Press Release

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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