Market Overview-
The global vitamins and supplements market is set to gain impetus from the increasing demand 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 the report, 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 companies operating 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: Fortune Business Insights™
Based on the type, this market is divided into pediatric supplements, 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.
Source: https://www.fortunebusinessinsights.com/vitamins-and-supplements-market-104051
Report Coverage-
Our skilled analysts have presented an accurate picture of the 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 Products to Augment Growth
The population of children and senior citizens is growing day 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 utilizing unique 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 Growth in Asia Pacific
In 2020, Asia Pacific generated USD 54.44 billion in terms of 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 to Introduce Novel Vitamins & Supplements
Key Companies operating in this market are striving to strengthen 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 latest industry 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.
