Revolutionizing Wellness - Vitamin Market Poised for Unprecedented Growth, Expected to Exceed $21.65 Billion by 2030

According to Next Move Strategy Consulting, the global Vitamin Market size is anticipated to surpass $21.65 billion by 2030 reflecting a CAGR of 7.3% during the forecast period till 2030. This surge is propelled by increasing health consciousness, a growing focus on preventive healthcare, and the rising demand for nutritional supplements across the globe.

Market Overview:

The vitamin industry is on the brink of a transformative era, driven by a surge in consumer awareness regarding the importance of maintaining optimal health. As individuals prioritize well-being and preventive healthcare, the vitamin market emerges as a pivotal player in providing essential nutrients and supplements to support a healthy lifestyle.

The ongoing global shift towards proactive health management, coupled with advancements in nutritional science, positions the vitamin industry as a key contributor to a healthier and more resilient society. As consumers seek reliable and innovative vitamin solutions, the industry is poised to play a vital role in fostering wellness and preventing health issues.

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Key Market Drivers:

1. Health and Wellness Trend: The prevailing health and wellness trend is a significant driver for the vitamin market, with consumers increasingly adopting a proactive approach to their well-being. Vitamins and supplements are integral components of this trend, catering to diverse health needs and promoting overall wellness.

2. Aging Population Dynamics: The global aging population is fueling the demand for vitamins, minerals, and supplements that support healthy aging. As life expectancy increases, there is a growing emphasis on maintaining vitality and cognitive function, driving the demand for specialized vitamin formulations.

3. E-commerce and Direct-to-Consumer Channels: The rise of e-commerce platforms and direct-to-consumer channels has revolutionized the vitamin market, providing consumers with convenient access to a wide array of products. This shift in distribution channels enhances market reach and allows for personalized consumer experiences.

4. Immunity Boosting: Recent global health challenges have heightened the focus on immunity-boosting solutions. Vitamins, particularly those associated with immune support, have witnessed a surge in demand as consumers seek ways to enhance their immune resilience.

Market Segmentation:

The vitamin market includes various segments, including:

Source: Based on source, the market is divided into natural and synthetic.

Form: Based on form, the market is classified into Powder, Tablets, Capsules, Soft Gels, and Others.

Type: Based on type, the market is categorised into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, and Multivitamin.

Application: Based on application, the market is segmented into Personal Care Products, Food and Beverages, Digestive Health, Mental Health, Menstrual Health, Pregnancy, Sports and Performance, and Others.

Regional: Based on regional, the market is categorised into North America, Europe, Asia Pacific, and RoW.

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Outlook and Future Prospects:

As health awareness surges, the demand for vegan and gluten-free vitamins, like B6 and B12, is exploding. This trend, fueled by a growing desire for a healthier lifestyle, presents a golden opportunity for the vitamin market. With increasing numbers embracing plant-based diets and gluten-free living, the need for alternative vitamin sources is undeniable. This paves the way for innovative brands to cater to this specific niche, unlocking significant potential for market growth.

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The vitamin market's potential to soar is being clipped by an unpredictable supply chain. Key ingredients for these supplements are coming in fits and starts, causing price fluctuations that make consumers wary. This instability discourages both manufacturers and buyers, putting the brakes on market expansion. Until the raw material flow smooths out, the vitamin industry might struggle to reach its full potential.

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Regional Analysis:

North America holds the dominant share of the vitamin market. This is attributed to the increasing consumption of organic vitamins containing staple food and plant-based proteins. For instance, in October 2022, Kappa Bioscience, a leading manufacturer of vitamin K2, launched the first organic-grade vitamin K2-MK7 for oil-based health applications in the U.S. and Canada. The product is certified by the U.S. Department of Agriculture (USDA). It is vegan and allergen-free, and presented in liquid oil format with a three-month shelf life.

On the contrary, Asia-Pacific is considered the fastest-growing region. The market is analyzed across India, China, Japan, and the rest of the Asia-Pacific region. The growing awareness towards the consumption of multivitamins in day-to-day life for better health and enrichment of the body coupled with the introduction of the innovative product range by well-known companies fuel the market growth.

Competitive Landscape:

The vitamin industry includes several market players, including Amway Corporation, BASF SE, Bayer AG, DSM, ADM, Glanbia Plc, Herbalife International of America, Inc., Vitablend Nederland BV, Wright Enrichment, Inc., Jubilant Life Sciences Ltd., and others. These market players opt for various strategies such as acquisition and expansion, to maintain their dominance in the global vitamin market.

For instance, in May 2022, Glanbia Plc (an Irish global nutrition group) acquired Sterling Technology. This U.S.-based company manufactures dairy bioactive solutions derived from bovine colostrum for immunity boosting and digestive aid. The acquisition helps to enhance the bioactive solution portfolio from Sterling Technology among the global consumers.

In addition, in December 2022, Amway Corporation launched a new business hub in Singapore with the support of the Singapore Economic Development Board (EDB). The new hub is part of Amway's plan to expand its regional product portfolio. Amway's Nutrilite brand is the world's top-selling brand for vitamin and dietary supplements, accounting for 53% of the company's overall sales. Amway's expansion into the region is expected to drive the growth of vitamin consumption among the growing population.

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This release was published on openPR.