Global Vitamins and Supplements Market

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 News

  • 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.  
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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 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'

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.

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.

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.

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Global Vitamins and Supplements Market

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