vitamins market growth at a rate of 7.8% in the forecast period of 2022 to 2029 and estimated to reach USD 11.94 billion by 2029 Size, Share, Trends

Data Bridge Market Research analyses that the vitamins market was valued at USD 6.55 billion in 2021 and is further estimated to reach USD 11.94 billion by 2029, and is expected to grow at a CAGR of 7.8% during the forecast period of 2022 to 2029.

Market Overview

Vitamins are a group of substances that are needed for normal cell growth, function, and development. They are essential nutrients and chemical molecules that an organism need in insufficient quantities. Vitamins are therefore mostly used as components and supplements in a variety of businesses.

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Vitamins Market Dynamics

Drivers

• Rise in the demand for functional and nutritionally enriched processed food products
The nutraceuticals industry has seen a surge in demand for healthful and nutritional products, despite severe market restrictions and declining purchase trends in the food and beverage sector which will further accelerate the growth of the market.

• Increase in the incidence of vitamin deficiencies
Vitamin deficiency and malnutrition are becoming more common which is further anticipated to propel the growth of the vitamins market.

• Increase in the aging population
Vitamin supplements are used by the elderly to prevent diseases associated with ageing which is further expected to drive the market growth.

Opportunities

In addition, the sourcing of natural allergen-free vitamin E is further estimated to provide potential opportunities for the growth of the vitamins market in the coming years.

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