Market Overview-
The global vitaminsand supplements market size is set to gain impetus from the increasingdemand for healthy and innovative products to prevent various symptoms related
to coronavirus, such as tiredness, diarrhea, chest pain, and shortness of
breath. This information is published by Fortune Business Insights™ in a new
report, titled, “Vitamins and Supplements Market, 2024-2032.” As per thereport, The global vitamins and supplements market size was USD 146.14 billion
in 2023 and is anticipated to grow from USD 154.98 billion in 2024 to USD
250.81 billion by 2032 at a CAGR of 6.20% during the forecast period.
A list of prominent vitamins and supplements companiesoperating in the market:
- Bayer AG (Leverkusen, Germany)
- Koninklijke DSM N.V. (Heerlen, Netherlands)
- Archer Daniels Midland Company (Illinois, U.S.)
- BASF SE (Ludwigshafen, Germany)
- Glanbia, Plc (Kilkenny, Ireland)
- Nuleaf Naturals LLC. (Colorado, U.S)
- Herbalife Nutrition (California, U.S.)
- Reckitt Benckiser Group plc (Slough, U.K.)
- NutraMarks Inc. (California, U.S.)
- Otsuka Pharmaceutical (Tokyo, Japan)
Segments-
Multivitamins Segment Earned 35.06% in 2020: FortuneBusiness Insights™
Based on the type, this market is divided into pediatricsupplements, calcium supplements, multivitamins, and others. Out of these, the
multivitamins segment held 35.06% in terms of the vitamins and supplements
market share in 2020. This growth is attributable to the increasing consumption
of vitamin A, C, E, & D to reduce deficiencies of micronutrients.
Report Coverage-
Our skilled analysts have presented an accurate picture ofthe global market for vitamins and supplements by summation, synthesis, and
study of data from various crucial sources. They have also included multiple
facets of the industry with the main focus on determining the significant
market influencers. Thus, the data is reliable and comprehensive. It was
collected through extensive primary and secondary research.
Drivers & Restraints-
Increasing Awareness of Preventative Healthcare Productsto Augment Growth
The population of children and senior citizens is growingday by day across the globe. This has strengthened the expenditure of people on
vitamins and dietary supplements (VDS). Regulatory bodies of various countries
are modernizing their norms implemented on the production of vitamins and
supplements. Besides, the rising awareness regarding preventative healthcare
products among consumers is expected to propel marketing and production efforts
by renowned firms.
Furthermore, numerous manufacturers worldwide are utilizingunique technologies to fulfil the high demand. At the same time, the rapid
acceptance of such products would bolster the vitamins and supplements market
growth. However, these products must go through the Dietary Supplement Health
and Education Act of 1994, which can result in procedural delay. This factor
may hinder the demand for supplements & vitamins.
Regional Insights-
High Demand for Traditional Medications to Favor Growthin Asia Pacific
In 2020, Asia Pacific generated USD 54.44 billion in termsof revenue. The adoption of the concept of nutritional food items in the region
on account of the rising concerns regarding malnutrition would aid growth in
this region. Japan and China are considered to be the leading markets because
of the high demand for conventional medicines. In North America, the market is
set to grow astonishingly on account of the rising acceptance of healthy intake
during hectic work schedules, especially in Mexico and the U.S.
Competitive Landscape-
Key Players Aim to Conduct R&D Activities toIntroduce Novel Vitamins & Supplements
Key Companies operating in this market are striving tostrengthen their positions by conducting extensive research and development
activities. Some of the others are trying to cater to the high demand created
by the COVID-19 pandemic.
Below are two latestindustry developments:
May 2023 -SmartyPants Vitamins announced the launch of the new version of the company's
gummy products, multivitamins without gelatine, which will be available
nationwide in Walmart stores.
