Vitamins and Supplements Market Size to Reach USD 196.5 Billion in 2030 | Emergen Research

Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The vitamins and supplements market size reached USD 108.4 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for nutraceutical & dietary supplement products and a steady shift of consumers towards plant-based dietary supplements are some key factors driving vitamins and supplements market revenue growth.

One of the key drivers of the vitamins and supplements market is the increasing prevalence of chronic diseases. Conditions such as cardiovascular diseases, osteoporosis, and vitamin deficiencies have become more prevalent, necessitating the use of supplements to bridge the nutritional gap. Moreover, the growing trend of preventive healthcare has also fueled the demand for these products, as individuals strive to maintain optimal health and prevent the onset of diseases.

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Stringent regulations and quality control measures imposed by government bodies pose a challenge for manufacturers and suppliers. The need to comply with these regulations adds to the production costs, which may ultimately impact the affordability of vitamins and supplements for consumers. Additionally, the market faces competition from alternative healthcare practices and natural remedies, which may hinder the growth of the industry to some extent.

According to a report published by the National Institutes of Health (NIH), approximately 52% of adults in the United States take dietary supplements. The report also highlights that the most commonly consumed supplements include multivitamins, vitamin D, and omega-3 fatty acids. This data underscores the widespread usage and acceptance of these products among the general population.

Furthermore, the Food and Drug Administration (FDA) plays a crucial role in regulating the vitamins and supplements market in the United States. The FDA ensures that these products are safe, accurately labeled, and manufactured in compliance with good manufacturing practices. This regulatory oversight instills confidence in consumers and helps maintain the integrity of the market.

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Scope of Research

Major Companies and Competitive Landscape

The vitamins and supplements market is fairly fragmented, with a number of large and medium-sized market players accounting for majority market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing newer products in the market. Some major companies included in the vitamins and supplements market report are:

• Herbalife International of America, Inc.
• Archer-Daniels Midland Company
• Amway Corporation
• Pfizer, Inc.
• Abbott
• Nestlé S.A.
• Nutrition and Biosciences (DuPont de Nemours, Inc.)
• Bayer AG
• Glanbia PLC
• Arkopharma

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Some Key Highlights From the Report

• The vitamins segment is expected to account for largest revenue share during the forecast period due to the increasing awareness among consumers about the importance of incorporating vitamins into their daily diet. People are becoming more conscious of their nutritional intake and are actively seeking ways to supplement their diet with vitamins to meet their specific health needs.
• The tablets segment is expected to account for largest revenue share during the forecast period due to its convenience, ease of consumption, and widespread availability. Tablets are one of the most popular forms of supplements, offering a convenient and portable way for consumers to incorporate additional nutrients into their daily routine. Additionally, tablets have a longer shelf life compared to other forms of supplements, such as liquids or powders. This makes them more suitable for long-term storage and distribution, ensuring their availability in various retail outlets and online platforms.
• The immunity segment is expected to account for a significant revenue share over the forecast period due to the increasing focus on immune health and the growing demand for products that support and boost the immune system. The immune system plays a vital role in protecting the body against infections, diseases, and other harmful pathogens. As a result, there is a rising awareness among consumers about the importance of maintaining a strong and healthy immune system.
• The adults segment is expected to account for a significant revenue share over the forecast period due to the increasing focus on health and wellness among the adult population. Adults, particularly those in the working-age group, are becoming more conscious of their overall well-being and are actively seeking ways to maintain a healthy lifestyle.
• The OTC segment is expected to account for a significant revenue share over the forecast period due to the increasing preference for self-medication and the availability of a wide range of over-the-counter (OTC) products. OTC refers to medications and healthcare products that can be purchased without a prescription, directly from pharmacies, supermarkets, and online platforms.
• In 2021, the offline sector dominated the market, accounting for a large share of total revenue as many consumers still prefer the traditional shopping experience of visiting physical stores, browsing products, and interacting with sales representatives. Offline shopping allows consumers to see and touch the products before making a purchase, providing a sense of assurance and satisfaction.
• The North America market is expected to account for a significantly large revenue share during the forecast period as countries like the United States and Canada, has a well-developed economy, a large population, and a high level of consumer awareness and disposable income. These factors contribute to the region's significant revenue share in the forecast period. Consumers in North America are increasingly conscious of their overall well-being and are willing to invest in products and services that support their health goals. This includes the demand for vitamins, supplements, and other health-related products.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the vitamins and supplements market based on ingredient, form, application, end-users, type, distribution channel, and region:

• Ingredient Outlook (Revenue, USD Billion, 2019 - 2030)
  • Vitamins
  • Supplements
• Form Outlook (Revenue, USD Billion, 2019 - 2030)
  • Tablets
  • Capsules
  • Soft Gels
  • Powders
  • Gummies
  • Liquids
• Application Outlook (Revenue, USD Billion, 2019 - 2030)
  • Immunity
  • Brain/Mental Health
  • Bone & Joint Health
  • Menopause
  • Metabolic Health
  • Beauty Care
  • Digestive & Microbiome Health
  • Others
• End-Users Outlook (Revenue, USD Billion, 2019 - 2030)
  • Adults
  • Geriatric
  • Pregnant Women
  • Children
  • Infants
• Type Outlook (Revenue, USD Billion, 2019 - 2030)
  • OTC
  • Prescribed
• Distribution Channel Outlook (Revenue, USD Billion, 2019 - 2030)
  • Offline
  • Online

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