USD 45.90 billion
Vitamin Supplements Market Size, Share, Growth Analysis, By Type(Multivitamins, Vitamin B, Vitamin C, Vitamin D), By Distribution channel(Offline Retail, and Online Retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2157 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
64
|Figures:
75
Vitamin Supplements Market Insights
Global Vitamin Supplements Market size was valued at USD 45.90 billion in 2022 and is poised to grow from USD 48.79 billion in 2023 to USD 79.54 billion by 2031, growing at a CAGR of 6.30% in the forecast period (2024-2031).
The global market is projected to witness significant growth, driven by the growing number of health-conscious individuals who prioritize the inclusion of vitamins in their daily diet. According to the National Institute for Health and Care Excellence (NICE) in the United Kingdom, vitamin D plays a crucial role in promoting bone and muscle health while enhancing the body's immune response against respiratory viruses. To maintain optimal health, it is recommended that adults, including pregnant and breastfeeding women, children, and young people over the age of four, incorporate 10 micrograms of vitamin D into their daily dietary intake. Factors such as inadequate nutrition, sedentary lifestyles, and a lack of access to fresh produce have contributed to the rise in deficiencies, thereby boosting the demand for vitamin supplements. Moreover, the aging population and the growing focus on preventive healthcare have further fueled market growth. The market is characterized by the presence of numerous players, ranging from multinational corporations to small-scale manufacturers. These companies invest heavily in research and development activities to introduce innovative products with improved bioavailability and targeted health benefits. Additionally, strategic partnerships, mergers, and acquisitions are common strategies employed by key market players to strengthen their market position and expand their product portfolios. Increasing consumer awareness regarding the relationship between diet and health has fueled the demand for dietary supplements. Multivitamin supplements, in particular, are popular among working professionals and sports athletes, who seek to support their overall well-being through comprehensive nutrient intake.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline Retail
Fastest Growth
Offline Retail
Growth Rate
6.30% CAGR
Global Vitamin Supplements Market ($ Bn)
Country Share for North America Region (%)
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Vitamin Supplements Market Segmental Analysis
Global Vitamin Supplements Market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into Multivitamins, Vitamin B, Vitamin C, Vitamin D, Vitamin E and others. Based on distribution channel, the market is segmented into offline retail, and online retail. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Vitamin Supplements Market Analysis by Type
By type, the market can be segmented into Multivitamins, Vitamin B, Vitamin C, Vitamin D, Vitamin E and others. Multivitamins dominated the global vitamin supplements market. These supplements offer a comprehensive blend of essential vitamins and minerals, catering to a wide range of nutritional needs. The versatility and convenience of multivitamins make them popular among consumers seeking a balanced approach to their daily nutrient intake. Additionally, the rising awareness of overall wellness and preventive healthcare has further contributed to the sustained dominance of multivitamins in the market.
Among the various types of vitamin supplements, Vitamin D has emerged as one of the fastest-growing segments. This growth can be attributed to several factors. Firstly, research studies highlighting the significance of Vitamin D in maintaining bone health, regulating immune function, and supporting overall well-being have garnered significant attention. Additionally, the increasing prevalence of Vitamin D deficiency, especially in regions with limited sun exposure, has driven the demand for Vitamin D supplements.
Vitamin Supplements Market Analysis by Distribution channel
By distribution channel, the market can be segmented into offline retail and online retail. The offline retail channel holds a dominating position in the global vitamin supplements market. This traditional distribution channel includes physical retail outlets such as supermarkets, pharmacies, health stores, and specialty stores. Offline retail has been a long-standing and trusted channel for consumers to purchase vitamin supplements. The availability of knowledgeable staff, personalized recommendations, and the ability to physically examine and compare products contribute to the continued dominance of offline retail. Additionally, established brand presence and extensive retail networks further strengthen the market share of this segment.
The online retail channel has experienced significant growth in recent years and is considered the fastest-growing segment in the vitamin supplements market. The rise of e-commerce platforms and the increasing trend of online shopping have revolutionized the way consumers purchase vitamin supplements. Online retail offers convenience, a wide variety of products, competitive pricing, and the ability to compare customer reviews, making it attractive to a large consumer base.
Global Vitamin Supplements Market By Distribution channel
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Vitamin Supplements Market Regional Insights
North American region's dominance can be attributed to several factors, including a large population of health-conscious individuals, well-established healthcare infrastructure, and a robust dietary supplements industry. The United States has a strong regulatory framework in place, ensuring product safety and quality standards. Additionally, the presence of major market players and extensive retail networks further contributes to North America's dominant position in the market.
On the other hand, APAC is one of the fastest-growing regions in the global vitamin supplements market. The region's growth can be attributed to factors such as a rising middle-class population, increasing disposable incomes, and growing awareness about the benefits of dietary supplements. Countries such as China, Japan, and India are witnessing significant market growth. China, in particular, has a large population that is increasingly focused on health and wellness, driving the demand for vitamin supplements. Moreover, the e-commerce boom in APAC countries has made dietary supplements more accessible to consumers, further propelling market growth.
