Global Vitamins & Minerals Market

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 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.

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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 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. '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.'

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.

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.

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.

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Global Vitamins & Minerals Market

Report ID: SQMIG35I2238

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