A desire among European consumers to spend more on superior quality nutraceuticals has fuelled a boom in the minerals market, according to Micro Market Monitor (MMM).
Europe’s minerals market will grow to $845.84m (€636.80m) by 2018 at a compound annual growth rate (CAGR) of 7.2% between 2013 and 2018, according to data from MMM. In 2012, the market was valued at $558.55m (€420.5m).
Dietary supplements represented the most preferred application of minerals in Europe, in addition to functional food and beverages, animal nutrition and personal care.
“The rise in the consumption of dietary supplements to enhance overall health and wellness has in turn increased the revenue generated by minerals, incorporated in these supplements,” MMM wrote in its report.
“The willingness of the consumers in this region to spend premium amounts on superior quality nutraceuticals has further caused a spur in the demand for mineral ingredients,” it continued.
Consumer health concerns around osteoporosis, neural disorders and low haemoglobin problems were also driving growth, MMM said.
Germany holds the lion’s share
Globally, Europe was a major market for minerals, the report said. Germany was the biggest market in 2013 – representing 25%.
“Key players in the Europe minerals (nutraceuticals) market are BASF Performance Products Limited, DuPont Industrial Biosciences, FMC Specialty Chemicals Group, ADM (Oilseeds Processing), Cargill Incorporated and others,” MMM wrote.
BASF Germany represented 3% of the market, followed by ADM US with 2.9%.
US not far behind…
The North American minerals market was just behind Europe – set to grow to $810m (€609.8m) by 2018 at a CAGR rate of in line with Europe’s growth (7%). In 2012, the market was valued at $538.9m (€405.6m).
Like Europe, the dietary supplements sector represented the largest application section of the minerals market. Within the US, MMM said it was female consumers driving consumption of minerals, such as calcium.