NEWARK, Del, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global vitamin and mineral supplement market value is projected to increase from US$ 58.8 billion in 2024 to US$ 99.7 billion by 2034. Over the forecast period, demand for vitamin and mineral supplements is set to rise at a 5.4% CAGR.
Several factors are expected to drive the growth of the vitamin and mineral supplement industry. These include rising focus on health and wellness, increasing prevalence of micronutrient deficiencies, and growing interest in preventive healthcare.
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Consumers’ increased focus on wellness and prevention is playing a key role in fueling demand for vitamin and mineral supplements. These supplements are essential for the normal functioning of the body and for preventing disease development.
Consumers are becoming more aware of the value of well-being and prevention. They are generally paying more attention to their health and taking preventative measures for probable ailments. This will continue to put vitamin and mineral supplements into the spotlight globally.
Demand for food supplements effective for achieving aesthetic objectives or enhancing performance is also rising. This is due to the growing popularity of fitness, bodybuilding, and specialized sports among people between the ages of 20 and 40.
The rising prevalence of diseases such as anemia and osteoporosis, especially among the geriatric population, is predicted to fuel sales of vitamin and mineral supplements. To delay the impacts and problems associated with aging, goods that supplement the consumption of vitamins, calcium, and other supplements are increasingly needed.
Leading producers are working to create new, more effective ways of communicating with customers while leveraging cutting-edge technology. They are also launching new products to expand their presence in the target market.
For instance:
In June 2022, VOOST Vitamins were introduced by P&G at leading shops in Singapore. With eight effervescent variants, VOOST promotes everyday wellness and gives customers a creative new approach to designing a daily routine that suits them. With a fabulously bubbly new collection, VOOST is delivering portable vitamin bursts in a practical and delectable effervescent form that elevates the commonplace vitamin experience into something special.
Key Takeaways from Market Study:
- The global market for vitamin and mineral supplements is expected to total US$ 99.7 billion in 2034.
- Based on product, the vitamins segment accounted for 78.3% of the market share in 2023.
- By form, the tablets segment is poised to expand at a 6.4% CAGR through 2034.
- By distribution channel, the pharmacies & drug stores segment held a market share of 64.5% in 2023.
- North America dominates the global market with a share of 27.0% in 2023.
- The United States is projected to register a CAGR of 5.8% between 2024 and 2034.
- Sales in India are anticipated to surge at 6.5% CAGR through 2034.
- China will likely exhibit a CAGR of 5.9% CAGR from 2024 to 2034.
“The increasing concerns for health and wellness and focus on research activities to the effective product line is expected to propel the market in the forecast period,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Report Scope of Vitamin and Mineral Supplement Industry Analysis:
| Attribute | Details | |
| Estimated Value (2024) | US$ 58.8 billion | |
| Projected Value (2034) | US$ 99.7 billion | |
| Expected CAGR (2024 to 2034) | 5.6 % | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | US$ billion for Value | |
| Key Regions Covered | North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC, and South Africa | |
| Key Market Segments Covered | Product, Form, Distribution Channel, and Region | |
| Key Companies Profiled |
| |
Recent Developments:
- In May 2022, Gummies for Kids was introduced by Mankind Pharma's multivitamin brand Health OK. The gummies, according to the manufacturer, are designed to meet the unique requirements of growing children. Additionally, the goods are available in strawberry and lemon flavors that were created specifically with children's palates in mind.
- In June 2022, the Oslo, Norway-based Kappa Bioscience AS, a top producer of specialty vitamin K2 for the human nutrition sector, was acquired by Balchem Corporation.
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Vitamin and Mineral Supplement Market Segmentation:
By Product:
- Vitamins
- Minerals
By Form:
- Tablets
- Capsules
- Powders
- Others
By Distribution Channel:
- Pharmacies & Drug Stores
- Hypermarkets and Supermarkets
- Others
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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