USD 129.6 billion
Vitamins and Supplements Market Size, Share, Growth Analysis, By Type(Multivitamin, Vitamin A, Vitamin B, Vitamin C), By Forms(Powder, Tablets, Capsules, Softgels), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2124 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
69
|Figures:
75
Vitamins and Supplements Market Insights
Vitamins and Supplements Market size was valued at USD 137.54 billion in 2022 and is poised to grow from USD 145.79 billion in 2023 to USD 232.37 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).
Vitamins are organic compounds that our bodies use in minute quantities for a variety of metabolic processes. Vitamins are best obtained by eating a variety of healthy, unprocessed foods. Vitamin supplements are frequently used as a form of medicine to treat ailments like colds or to combat lifestyle issues like stress. Vitamins A (retinol and carotenoids), B, C (ascorbic acid), D (cholecalciferol), and E are available as combination and individual supplements. Vitamin A promotes muscular and ophthalmic health, vitamin E aids in DNA repair and immune system strength, and vitamin D is required for bone health. Vitamin B is available in the form of B-complex products as well as individual supplements of B1, B2, and B12 designed to treat specific ailments; for example, Vitamin B12 aids in the prevention of megaloblastic anaemia. Consumer awareness of the link between diet and health has boosted demand for dietary supplements. Factors driving interest in these supplements include rising healthcare costs, an ageing population, and a growing desire to achieve wellness through diet.
Moreover, the growth of the Vitamin Supplements Market is attributed to the increasing number of gyms and exercise centres, as well as the growing awareness of wellness among adolescents, which is relying on to build the interest in energy and weight the executives. Expanding recognition of sports as a profession is expected to increase interest in sports sustenance, which benefits market development.
US Vitamins and Supplements Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Tablets
Fastest Growth
Tablets
Growth Rate
6% CAGR
Global Vitamins and Supplements Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Vitamins and Supplements Market Segmental Analysis
Global vitamins and supplements market is segmented based on the type, form and region. Based on type, vitamins and supplements market is segmented into Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K. Based on form, the vitamins and supplements market is segmented into Powder, Tablets, Capsules, Softgels, Gummies And Others. Based on Region it is categorized into North America; Europe; Asia Pacific; Central & South America; Middle East & Africa.
Vitamins and Supplements Market Analysis by Type
Based on type, The multivitamin segment dominated the market. Multivitamin supplements are made up of a combination of minerals and vitamins, as well as other ingredients. According to the World Health Organization, over 2 billion people worldwide are deficient in vitamins and minerals. Many athletes require multivitamin supplements that provide complete nutrients to maintain energy levels and to perform at their best. Consumers prefer food products infused with vitamins that provide additional health benefits, and this trend is likely to shift consumer attention away from medical treatments and toward preventive care products. Various healthy eating awareness campaigns run by government agencies, non-governmental organisations, and corporations around the world have helped consumers understand the nutritional benefits of multivitamin supplements, which has led to an increase in their use. The global demand for multivitamin supplements as a complete vitamin package is increasing. This, in turn, is expected to increase the size of the multivitamin supplements segment globally in the coming years.
Vitamins and Supplements Market Analysis by Form
Based on form, The tablets segment dominated the market because adults around the world prefer to take vitamins in tablet form. Although the natural coating improves dissolution, other factors such as efficacy and quality influence absorption. All of these factors are expected to drive demand for vitamin supplements in tablet form during the forecast period. One of the most convenient ways to consume vitamin supplements is in tablet form. It is available for both prescription and non-prescription use. Tablets are easy to take and come in a variety of vitamin forms. However, vitamin gummies are expected to grow faster during the forecast period. Gummies are becoming increasingly popular among the elderly and children due to their softness and diverse flavour profile. Because of their low cost, tablets are the most commonly used type of vitamin supplement. Tablets allow manufacturers to pack the most amount into a given space, and they have a longer shelf life than capsules. Softgels, powder, and capsule forms of vitamin supplements are expected to grow significantly during the forecast period. Furthermore, capsule forms is the second most consumed form of supplement across the globe.
Global Vitamins and Supplements Market By forms 2022 (%)
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Vitamins and Supplements Market Regional Insights
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.
the Countries across North America, such as the United States and Mexico, have begun to accept healthy eating during their hectic work schedules. Consumer demographics are gradually shifting, and demand for various vitamins and supplements is increasing in these countries. Consumers are increasingly turning to fish oil and calcium supplements to help drive the region's market growth. The ageing population and increased consumer spending on health and wellness products in European countries are driving demand for vitamins and supplement products in this region. However, the market is strictly regulated by the region's various government regulations.
Global Vitamins and Supplements Market By Geography, 2022-2030
- Largest
- Fastest
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Vitamins and Supplements Market Dynamics
Vitamins and Supplements Market Drivers
Rise of Health Consciousness to Bolster Market Growth
- 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.
- Increasing Self-directed Care and Ease of Access enhancing the Market expansion. Consumers are becoming more interested in personalized medicines and care as their reliance on the internet grows and the health supplement industry becomes more volatile. The internet is an important shopping medium that helps to lower barriers to accessing dietary supplements on the market. To provide a hassle-free shopping experience, manufacturers are focusing on delivering vitamins, minerals, and supplements through online channels. According to a World Food India report, dietary supplement products account for more than 25% of the global nutraceuticals market and are expected to drive the growth of the vitamins and supplements market in the forecasting years.
Vitamins and Supplements Market Restraints
Stringent Regulations to Hinder Market Growth
- Market growth is hampered by strict regulations and a revised tax structure. With the presence of numerous regulations and procedures prior to product launch, the market has faced numerous challenges in recent years. Manufacturers must submit a vitamin and supplement sample, as well as notification that the product is reasonably expected to be safe on the market. Under the Dietary Supplement Health and Education Act of 1994 (DSHEA), the product must undergo extensive testing, resulting in a market delay. As a result, the tax structure has risen by 5-10% in recent years and this is impeding the market growth.
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Vitamins and Supplements Market Competitive Landscape
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.
Vitamins and Supplements Market Top Player's Company Profiles
- 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
Vitamins and Supplements Market Recent Developments
- In October 2020, Abbott Laboratories dispatched strawberry-seasoned food supplements in India. This will reinforce the organization's dietary enhancements portfolio.
- In May 2020, Homart Pharmaceuticals unveiled three new vitamin C products under the Toplife and Springleaf brands. It plans to fulfil the surging demand for immunity boosters amid the COVID-19 pandemic.
- In April 2020, itSpray launched BOOSTit across Arizona and Nevada. It is an oral spritz vitamin brand that uses a sublingual delivery system. It can act faster than gummies, powders, and pills.
Vitamins and Supplements Key Market Trends
- 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.
Vitamins and 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our vitamins and supplements market analysis, in terms of type, the multivitamin segment dominates the market owing to their widely varied compositions and characteristics and in terms of form, tablets are the most commonly used vitamin supplement form owing to their cost-effectiveness. Whereas rising self-directed care and advancement of technology are key contributing factors for the growth of vitamins and supplements market. Whereas, stringent regulations and revised tax structure are prohibiting market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 137.54 billion |
| Market size value in 2031 | USD 232.37 billion |
| Growth Rate | 6% |
| 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 and 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 Vitamins and 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 Vitamins and 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 Vitamins and 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 Vitamins and Supplements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vitamins and 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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