Global Vitamins Supplements Market to Grow with a CAGR of 9.29% through 2028
Increase in the incidence of vitamin deficiencies and
increase in the aging population is expected to drive the Global Vitamins
Supplements Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Global Vitamins Supplements
Market - Industry
Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Vitamins
Supplements Market stood at USD 45.49 billion in 2022 and is anticipated to
grow with a CAGR of 9.29% in the forecast period, 2024-2028. The awareness
among individuals regarding vitamin supplements has led to favorable market
conditions for the global vitamin supplements market. Several factors
contribute to the growth of various vitamin supplement products. The growing
awareness has heightened individuals' focus on their health and concerns about
rising healthcare costs. Vitamins have shown efficacy in addressing various
health issues; for example, Vitamin C enhances the immune system, Vitamin D
promotes bone strength, and vitamin A improves vision, among others. These
diverse benefits of vitamins have generated public interest in incorporating
them into their diets to proactively address health concerns. Additionally, the
aging population and parents with young children prefer dietary supplements.
The elderly population utilizes vitamin supplements to mitigate age-related
conditions, while children are provided with vitamin supplements in the form of
gummy candies to meet their nutritional needs.
Supplementing with
micronutrients such as vitamins C and D, zinc, and omega fatty acids within
specified upper safety levels is a safe, effective, and cost-efficient strategy
to support healthy immune function. Consumers are increasingly incorporating vitamins
into their daily routines, driven by a growing interest in personal health and
well-being. Despite market restrictions and declining purchase trends in the
food and beverage sector, the nutraceuticals industry is experiencing a surge
in demand for healthful and nutritional products, which will further fuel
market growth.
Browse over 26 market data
Figures spread through 91 Pages and an in-depth TOC on "Global Vitamins Supplements Market.”
In January 2020, Franchise
Group, Inc. launched Vthrive, a new addition to their collection of vitamins,
proteins, and supplements. The prevalence of vitamin deficiency and
malnutrition is on the rise, contributing to the growth of the vitamins market.
Vitamin supplements play a crucial role in augmenting the regular diet by
providing essential nutritional value on a daily basis, supporting the
development and normal functioning of the body.
Vitamins serve as hormones,
coenzymes, and antioxidants, all of which are vital for proper bodily
functions. Factors such as evolving dietary preferences, busy lifestyles,
increased employment levels, and growing awareness of the health benefits of
vitamin supplements are expected to positively impact the global vitamin
supplements market.
In today's fast-paced world,
maintaining a balanced diet can be challenging, leading to nutrient
deficiencies. Consequently, the consumption of vitamin supplements has
witnessed significant growth as consumers seek to fulfill their daily
nutritional needs and maintain optimal health. Moreover, rising healthcare
expenditures worldwide are driving the demand for vitamin supplements. The
growing elderly population in both developed and developing economies presents
attractive growth opportunities for market players, as seniors increasingly
turn to vitamin supplements to meet their dietary requirements, strengthen
their bones, and enhance overall well-being. The nutraceutical industry is a
dynamic and evolving sector that presents unique opportunities to merge
scientific discoveries with increasing consumer interest in health-enhancing
foods. By closely monitoring consumer trends and relationships with mass distributors,
this industry responds directly to demand by developing products that improve
health, delay aging, prevent chronic diseases, increase life expectancy, and
support bodily functions.
The growing awareness among
consumers regarding health and wellness has shifted the focus towards the
ideology of "prevention is better than cure." As a result, more
individuals are relying on nutraceuticals, functional foods, and dietary and vitamin
supplements to lead a healthy and disease-free life.
In recent times,
nutraceuticals, including vitamin supplements, have garnered significant
attention due to their nutritional and pharmaceutical benefits, coupled with
their safety for consumption and minimal side effects. Consequently, the global
nutraceutical market has experienced exponential growth. Vitamin supplements
are widely consumed across the world as nutritional supplements, as they play a
crucial role in the treatment of various diseases and support overall immune
health. The use of vitamin supplements by the elderly to prevent age-related
diseases is expected to drive market growth. Additionally, the sourcing of
natural allergen-free vitamin E holds potential for the vitamins market in the
coming years. However, the limited supply of natural vitamin raw materials may
hinder market growth. Moreover, challenges related to ingredient shortages and
price sensitivity may pose obstacles to the vitamins market in the near future.
