New York,US, April 06, 2023 (GLOBE NEWSWIRE) -- Vitamin & Mineral Supplements Market Overview
Market Research Future (MRFR) 's report highlights “Vitamin & Mineral Supplements Market Information By Form, Type, And Region - Forecast till 2030"; the market will achieve USD 195 Billion by 2030 at a 6% CAGR.
Market Synopsis
Consumers gravitate increasingly toward using vitamins and supplements in their daily routines due to a rapidly growing interest in and concern for their health and well-being. Consumer preference for food products infused with vitamins that provide additional health advantages has increased due to a growing awareness of health and wellness, and this is expected to cause consumers to turn their emphasis away from medical treatments and toward preventative care goods. The importance of the nutritional benefits of multivitamin supplements has been made clear to consumers through various awareness campaigns about healthy eating that governments, non-governmental organizations, and businesses worldwide have launched. This is expected to fuel market growth.
Increasing healthcare expenditures globally is a significant element that is anticipated to increase the vitamin supplements market demand significantly. Healthcare costs are the real expenses incurred when delivering healthcare services, such as the price of operations, therapies, and prescriptions. Costs for healthcare have rapidly increased across the board. Consumers are looking for cutting-edge, nutritious products to avoid coronavirus symptoms including chest pain, shortness of breath, diarrhea, exhaustion, and others. Protein, sports nutrition, multivitamins, pediatric nutrition, and other items that would lower health risks are in high demand in the nutraceuticals sector. Manufacturers promote the benefits of organic herbs and botanicals by delivering immunity boosters.
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| Report Attribute | Details |
| 2030 Market Size | USD 195 Billion |
| CAGR | 6% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Form, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Intensifying self-directed care and improving access to expand market |
Market Competitive Landscape
The well-known contenders in the vitamin & mineral supplements market are:
- The Nature's Bounty Co. (US),
- Abbott Laboratories (US),
- Amway Corp (US),
- Bayer AG (Germany),
- GlaxoSmithKline plc (UK),
- Otsuka Holdings Co. (Japan),
- Nature's Way Products LLC (US),
- Glanbia PLC (Ireland),
- Herbalife Nutrition Ltd. (US),
- Nu Skin Enterprises Inc. (US)
Market U.S.P. Covered:
Market Drivers:
The market for dietary supplements has increased due to consumer awareness of the link between nutrition and health. Growing aging populations, increased healthcare expenditures, and interest in wellness through nutrition drive demand for these supplements. Professionals in the workforce and athletics consume a lot of multivitamin pills. Vitamin supplements aim to provide consumers with the daily essential nutritional content missing from their diet. Vitamins support healthy body development and bodily operations. The normal functioning of the organism depends on the hormones, coenzymes, and antioxidants that vitamins serve as.
Consumers' shifting eating patterns, hectic daily schedules, an increase in employment, and growing consumer knowledge of the health benefits of taking vitamin supplements are a few of the key factors anticipated to drive the worldwide vitamin supplements market's expansion in the years to come. Manufacturers are rapidly integrating cutting-edge technology with excellent production efficiency to support these products. The market for vitamins and supplements will rise over the coming years due to greater customer acceptability and product innovation. The health of the muscles and eyes is supported by vitamin A, the immune system is strengthened by vitamin E, and vitamin D. supports the health of the bones. To treat specific illnesses, vitamin B is accessible as B-complex products and as separate supplements of B1, B2, and B12. For example, vitamin B12 helps to prevent megaloblastic anemia.
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Market Restraints:
Due to several rules and procedures before the product introduction, the market has been experiencing numerous problems over the past few years. Vitamin and supplement producers must provide a sample and a statement that the product is practically anticipated to be safe for sale.
COVID 19 Analysis
A sharp rise in the demand for vitamin C and multivitamin pills accompanied the abrupt increase in COVID-19 illness cases worldwide. The market will expand in 2020 due to rising consumer knowledge of vitamin C's role in preventing COVID-19 disease. Being a full vitamin package, multivitamin supplements are becoming increasingly popular worldwide. The need for immunity-boosting food and nutritional supplements has increased due to increased consumer knowledge of the need for proper immunity during the COVID-19 outbreak. As a result, the multivitamin supplements market is expected to grow globally over the next few years. Increased demand for vitamins in daily diets and an increase in health-conscious customers are predicted to drive the market. The COVID-19 epidemic brought attention to the importance of vitamin intake. Also, it is advised that adults, especially those who are expecting or nursing, kids, and teenagers over four, add 10 micrograms of vitamin D to their diets daily.
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Market Segmentation
By form, the market includes tablet, powder, capsule, and liquid/gel segments. By type, the market includes segments of calcium, multivitamins, and supplements.
Regional Insights
In Asia-Pacific, nutritional food is more developed and sophisticated, partly because North Americans are getting more fat and suffering from lifestyle-related illnesses due to their progressively unhealthy diets, greater disposable money, and access to a wide variety of manufactured and prepared foods. In light of this, consuming goods like fortified, upgraded, enriched, and improved foods and nutritious supplements regularly as part of a diversified diet may positively affect health. So, as part of a varied diet, regularly ingesting goods like fortified, augmented, enriched, and improved meals and nutrient supplements may benefit health.
Multivitamins have emerged as a major player in the North American vitamin supplement market as more people know their benefits for preserving physical and overall health. Consumer knowledge of and concern about malnutrition is rising. Due to the extensive use of traditional medicine among consumers, China and Japan are the two largest marketplaces in the region. Also, the rising disposable income of middle-class customers in the area enables them to spend more on health-related products. Government programs to alleviate micronutrient deficiencies have a hand in this market's expansion. Also, the region's growing demand for pediatric supplements is being aided by the growing populations of these nations. After the "one-child" policy was lifted, China's childbearing rates significantly increased.
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