Global Vitamin Supplements Market By Region
- Largest
- Fastest
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Vitamin Supplements Market Dynamics
Vitamin Supplements Market Drivers
Increasing number of health-conscious consumers
- One key driver in the global vitamin supplements market is the increasing number of health-conscious consumers who prioritize incorporating vitamins into their daily diet. This trend stems from a growing awareness of the association between diet and overall health. Health-conscious individuals seek to maintain optimal health and well-being, leading to a rising demand for vitamin supplements. As a result, the market is witnessing a surge in consumer interest, driving the growth of the vitamin supplements industry worldwide.
Vitamin Supplements Market Restraints
Regulatory landscape and stringent guidelines governing the sale and distribution of dietary supplements
- A significant restraint in the global vitamin supplements market is the regulatory landscape and stringent guidelines governing the sale and distribution of dietary supplements. Different countries have varying regulations regarding the safety, labeling, and claims associated with these products. Compliance with these regulations can be challenging for manufacturers and distributors, resulting in additional costs and time-consuming processes. Moreover, the complex and evolving nature of regulations across different regions can create barriers to entry for new players in the market. These regulatory challenges can impede market growth and limit the availability of certain vitamin supplements to consumers.
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Vitamin Supplements Market Competitive Landscape
The global vitamin supplements market is characterized by a diverse range of players, including both large multinational corporations and smaller regional manufacturers. These companies strive to gain a competitive edge by focusing on product innovation, quality assurance, and strategic partnerships. Market players are actively involved in research and development activities to introduce new formulations and cater to specific consumer demands. Additionally, marketing and promotional activities play a crucial role in increasing brand awareness and expanding market reach. The competitive landscape is dynamic, with companies vying to differentiate themselves through unique product offerings and effective distribution strategies.
Vitamin Supplements Market Top Player’s Company Profiles
- Amway (US)
- Pfizer Inc. (US)
- Nestlé S.A. (Switzerland)
- Glanbia plc (Ireland)
- Nature's Bounty Co. (US)
- Bayer AG (Germany)
- GNC Holdings Inc. (US)
- Otsuka Holdings Co., Ltd. (Japan)
- Nutraceutical International Corporation (US)
- Herbalife Nutrition Ltd. (US)
- DSM Nutritional Products Ltd. (Netherlands)
- Church & Dwight Co., Inc. (US)
- Abbott Laboratories (US)
- Nature's Way Products, LLC (US)
- Archer Daniels Midland Company (US)
- Pharmavite LLC (US)
- Nature's Sunshine Products, Inc. (US)
- The Clorox Company (US)
- NOW Foods (US)
- Jamieson Wellness Inc. (Canada)
Vitamin Supplements Market Recent Developments
- In May 2023, Consumer health and wellness company GO Healthy Group announced a partnership with Probi AB, a Swedish probiotic company, to launch a range of probiotic supplements in New Zealand.
- In April 2023, Nutritional products company Glanbia Nutritionals acquired Foodarom, a Canadian flavor solutions provider, to strengthen its flavor capabilities for functional food and dietary supplements.
- In March 2023, US-based personalized nutrition company Persona secured $100 million in a Series C funding round led by TPG Growth, enabling further investment in product development and expansion
Vitamin Supplements Key Market Trends
- One key market trend in the global vitamin supplements industry is the growing demand for personalized and targeted nutritional solutions. Consumers are increasingly seeking customized vitamin supplements that cater to their specific health needs and goals. This trend is fueled by advancements in technology and the availability of personalized health data. Companies are leveraging these opportunities to develop tailored vitamin formulations, offering consumers personalized options to address their unique nutritional requirements. The trend towards personalized nutrition is expected to continue driving innovation and growth in the vitamin supplements market, providing consumers with more individualized health solutions.
Vitamin Supplements Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global vitamin supplements market analysis, the market is driven by a rising number of health-conscious consumers and their preference for incorporating vitamins into their daily diet. With the growing awareness of the importance of preventive healthcare, consumers are actively seeking dietary supplements to support their overall well-being. The market offers a wide range of vitamin supplements, both as individual and combination products, catering to specific health needs. However, stringent regulatory guidelines pose a challenge for manufacturers. Additionally, the trend towards personalized nutrition is gaining momentum, with consumers seeking customized solutions. Despite challenges, the market continues to witness growth, driven by consumer demand and ongoing innovation in the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.90 billion |
| Market size value in 2031 | USD 79.54 billion |
| Growth Rate | 6.30% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vitamin Supplements Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vitamin Supplements Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vitamin Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vitamin Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vitamin Supplements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vitamin Supplements Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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