Magnesium Supplements Market to Reach USD 1,556 Million by 2028

Vantage Market Research

Nov 18, 2021

According to analysts at Vantage Market Research, the Magnesium Supplements Market is expected to reach USD 1,556 Million by 2028, growing at a CAGR of 8.2% between 2021 and 2028. The growing information and knowledge on nutrition and preventive healthcare among people are connected to the increasing demand for magnesium supplements worldwide. The predominance of vitamin loss due to busy lifestyles and lack of nutrition during processing food is possible to entice people for consuming magnesium supplements.

Key Findings:

  • The capsule segment is projected to expand at the fastest CAGR exceeding 8.5% over the forecast period owing to the increasing awareness of health benefits of the magnesium supplements as well as growth in the clinical research activities are factors to be considered for boosting the demand for magnesium supplements during the forecast period.
  • The Online segment held a market share of around 32% in 2020. This share is due to the rising investments in technologies for improving the productivity of magnesium supplements and large distribution through online platforms creating a huge demand for the magnesium supplements market.
  • Asia Pacific is expected to expand at a CAGR of over 8.8% from 2021 to 2028. This surge is attributed to the rising demand for the magnesium supplements market in developing economies such as China and India.

 In developing nations, supplementation is highly recommended where particular micronutrient lack like iodine, iron, zinc, and magnesium are common. The World Health Organization predicts that more than people suffer from micronutrient deficiency globally thereby elevating the magnesium supplements market growth.

North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The advantage from the widening trend in health maintenance and the increase in healthcare expenses, especially among aging populations. The use of supplements with vitamins, minerals is expected to fuel the magnesium supplements market growth.

Some of the key players in the magnesium supplements market include Natural Vitality, Jigsaw Health, Balchem (Albion Minerals), Now Foods, Balchem / Albion Minerals, Magceutics, Fortitech, Sundown Naturals, Jungbunzlauer, Life Extension, Magceutics Inc., among others.

The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.