciting prospects for the growth of the mineral ingredients market in the coming years, projected to touch US$ 935 Mn by the end of 2027, according to the newest report by Fact.MR
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Powder form of mineral ingredients have held more than 2/3rd of the market share for the past 5 years and are projected to continue to be the most attractive form, attributable to its versatile usage in food products like flours and malts.
The production cost of powder form of mineral ingredients is low as the processing time required for raw material is less as compared to other forms. The cost incurred in transportation of mineral ingredients in powder form is also considerably lower, which consequently increases the profit margins of the manufacturers.
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With a large chunk of global population suffering from deficiency of one or multiple mineral ingredients, the companies in the market have developed a plethora of formulations of mineral ingredients to fulfil the needs of various cross-sections and for numerous applications in the food and beverage industry.
With multiple manufacturers offering a plethora of products, their attention towards regional markets is seeing a definite shift over the course of time.
Mineral ingredients market is characterized by high competition, where regional footprint of individual players varies among regions. Players such as Haifa Chemicals Ltd., Yara International ASA, and Koninklijke DSM N.V. have high global footprint, while Corbion N.V., Dupont De Nemours, Inc. and Minerals Technologies, Inc. have a moderate global footprint.
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Lack of awareness about the disadvantages of over-consumption of mineral ingredients can lead to serious health issues, which can restrain the growth of the market. Moreover, the emergence of dietary restrictions, like vegan and organic diets, followed by a considerable cross-section of population also restricts the consumption of mineral ingredients as many ingredients do not fall in line with such restrictions. These factors will restrain the mineral ingredients market growth.
The market for mineral ingredients has become fragmented with a multitude of multinational and regional players entering the market with a plethora of mineral ingredients offerings. Some of the key companies competing in the market are Corbion N.V., Haifa Chemicals, Dupont De Nemours and Company, K+S Akteingesellschaft etc. The mineral ingredients market frontrunners are currently focusing on building and expanding their business portfolio with investments in multiple other verticals.
While the frontrunners in mineral ingredients market are looking to diversify their product portfolios, follower companies are eyeing to capture the white space created by collaborations and supply partnerships.
For instance, Koninklijke DSM N.V. signed a multiyear mineral ingredients supply agreement with Corning in February 2016. These partnerships and agreements not only spread the reach of mineral ingredients manufacturers in the global market, but also ensure regular demand for company’s products on a recurrent basis.
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The growth of the mineral ingredients market in the coming years is projected to touch US$ 935 Million by the end of 2027.
With 1/3rd of the mineral ingredients market share, Europe dominates the market due to an increase in the geriatric population.
Which factors could restrain the mineral ingredients market?
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