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. 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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Key findings of the Mineral ingredients market study:
- Regional breakdown of the Mineral ingredients market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Mineral ingredients vendors in detail.
- Region-wise and country-wise fragmentation of the Mineral ingredients market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Mineral ingredients market.
Merger of Traditional Businesses with Novel Businesses Get an Uptick
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.
- In September 2019, Corbion N.V., a prominent player in the mineral ingredients market, acquired Granotec do Brazil, to foray into production of functional blends for the bakery industry.
- DuPont, after its separation from the DowDuPont collaboration in April 2019, has slowly started to spread its mineral ingredients businesses with strategic acquisitions and collaborations. It acquired the membrane business of Evoqua Water Technologies Corp and ultrafiltration membrane business from BASF in October 2019.
- Corbion N.V. for instance, has developed a line of Pura formulations of mineral ingredients, targeting Calcium, Zinc and Magnesium enrichment of dairy-based beverages. Companies also offer specially formulated mineral ingredients, though in smaller quantities, for cosmetics and personal care industry, which adds an uptick to the growth of the market. For example Suntribe AB launched a sunscreen which included mineral ingredient, Zinc oxide, as a natural alternative to chemical UV-filters
- Premium bottled water is another vertical where mineral ingredients are utilized and with the growth in consumption of bottled water the demand for mineral ingredients is projected to grow.
- In October 2019, An Indian firm, A.V. Organics launched ‘Evocus’ which are bottles containing black-colored alkaline mineral water, and projects the sale of these bottles to grow to 5 million bottles in India by 2020.
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.
Top Companies in Mineral ingredients Market
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.
- Growing demand for fortified and functional food: There has been an increasing consumer demand for foods and beverages that provide added nutritional benefits. Mineral ingredients, such as iron, calcium, zinc, and magnesium, are being used to fortify various food and beverage products to enhance their nutritional profile. This trend is driven by the rising awareness of health and wellness among consumers.
- Rise in vegan and vegetarian diets: The shift towards plant-based diets, including vegan and vegetarian lifestyles, has influenced the mineral ingredients market. Plant-based sources of minerals, such as iron from legumes and calcium from plant-based milk alternatives, are gaining popularity. Manufacturers are incorporating these plant-based mineral ingredients into their products to cater to the growing vegan and vegetarian consumer base.
- Increased focus on clean label products: Consumers are becoming more conscious of the ingredients used in their food and beverages. They are seeking products with clean label claims, which means minimal or no artificial additives or ingredients. Mineral ingredients that are naturally derived or have clean label attributes, such as natural colors and flavors, are in high demand. This trend is driving the use of mineral-rich natural ingredients, like sea salt and mineral-rich plant extracts.
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Queries addressed in the Mineral ingredients market report:
- Why are the Mineral ingredients market players targeting region for increased product sales?
- What patented technologies are the players utilizing in the global Mineral ingredients market?
- Which regions are displaying the fastest growth in the Mineral ingredients market?
- What are the underlying micro- macroeconomic factors affecting the global Mineral ingredients market?
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