USD 23.29 billion
Vitamins & Minerals Market Size, Share, Growth Analysis, By Type(Vitamin C, Vitamin D, Calcium, Iron), By Application(Food and Beverages, Dietary Supplements, Pharmaceuticals, Personal Care Products), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2238 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
69
|Figures:
72
Vitamins & Minerals Market Insights
Vitamins & minerals market size was valued at around USD 24.31 billion in 2022 and is expected to rise from USD 25.43 billion in 2023 to reach a value of USD 36.44 billion by 2031, at a CAGR of 4.60% over the forecast period (2024-2031).
The growth of the market is attributed to the rising demand for health and wellness products, the increasing awareness about the benefits of vitamins and minerals, and the growing geriatric population. Vitamins and minerals are essential nutrients that are required by the human body for various functions such as growth, metabolism, and immunity.
The vitamins and minerals market is expected to experience significant growth in the coming years, driven by the increasing demand for health and wellness products, the rising awareness about the benefits of vitamins and minerals, and the growing geriatric population. The market presents significant opportunities for manufacturers, distributors, and retailers, but also requires careful analysis and strategic planning to capitalize on the market trends and dynamics.
US Vitamins & Minerals Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Dietary Supplements
Fastest Growth
Dietary Supplements
Growth Rate
4.6% CAGR
Global Vitamins & Minerals Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Vitamins & Minerals Market Segmental Analysis
The global vitamins & minerals market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into vitamin C, vitamin D, calcium, iron, zinc, magnesium, and others. In terms of classification by application, the market is segmented into food and beverages, dietary supplements, pharmaceuticals, and personal care products, among others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Vitamins & Minerals Market Analysis by Application
The dietary supplements segment dominated the global vitamins & minerals and is anticipated to maintain its dominance throughout the forecast period. This growth is attributable to increasing popularity of the dietary supplements among consumers as they seek to maintain good health and prevent chronic diseases. The demand for dietary supplements is being driven by factors such as growing health consciousness, increasing consumer disposable income, and rising prevalence of lifestyle diseases such as obesity, diabetes, and cardiovascular diseases.
Dietary supplements are available in various forms such as capsules, tablets, powders, and gummies, and they can be customized to meet specific nutritional needs or address particular health concerns. For example, supplements containing vitamin D and calcium are popular among older adults to maintain bone health, while supplements containing iron are often recommended for women who experience iron deficiency anemia. Moreover, dietary supplements are widely available through various channels such as online retail, pharmacies, health stores, and supermarkets, making them easily accessible to consumers. As a result, the increasing demand for dietary supplements and their easy availability through various channels are the main reasons why this segment is the dominant one in the vitamins and minerals market by application.
Global Vitamins & Minerals Market By Application 2022 (%)
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Vitamins & Minerals Market Regional Insights
Regionwise, North America dominated the vitamins & minerals in 2021 and is expected to maintain its dominance throughout the forecast period. This high share is attributable to the high demand for nutritional supplements and fortified food products, as well as the presence of well-established supplement industries in the United States and Canada. In addition, the growing aging population and increasing health consciousness are driving the demand for vitamins and minerals in this region.
However, the Asia-Pacific region is expected to be the fastest-growing market for vitamins and minerals due to factors such as the rising middle class, increasing consumer disposable income, and growing awareness of the importance of a healthy lifestyle. Moreover, the large population base in countries such as China and India provide significant growth opportunities for the vitamins and minerals market.
Global Vitamins & Minerals Market By Geography, 2022-2030
- Largest
- Fastest
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Vitamins & Minerals Market Dynamics
Global Vitamins & Minerals Market Drivers
Growing Awareness among Consumers about Benefits of Healthy Diet and Lifestyle
- Consumers are becoming more health-conscious and are increasingly aware of the importance of proper nutrition in maintaining good health and preventing chronic diseases. This has led to a growing demand for products that are rich in vitamins and minerals. In addition, the increasing prevalence of lifestyle diseases such as obesity, diabetes, and cardiovascular diseases has led to a greater emphasis on preventive healthcare. This has resulted in a growing demand for dietary supplements and functional food products that contain vitamins and minerals, as these products are perceived as a convenient and effective way to meet nutritional requirements and prevent chronic diseases.
