The global Vitamin Supplements market size is expected to be worth around US$ 80.37 billion by 2030, according to a new report by Vision Research Reports.
The global Vitamin Supplements market size was valued at US$ 46.12 billion in 2020 and is anticipated to grow at a CAGR of 7.2% during forecast period 2021 to 2030.
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Vitamin Supplements Market (By Product: Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K; By Form: Powder, Tablets, Capsules, Softgels, Gummies; By Distribution Channel: Offline, Online) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 80.37 Billion by 2030|
|Growth Rate||CAGR of 7.2% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Form, Distribution Channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Dabur India; NBTY Inc.; Ricola AG.; Mondelez International; Procter and Gamble; Nutraceutical International Company; BASF SE; The Himalaya Drug Company; Glanbia Nutritionals; Botanicalife International of America, Inc.; Blackmores Limited|
The market is expected to be driven by a rising number of health-conscious consumers and an increasing preference for vitamins in daily diet. The COVID-19 pandemic highlighted the need for vitamin consumption. The National Institute for Health and Care Excellence (NICE) of the U.K. stated that vitamin D is important for bone and muscle health and helps boost the body’s immune response to respiratory viruses. Additionally, it is recommended that adults (including pregnant women and breastfeeding women), children, and young people over the age of four years should contribute 10 micrograms of vitamin D daily to their diet.
The nutraceutical industry is an evolving and dynamic sector, which offers novel opportunities to collaborate scientific discovery with the growing consumer interest in health-enhancing foods. It tracks and monitors consumer trends and relationships with mass distributors, thus the products developed in this industry are a response to direct demand.
By Type Analysis
The multivitamin segment dominated the market and accounted for over 40.0% share of the global revenue in 2020. Multivitamin supplements comprise a combination of minerals and vitamins and at times other ingredients too.
The growing awareness regarding health and wellness has resulted in consumers preferring food products infused with vitamins that offer added health benefits and this is likely to shift the consumer attention from medical treatments to preventive care products.
The demand for multivitamin supplements is increasing across the globe as a complete pack of vitamins. Increased consumer awareness regarding the importance of adequate immunity amid the outbreak of the COVID-19 has increased the demand for immunity-boosting food and dietary supplements.
By Distribution Channel Analysis
The offline segment dominated the market and held a revenue share of over 75.0% in 2020. In the offline segment, the hypermarkets/supermarkets segment captured the largest revenue share of more than 40.0% in 2020.
The hypermarkets/supermarkets segment is gaining traction in the market. The well-maintained and arranged products, detailed customer sentimental analysis in order to understand consumer preferences pertaining to products and brands.
By Form Analysis
The tablets segment dominated the market and accounted for over 40.0% share of the global revenue in 2020as the tablet form of vitamins is widely consumed by adults across the world. Although the natural coating provides better dissolution, some other factors determine the absorption on the basis of efficacy and quality.
Tablet form is one of the easiest ways of vitamin supplement consumption. It can be consumed based on prescription and non-prescription as well. Tablets are easy to swallow and come in all types of vitamins. However, vitamin gummies are expected to witness higher growth in the forecast period.
Tablets are the most commonly used type of vitamin supplement owing to their cost-effectiveness. Manufacturers can pack the most amount in a given space in tablet form and tablets have a longer shelf life as compared to capsules.
By Regional Analysis
North America dominated the market and held a revenue share of over 30.0% in 2020. Among North Americans, there is an increase in obesity and lifestyle-related diseases due to their increasingly unhealthy diets, increased disposable income, and access to a variety of processed and ready-to-eat foods.
The consumption of products such as fortified, enhanced, enriched, and enhanced foods and nutritional supplements as part of a varied diet on a regular basis can have favorable influences on health.
- Glanbia Plc
- Pfizer Inc.
- Bayer AG
- Amway Corp.
- GlaxoSmithKline plc.
- Good Health New Zealand
- The Nature’s Bounty Co.
- NOW Foods
- Herbalife Nutrition
- Nature’s Sunshine Products, Inc.
- NU SKIN
- RBK Nutraceuticals Pty Ltd.
- American Health, Inc.
- By Type
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
- By Form
- By Distribution Channel
- Specialty Stores
- North America
- Asia Pacific
- South Korea
- Australia & New Zealand
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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