Chicago, April 14, 2023 (GLOBE NEWSWIRE) -- The global vitamins market size was valued at USD 6.7 billion in 2023. The market is estimated to expand 8.9 billion in 2028, exhibiting a CAGR of 6.0% over the projected period. Vitamins are intended to be used as a supplement along with a daily diet to curb increasing vitamin deficiencies. MarketsandMarkets™ provides this information in its research report, titled “Vitamins Market Global Forecast, 2023-2028”.
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Key Industry Development:
With the increasing awareness of the benefits of vitamins and supplements for overall health and wellness, there has been a surge in demand for vitamins across the globe.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2028 |
| Forecast Period 2023 to 2028 CAGR | 6.0% |
| 2028 Value Projection | USD 8.9 billion |
| Base Year | 2022 |
| Report Coverage & Deliverables | Revenue forecast, company ranking, driving factors, Competitive benchmarking, and analysis |
| Segments covered | Application, Region, Type, Source |
Key Takeaways:
- Vitamins Market size in Europe was USD 6.7 billion in 2023
- The demand for organic and natural vitamin supplements is increasing as consumers become more health conscious. Many companies are launching new products in this category to meet this growing demand
- The market is highly competitive, with numerous players operating in the industry. Key players include DSM, Nestle, Bayer AG, Herbalife, Amway, and Pfizer Inc.
- During the forecast period, the Healthcare segment of the vitamins market is expected to experience the highest Compound Annual Growth Rate (CAGR).
Drivers and Restraints:
Growing demand for nutritionally enriched processed food products in the market
The major demand for vitamins is seen in food and beverage fortification. Consumers are more inclined towards packed and processed food, as they are convenient to use. To increase the shelf life, taste, texture, and appearance of the foods, it is heavily processed due to which various nutritive value as lost. Vitamins are required to fortify this food to restore the lost nutrients from the food. Additionally, supplements are available that are used as preventive care and to fulfill the daily Recommended Dietary Allowance (RDA) of the human body as per age. So, accordingly, to fulfill the regulatory sanction and make label claims, food companies are increasingly demanding vitamins for their products.
Constrained supply of raw materials for natural vitamins coupled with high costs
Natural vitamins are sourced from naturally occurring fruits and vegetables in nature. Different foods have different vitamins in them, and there is an extensive process to extract these naturally occurring vitamins from them. Additionally, these raw materials are produced, transported, or exported to various manufacturing facilities to manufacture vitamins. The increase in supply chain constraining is due to raw material spoilage and high transportation cost to maintain the freshness of raw materials. The manufacturing finally adds to the existing cost. Due to all these factors, the cost of raw material procuring and cost constraints the vitamins market.
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Segments:
The Healthcare segment of the vitamins market is projected to witness the highest CAGR during the forecast period.
Vitamins are required in small quantities by the body to function properly, and their deficiency can lead to serious condition. The growing cases of vitamin deficiency and the increasing need for fortification are leading to the growth of the vitamin market in the healthcare segment. Healthcare products such as multivitamins supplements, dietary supplements, infant foods, and supplements for special needs are fortified with different multivitamins according to the product to fulfill the dietary requirements.
Regional Insights:
North America is a mature market for vitamins, with a high level of awareness and demand for vitamin supplements. The United States is the largest market in the region, followed by Canada. The market in this region is expected to grow at a moderate pace over the forecast period.
Europe is another mature market for vitamins, with a high level of awareness and demand for vitamin supplements. The United Kingdom, Germany, and France are the largest markets in the region. The market in this region is expected to grow at a steady pace over the forecast period.
Asia Pacific is expected to be the fastest-growing region for the vitamins market. The increasing population, rising disposable income, and growing health consciousness among consumers are some of the factors driving the growth of the market in this region. China, Japan, India, and South Korea are the largest markets in the region.
Latin America is a growing market for vitamins, with increasing demand for vitamin supplements among consumers. Brazil and Mexico are the largest markets in the region. The market in this region is expected to grow at a moderate pace over the forecast period.
The Middle East & Africa region is a developing market for vitamins, with a low level of awareness and demand for vitamin supplements. The market in this region is expected to grow at a moderate pace over the forecast period, with South Africa being the largest market in the region.
List of Key Players Mentioned in the Report:
- DSM (Netherlands)
- Glanbia PLC (Ireland)
- ADM (US)
- BASF (Germany)
- Lonza Group (Switzerland)
- Adisseo (France)
- Sternvitamin GmbH (Germany)
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FAQs: Frequently Asked Questions
How big is the vitamins market?
Vitamins market size was USD 6.7 billion in 2023. It is expected to reach USD 8.9 billion in 2028.
How fast is the vitamins industry growing?
The vitamins market will exhibit a CAGR of 6.0% during the forecast period, 2023-2028
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