The Global Vitamins
Supplements Market is segmented into type, application, source, form,
distribution channel, regional distribution, and company.
Based
on its formulation, the tablets segment has emerged as the predominant market
leader, as adults worldwide prefer the convenience of consuming vitamins in
tablet form. While the addition of natural coatings enhances dissolution,
factors such as efficacy and quality play a crucial role in absorption. These
elements are expected to drive the demand for tablet-based vitamin supplements
throughout the forecast period. Tablets offer one of the most convenient ways
to consume these supplements, available for both prescription and
over-the-counter use, with a wide range of vitamin options. However, there is a
projected faster growth rate for vitamin gummies during the forecast period, as
they are increasingly favored by the elderly and children due to their soft
texture and diverse flavors. Tablets remain the most widely used and
cost-effective type of vitamin supplement, enabling manufacturers to maximize
dosage within a given space while also boasting a longer shelf life compared to
capsules. Softgels, powder, and capsule forms of vitamin supplements are also
expected to experience significant growth during the forecast period. It is
worth noting that capsule forms rank as the second most consumed type of
supplement globally.
Based
on region, North America segment is expected to grow during the forecast
period. North America, including the
United States and Mexico, has embraced the importance of healthy eating amidst
busy work schedules. Consumer demographics are shifting, leading to an
increased demand for a wide range of vitamins and supplements in these countries.
Fish oil and calcium supplements have gained popularity among consumers,
driving market growth in the region. In European countries, an aging population
and higher consumer spending on health and wellness products are fueling the
demand for vitamins and supplements. However, the market in this region is
subject to strict government regulations.
The
Asia Pacific region is experiencing rapid market growth. With a
well-established concept of nutritional food, driven by heightened consumer
awareness and concerns about malnutrition, China and Japan stand as leading
markets due to their rich history of traditional medicine. Moreover, the rising
disposable income of the middle-class consumers in the region enables increased
spending on such products to support overall health. Government initiatives to
address micronutrient deficiencies further contribute to the market's growth.
Additionally, the region's growing population drives sales of pediatric
supplements. Consequently, manufacturers are focusing on developing innovative
vitamins and supplements to cater to consumers of all age groups in the region.
Major companies operating in Global
Vitamins Supplements Market are:
- Glanbia Plc
- Pfizer Inc.
- Bayer AG
- Amway Corp.
- GlaxoSmithKline plc.
- Good Health New Zealand
- The Nature's Bounty Co.
- NOW Foods
- Abbott
- Herbalife Nutrition
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“The of technology and
increasing consumer spending are key drivers of the vitamin and supplement
market. In recent years, the growing geriatric population and children
worldwide have led to a significant increase in consumer spending on dietary
supplements. Various food standards and governments are updating regulations
and approvals for vitamin and supplement production, making the market more
competitive. Moreover, the growing consumer emphasis on preventative healthcare
products has enhanced production and marketing efforts. To meet the demands of
the market, manufacturers are increasingly incorporating cutting-edge technologies
with high production efficiency. Rising consumer acceptance and continuous
product innovation will further ensure the growth of the vitamins and
supplements market in the coming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vitamins
Supplements Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (Vitamin B, Vitamin E, Vitamin D, Vitamin
C, Vitamin A, Vitamin K), By Application (Healthcare products, Pharmaceuticals,
Food and beverages, Animal Feed, Personal care), By Source (Synthetic, Natural,
Plant, Animal, Others), By Form (Powder, Tablets, Capsules, Soft gels,
Gummies), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and
E-stores, Hypermarkets/supermarkets), By Region, and Competition”, has evaluated the future
growth potential of Global Vitamins Supplements Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Vitamins Supplements Market.
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