Iron supplements are the common salts of iron that are used in the treatment of common diseases caused by the deficiency of Iron such as iron deficiency anaemia. Global iron supplement market is expected to rise with a CAGR of 9.5% during the forecast year 2019-2026.
Surging growth in functional food in order to avoid iron deficiency has resulted to drive the global market of iron supplements. Owing to side effects in direct consumption of iron salts, trending research and development for the fortification of food and beverages with iron and other micronutrients can be observed in the market. According to the study published by National Centre for Biotechnology Information by Nutritional Reviews on dietary strategies for improving iron status, there is presence of several products that are being used for augmenting the dietary level of iron. These products include point of use fortification method that involves the use of micronutrients powder sachets that are added during the preparation of food for improving contents of nutrient.
Other products includes biofortification based products that include target breeding of food crops in order to increase their iron content. Increasing growth in functional foods has resulted to increase the demand for iron supplements in the functional food industry. As per the Institute of Food Technologists, global functional food sales rise from about $55.1 billion in the year 2015 to about $63.3 billion as of year 2017. Furthermore, rising health awareness among consumers and increasing demand of iron supplements in pharmaceutical industry also helps to back the market growth.
Global Iron supplement market has been segmented on the basis of applications and form. On the basis of applications, the market has been segmented into additional supplements, medicinal supplements and sports supplements. Sports based supplements are observing considerable growth owing to increasing risk of anaemia in athletes specifically among female. As per the study published in 2017 by NCBI and conducted by the Division of Sports Medicine, University of Wisconsin-Madison on the sample of 2749 individuals (56% female) of National Collegiate Athletic Association Division I institution, 1 in every 20 female was identified with anaemia. Thus, increasing anaemic cases due to high iron loss in sport activities has surged the consumption of sport based iron supplements among athletes. Further, form segment of iron supplement covers tablets, syrup, capsules and other forms that includes soft gels, gel caps etc.
Regional segmentation of the iron supplement market includes North America, Europe, Asia Pacific and rest of the world. North America dominates the market of iron supplements owing to increasing health awareness. Asia pacific is anticipated to show fast growth during the forecast period.
Major players across the market includes Sanofi Aventis, Mylan N.V., NOW Foods, FoodState, Inc, Cipla Medpro, Strides Shasun Limited and others. These companies are using various strategies such as collaboration, merger & acquisition, partnership, technology transfer and product launch. For instance, on 7th March 2016, Strides Shasun Limited announced to enter into an agreement to acquire 3 brands from Moberg Pharma, including Fergon (Iron Supplement), Vanquish (pain relief tablets) and Jointflex (arthritis pain relief cream).