Global Vitamins & Minerals Market Restraints
Potential for Overconsumption of Vitamins and Minerals
- While vitamins and minerals are essential nutrients for the body, excessive intake of certain vitamins and minerals can lead to toxicity and cause adverse health effects. This is particularly true for fat-soluble vitamins such as vitamin A, vitamin D, and vitamin E, which can accumulate in the body and cause toxicity over time. For example, excessive intake of vitamin A can cause liver damage, headaches, and bone pain. High levels of vitamin D can lead to hypercalcemia, which can cause nausea, vomiting, and muscle weakness. Excessive intake of iron can lead to gastrointestinal problems, such as constipation and diarrhea, and can also cause liver damage.
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Vitamins & Minerals Market Competitive Landscape
The nature of the vitamins and minerals market is highly fragmented, with numerous players operating in the market. Some of the top key players in the market include Pfizer Inc., Bayer AG, BASF SE, DuPont de Nemours, Inc., and Nestle S.A. These players are focusing more on product innovation and development to stay competitive in the market. For example, in 2021, BASF launched a new line of vitamins for sports nutrition. In addition to product innovation, the players in the market are also focusing on mergers and acquisitions to expand their market presence. For example, in 2020, Nestle acquired a majority stake in Vital Proteins, a collagen supplement brand. This acquisition helped Nestle to strengthen its position in the nutritional supplements market.
Top Player’s Company Profiles in Global Vitamins & Minerals Market
- Abbott Laboratories
- Amway
- Bayer AG
- CSPC Pharmaceutical Group
- Daiichi Sankyo
- Eisai Co., Ltd.
- GNC Holdings, Inc.
- Hainan Yangshengtang
- Koninklijke DSM N.V.
- Nature's Way Products, LLC
- Novartis International AG
- Otsuka Holdings Co. Ltd.
- Pfizer Inc.
- Pharmavite LLC
- Roche Holding AG
- Salus Haus
- Sanofi S.A.
Global Vitamins & Minerals Market Recent Developments
- In 2021, Bayer AG announced the launch of a new line of vitamins for children in Europe. The new line includes chewable tablets and gummies that are designed to provide essential nutrients for growing children.
- In 2021, Nestle Health Science announced that it had acquired a majority stake in Vital Proteins, a leading collagen supplement brand. The acquisition will help Nestle to expand its presence in the nutritional supplements market.
Vitamins & Minerals Key Market Trends
- With the increasing prevalence of lifestyle diseases such as diabetes, obesity, and heart disease, consumers are becoming more interested in taking control of their health and wellness. This has led to a growing demand for vitamins and minerals, as consumers seek to supplement their diets with essential nutrients.
- Consumers are becoming more concerned about the safety and sustainability of the products they use. As a result, there is a growing demand for natural and organic vitamins and minerals, which are perceived to be healthier and more environmentally friendly than synthetic products.
- Functional foods are foods that are fortified with vitamins, minerals, or other nutrients, and are designed to provide health benefits beyond basic nutrition. The popularity of functional foods is on the rise, as consumers seek out convenient and effective ways to improve their health.
Vitamins & Minerals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
The vitamins and minerals market presents a compelling growth opportunity for companies that are able to meet the evolving needs and preferences of consumers. The market is dynamic and rapidly evolving, with a variety of trends and challenges that must be navigated. Companies that are able to stay ahead of these trends and challenges are likely to be successful in this exciting and growing market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.31 billion |
| Market size value in 2031 | USD 36.44 billion |
| Growth Rate | 4.60% |
| Base year | 2023 |
| 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 Vitamins & Minerals 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 Vitamins & Minerals 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 Vitamins & Minerals 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 Vitamins & Minerals 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 Vitamins & Minerals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vitamins & Minerals 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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