Micronutrient Powders Market Size
Micronutrient Powders Market reached USD 6.1 billion in 2022 and is expected to reach USD 8.6 billion by 2030 growing with a CAGR of 4.5% during the forecast period 2024-2031. The global micronutrient powders market is experiencing the demand for nutritional supplements.
Consumers are becoming health-conscious and seeking ways to address nutrient deficiencies, driving market growth. Growing awareness of micronutrient deficiencies is boosting the market demand. Improving healthcare infrastruc, contributing to the micronutrient powders market growthture, and distribution networks in remote areas are increasing the availability and accessibility of micronutrient powders, further driving the market growth.
The growing population is leading to a greater need for micronutrients. Various international organizations are implementing initiatives to improve nutrition in vulnerable populations contributing to the growth of the micronutrient powders market. Micronutrient powders are used in infant and maternal health programs, particularly in developing regions, to address nutrient deficiencies and promote healthy growth and development, driving their adoption in the market.
Market Scope
| Metrics | Details |
| CAGR | 4.5% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Ingredients, Application, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Growing Awareness Among Consumers About the Importance of Nutrition Drives Market Growth
Rising demand for micronutrient powders in the market as consumers are becoming health-conscious and are seeking to address nutrient deficiencies. Consumers are seeking products that improve their overall health with an increasing focus on healthcare. Micronutrient powders are convenient for maintaining proper nutrition, contributing to market growth.
Growing awareness about the critical role of nutrition during pregnancy and early childhood is driving the adoption of micronutrient powders in maternal and child health programs. This focus on promoting healthy growth and development further boosts the market. Healthcare professionals are playing a crucial role in promoting the importance of nutrition and recommending nutritional supplements like micronutrient powders to patients. Their endorsement contributes to consumer confidence and uptake in the market.
Growth in Infant and Maternal Malnutrition Interventions Drive Market Growth
There is a growing demand for effective and convenient nutrition solutions as the focus on addressing infant and maternal malnutrition intensifies including micronutrient powders in the market. The efforts by governments and non-profit organizations to combat malnutrition and improve maternal and child health drive the adoption of micronutrient powders as a key intervention in various healthcare programs.
Healthcare professionals play a pivotal role in promoting interventions for infant and maternal malnutrition. As they recommend micronutrient powders to address nutrient deficiencies, consumer acceptance, and market growth are influenced positively. Micronutrient powders are often used to fortify infant formula and complementary foods, ensuring that infants receive the essential nutrients they need for healthy growth and development, which further drive market growth.
Lack of Awareness About Micronutrient Deficiencies Hamper the Market Growth
Lack of awareness among consumers about the micronutrients is leading to a restraining demand for micronutrient powder products in the market. Consumers need to supplement their diets with micronutrient powders without awareness of micronutrient deficiencies, restraining the micronutrient powder market.
The lack of awareness about the benefits of micronutrient powders is limiting the market growth, as consumers and governments inactively promote these products. The lack of consumer awareness results in limited distribution and availability of micronutrient powders, as retailers and distributors are hesitant to stock products with low demand and restraining market growth.
Market Segmentation Analysis
The global micronutrient powders market is segmented based on ingredients, application, distribution channel, and region.
Increasing Awareness of Health Benefits of Vitamin Powders
The vitamin segment holds the largest share of the global micronutrient powder market. The demand for vitamin-fortified powders is driven by consumer awareness of the positive impact of vitamins on overall health and well-being and driving market growth.
The vitamins segment in the micronutrient powder market offers a wide range of formulations with different vitamin combinations. These diverse offerings cater to varying consumer needs and regional preferences, contributing to its market dominance. Vitamins play a crucial role in providing essential nutrients in cases where dietary intake is insufficient. Micronutrient powders serve as a convenient and effective way to supplement daily nutrition, driving their adoption in the market.
Market Geographical Share
Growing Health-Conscious Consumers in North America
North America is dominating the global micronutrient powder market. North America boasts a well-developed healthcare infrastructure, enabling efficient distribution and accessibility of micronutrient powder products through various healthcare facilities and channels. Consumer awareness of balanced nutrition and micronutrient supplementation is significantly high in North America. This awareness drives demand for micronutrient powders as a convenient and effective way to meet nutritional needs.
The region's growing health-conscious consumer base seeks preventive healthcare measures, including nutritional supplementation. Micronutrient powders align with this trend, contributing to their dominant market position. North America leads in research and development efforts related to nutrition and dietary supplementation. Ongoing studies and innovations support the region's market growth of micronutrient powders.
Market Companies
The global micronutrient powders market players include Herbalife International, GNC Holdings, Amway, Glanbia, Bayer, Abbott Laboratories, NutraClick, Nature’s Sunshine Forms, Bionova Lifesciences, and PowerBar Europe GmbH.
COVID-19 Impact
The pandemic led to disruptions in the supply chain, affecting the sourcing and transportation of raw materials for micronutrient powders. This impacted manufacturing operations and product availability in the market. Some manufacturing facilities faced temporary closures or reduced production capacity due to workforce limitations and safety protocols, affecting the overall supply in the market.
However, with lockdowns and social distancing measures in place, there were changes in distribution channels for micronutrient powders. A surge in online purchasing and a decline in brick-and-mortar retail impacted market accessibility. Amidst the pandemic, collaborations between micronutrient powder manufacturers and governments or NGOs were crucial in ensuring the continued distribution of essential nutritional interventions.
Key Developments
- On June 15, 2023, GNC collaborated with CTRL to introduce an exclusive line of food supplement products tailored specifically for gamers and individuals seeking to adopt healthier dietary and nutritional practices. This partnership aims to empower gamers and health-conscious individuals alike with the necessary tools to enhance their performance and overall well-being.
- On December 23, 2021, BNSL Limited re-launched its micronutrient powder, ENRICH, with a primary focus on young children. The company aims to draw global attention to the critical issue of malnourished children, particularly within Africa, and address this pressing concern. With the re-launch of ENRICH, BNSL Limited seeks to make a meaningful impact in the lives of hundreds of millions of malnourished children worldwide, offering them a chance at a healthier and brighter future.
- On October 26, 2021, GNC, a renowned global health and wellness brand, introduced its inaugural strategic product partnership through GNC Ventures, its innovation and technology incubation arm. The selected partner is GLAXON, a cutting-edge sports nutrition brand known for its innovative offerings. GNC Ventures identifies and collaborates with fast-growing or disruptive companies and technologies in the health and wellness sector.
Why Purchase the Report?
- To visualize the global micronutrient powders market segmentation based on ingredients, application, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of the micronutrient powders market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global micronutrient powders market report would provide approximately 61 tables, 66 figures, and 127 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
