Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Key Aspects Set to Influence the Industry
As per Market Research Future (MRFR), the Global Vitamin and Mineral Supplements Market is expected to register a CAGR of 6.70% and reach USD 108.14 Billion by 2025. During the forecast period, the Global Vitamin & Mineral Supplements Market is poised to register significant growth. Due to the growing emphasis on preventive healthcare and the expansion of the organized retail sector, the worldwide vitamin and mineral supplements market is expected to expand at a notable pace during the forecast period. Factors such as rising health conditions and changing diets and eating habits have affected market demand. One of the main driving factors is an ambitious vision for the sports nutrition market.
Future Endeavors and New Focus of Major Players
An increase in the number of worldwide sporting competitions encourages athletes to rely on physical strength. Moreover, a rise in the number of sports centers and gyms is also slated to fuel the need for vitamin and mineral supplements. Due to the increased prevalence of cardiovascular diseases and the number of facilities for weight loss, favorable prospects for medical supplementation are expected to improve the vitamin and mineral supplements market in the coming years. The growing urbanization and an increase in disposable income and increasing awareness of health issues are expected to propel demand growth over the projected period.
Also, due to the availability of access to products through crucial benefits, including competitive discounts and cash-on-delivery features, the importance of e-commerce platforms as a marketing tool for nutraceutical producers is expected to open new avenues over the review period.
The side effects associated with the overconsumption of these supplements and strict regulations by the government are restricting the industry's growth.
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COVID-19 Analysis:
Vitamin and mineral supplements are an efficient and low-cost solution to improve optimal immune function in patients fighting COVID-19 and other respiratory tract diseases. A dietary focus on the immune system could reduce the impact of the new COVID-19 pandemic and other illnesses. The introduction of lifestyle supplements for vitamins and minerals is therefore expected to drive the industry's growth.
Fragmentation of supply chains for the manufacture of supplements is a major factor hindering the vitamin and mineral supplement industry's growth. Stringent containment programs have resulted from the COVID-19 outbreak, including social distancing and remote employment, factory closures, and other economic operations. The entire supply hain has been affected from produce to foreign exchange. By interfering with supply networks, the economic downturn caused by COVID-19 also affects dietary supplements.
Segmentation:
The global Vitamin and Mineral Supplements Market has been segmented into vitamins, minerals, and blends based on form. The global market is expected to dominate the vitamin segment and will be estimated at USD 84,605.8 million by the end of 2025. A primary driver for the segment's growth is growing customer perception about vitamin supplements' health benefits. The segment is expected to grow at a CAGR of 6.65 percent during the forecast period. However, the mixing section is expected to experience the highest CAGR of 7.57 percent during the forecast period.
The market has been segmented into males, females, and unisex by end-users. In 2018, the unisex segment accounted for a substantial 64.37 percent market share, and it is projected that its dominance will be maintained during the forecast period. However, during the forecast period, the women's segment is expected to record the highest CAGR.
The industry has been divided into store-based and non-store-based by a distribution channel. The store-based distribution channel is estimated to sustain its supremacy throughout the forecast period. However, during the forecast period, the non-store-based segment is expected to see a higher growth rate. E-commerce networks are helping to speed up this phase so that producers can meet a large customer base. Non-store-based distribution networks make the different discounts and deals available on online shopping sites and free delivery services the preferred option among consumers.
Browse In-depth Market Research Report (111 Pages) on Vitamin and Mineral Supplements: https://www.marketresearchfuture.com/reports/vitamin-mineral-supplements-market-8816
Competitive Landscape:
The key players are taking steps and expanding their customer base towards business growth and market development. During the review period, foreign players can enhance their presence worldwide through acquisitions.
Prominent Players in the Global Vitamin and Mineral Supplements Market include:
- Herbalife Nutrition Ltd. (US)
- Nature's Bounty Co. (US)
- Glanbia PLC (Ireland)
- Abbott Laboratories (US)
- Amway Corp (US)
- Bayer AG (Germany)
- Nature's Way Products, LLC (US)
- GlaxoSmithKline plc (UK)
- Otsuka Holdings Co. (Japan)
- Nu Skin Enterprises, Inc. (US)
Regional Analysis:
APAC Leads with Established Sectors while North America to Rise Substantially.
Asia-Pacific accounted for the worldwide vitamin & mineral supplements market's largest market share and predicted the fastest growth rate during the forecast period. An emphasis on preventive healthcare over curative solutions can be linked to the growth of the vitamin and mineral supplements market in Asia-Pacific. China is expected to maintain its dominance during the forecast period and is forecast to be valued at USD 23,175.5 million by the end of 2025, with the highest CAGR of 7.94% during the forecast period. India is also expected to experience a significant 7.92 percent growth rate during the forecast period.
During the forecast period, North America is projected to make up a large share of the vitamin & mineral supplements market. In 2018, the region accounted for a 34.50 percent market share. The growth of the region's demand for vitamins and mineral supplements is projected to be driven by a rising customer inclination towards preventive healthcare. Throughout the forecast period of 2019-2025, the US is estimated to sustain its supremacy. By the end of 2025, the US's market value is expected to be assessed at USD 30.53 billion, with a CAGR of 6.13 percent during the forecast period. However, Canada is expected to experience the highest CAGR of 6.50 percent during the forecast period.
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Latest Developments:
December 2020: Caligenix, a leading genetic wellness brand, has launched Immunotype, a DNA-based supplement that tackles the human immune system at the genome level. Immunotype is an immune supplement that contains the most widely researched bioavailable vitamins, minerals, and herbs and is tested to confirm its efficacy through years of clinical trials and experimental studies.
December 2020: Nature's Bounty, a global market leader with a proven track record of health and wellness experience, has expanded its immune support portfolio with the launch of Immune 24 Hour +, a rare, one-of-a-kind supplement containing the only vitamin C with 24-hour immune support.
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