The concept of functional foods is providing a paradigm shift to the mineral ingredients market. The demand for functional foods has increased by leaps and bounds in the past half-decade, which in turn has been creating lucrative avenues for the mineral ingredients manufacturers. The growth of other industries where mineral ingredients are finding extensive application such as dairy products and infant formula, have created a conducive environment for growth of mineral ingredients market.
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Amid safety concerns, companies are channelizing research and development initiatives to scour novel sources of mineral ingredients from seeds and barks of plants, vis-a-vis mineral ingredients traditionally obtained from mining salts. On this backdrop, the global market for mineral ingredients is expected to reach ~ US$ 935 Mn by the end of 2027, growing at a moderate CAGR of about 5.5%.
Key Takeaways from Mineral Ingredients Market
- Iron, Magnesium, Zinc and Calcium will emerge as widely consumed mineral ingredients, as the deficiency of these minerals is observed to be at a higher degree amongst consumers. Iron deficiency is observed in 25% of the global population while the other three range from 12-20%.
- The dietary supplement market is estimated to create an incremental $ opportunity of US$ 92.1 Bn between 2019 and 2027, which is projected to translate into an incremental $ opportunity of about US$ 88.3 Mn for mineral ingredients market.
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- Mineral Ingredients in functional food and food supplements together account for 40% of the market share, whereas ingredients used in dairy products, infant formula, and beverages account for a combined market share of around 30%.
- The U.S., with around one fourth of the market share, leads the demand for mineral ingredients, followed by China. With 55% share in APEJ, China holds a prominent share in the regional mineral ingredients market.
“Per capita ready to drink beverage consumption, including bottled mineral water and fortified fruit juices has increased rampantly over the past five years. This has swelled revenue margins of raw material suppliers, including those supplying mineral ingredients. While on-the-go beverage consumption is expected to maintain a steady growth trajectory, it is providing a strong foundation for the growth of mineral ingredients demand in the next decade.” states a Fact.MR analyst.
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Market Players Dedicated Towards Product Innovation Aimed at Providing Additional Benefits
Clusters of market players present in major regions make this market a highly fragmented one. However, some of the major stakeholders include Corbion N.V., DuPont De Nemours Company, Royal DSM etc. These market players are focusing on organic as well as inorganic growth strategies to maintain a competitive edge in the mineral ingredients market. Expansion of R&D capabilities along with significant acquisitions are the primary strategies opted by major market giants. Following are some of the major initiatives witnessed under mineral ingredients market
- In April 2019, Sami Labs received a government funding from government of India, to expand research in its manufacturing arm. With this funding, the company can study high value products, including development of mineral ingredients from plants.
- Corbion acquired Granotec de Brazil to enter functional blend manufacturing for bakery ingredients market. With this step, the company took a step developing functional blends for baked goods using their own mineral ingredients
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