What is the global market size of Vitamins and Supplements Market?

Global Vitamins and Supplements Market size was valued at USD 129.6 billion in 2021 and is poised to grow from USD 137.5455203 billion in 2022 to USD 221.3968675 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

Who are the key vendors in the Global Vitamins and Supplements Market?

vitamins and supplements market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Furthermore, by launching new products, companies hope to expand their product portfolios and provide consumers with a variety of options. Some manufacturers are producing these vitamins and supplements in a variety of flavours and shapes to improve their aesthetic appeal and palatability. 'Amway', 'Pfizer Inc.', 'Abbott Laboratories', 'Herbalife Nutrition', 'Glanbia plc', 'ADM', 'DuPont de Nemours, Inc.', 'Lonza Group', 'Nature's Sunshine Products', 'Bayer AG', 'Nestle S.A.', 'Nutraceutical International Corporation', 'Otsuka Holdings Co., Ltd.', 'Rainbow Light', 'Sanofi', 'The Himalaya Drug Company', 'USANA Health Sciences, Inc.', 'Vitamin Shoppe', 'Zhejiang NHU Co., Ltd.', 'NOW Foods'

What is the key driver of Global Vitamins and Supplements Market?

Advancement of technology and increasing consumer spending driving the vitamin and supplement market. The growing geriatric population, as well as children worldwide, has increased consumer spending on dietary supplements in recent years. Several food standards and governments are updating regulations and approvals for vitamin and supplement overproduction, making the market more competitive. Furthermore, the growing consumer emphasis on preventative healthcare products has increased the efficacy of production and marketing efforts. To serve these products in the market, manufacturers are increasingly incorporating cutting-edge technologies with high production efficiency. Rising consumer acceptance and increased product innovation would further ensure the vitamins and supplements market's growth over the next few years.

What is the key market trend for Global Vitamins and Supplements Market?

The demand for herbal supplements to boost the immune system is a new trend. Consumers are looking for innovative and nutritious products to avoid coronavirus symptoms such as shortness of breath, chest pain, diarrhoea, tiredness, and others. As a result, the nutraceuticals industry is seeing a surge in demand for protein, paediatric nutrition, sports nutrition, multivitamins, and other health-related products. Manufacturers are emphasizing the benefits of natural herbs and botanicals as well as immunity boosters in the market.

Which region accounted for the largest share in Global Vitamins and Supplements Market?

Asia Pacific has the largest market share. Nutritional food is a more established and refined concept in Asia Pacific, owing to rising consumer awareness and concerns about malnutrition. moreover, Because of the long history of traditional medicine associated with consumers, China and Japan are the regions which are leading markets. Additionally, the growing disposable income of the region's middle-class consumers allows them to spend more on such products to support their overall health. Government initiatives to address micronutrient deficiencies are driving growth in this market. The growing population in these countries contributes to the region's paediatric supplement sales growth. As a result, manufacturers are concentrating their efforts on developing novel vitamins and supplements to cater to all age groups of consumers in the region.

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.

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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 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. '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)'

One key driver in the 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.

One key market trend in the 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.

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.

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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

Vitamin Supplements Market Insights

Vitamin Supplements Market Report Snapshots

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What is the market size of Vitamin Supplements Market?

Who are the key vendors in the Vitamin Supplements Market?

What is the key driver of Vitamin Supplements Market?

What is the key market trend for Vitamin Supplements Market?

Which region accounted for the largest share in Vitamin Supplements Market?

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