Press release
Vitamin & Mineral Supplements market Size Expected to grow at CAGR of 6.00% by 2032
Vitamin and Mineral Supplements Market
Besides, initiatives of consumers and public health agencies promote the inclusion of vitamin & mineral supplements in diets, aiming to reduce and prevent chronic diseases and improve healthy life spans. The penetration of self-monitoring devices, web, and mobile apps escalates market growth through direct-to-consumer genetic testing and easy remote access to medical consultations.
Additionally, the emergence of customization of medicines and advances in manufacturing techniques push the market growth, bringing new opportunities. Also, healthy lifestyle trends among consumers to prevent diseases and thus avoid expensive healthcare costs and extend healthy life spans generate substantial growth opportunities. On the other hand, stringent regulatory frames and side effects associated with vitamin & supplement overconsumption are the significant factors projected to restrict market growth.
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Segments
The vitamin & mineral supplements market report is segmented into product types, forms, end-users, applications, distribution channels, and regions. The product type segment is sub-segmented into vitamins (A, B, C, D, E, multivitamins, others), minerals (calcium, magnesium, iron, zinc, multi-minerals, others), and blends. The form segment is sub-segmented into powder, capsule & tablets, liquid, and others.
The end user segment is sub-segmented into men, women, and unisex. The application segment is sub-segmented into energy/sports nutrition, weight management, immunity & digestive health, anti-cancer, skin care, glycemic & diabetes management, and others. The distribution channel segment is sub-segmented into supermarkets & hypermarkets, chemists/pharmacies, drugstores/para pharmacies, and online. By regions, the vitamin & mineral supplements market is segmented into North America, Asia-Pacific, Europe, and the rest of the world.
Regional Analysis
Asia-Pacific dominates the global vitamin & mineral supplements market. The increasing demand for nutritional products and focus on preventive healthcare over curative solutions boosts the market size. The region offers enormous growth opportunities to manufacturers and suppliers. Also, the region has long been attracting international investors and industry players with its raw material advantage and cost-competitive logistics.
The region is estimated to grow more due to the growing health supplement market demand, especially in developing countries like India and China. Markets in India and China are substantially larger in the region. China is expected to retain its dominance in the region throughout the forecast period, while India will likely register a significant CAGR during the upcoming period.
North America stands second in the global vitamin & mineral supplements market. The increasing consumer inclination toward preventive healthcare majorly drives the market. Vitamin D deficiency is a common problem in North America, driving a large market demand share.
Besides, the increasing prevalence of low immunity disorders and chronic diseases propels the regional market's growth, leading to increased attention to preventive health care. The US accounts for the largest share of the regional market, followed by Canada.
The European vitamin & mineral supplements market is becoming profitable globally. The feed supplement market pushes the market growth, consuming large amounts of vitamin & mineral supplements to meet the rising demand for poultry and swine products. Additionally, increasing protein intake among consumers drives the regional market's growth. Moreover, the rising demand for nutritional products such as functional food boosts the regional market size.
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Competitive Analysis
Highly competitive, the vitamin & mineral supplements market appears fragmented due to the presence of many large and small players. Due to the low entry barriers, the number of industry players is rising, increasing the market competition. Along with numerous international players, a few regional players, and new entrants, are also operating in the market.
New and online players are challenging many retailers and manufacturers. Many leading producers and retailers expand through mergers & acquisitions and collaborations to gain a larger competitive share in the marketplace. Also, the rapid proliferation of a wide range of products, primarily via online platforms, challenges these players.
For instance, on Jun.09, 2023, New Chapter, a leading wellness brand, partnered with a supplement provider, Colossus, to further its success through unique product offerings and strategic marketing. The partnership would align with their brand values and bring a unique energy to the assignment. New Chapter was the first to introduce an organically certified multivitamins line, obtain Non-GMO Project Verification in the US, reach B Corp Certification, and achieve a Zero Waste to Landfill & Carbon Free status.
Players leading the global vitamin & mineral Supplements market are Glanbia Plc (Ireland), Bayer AG (Germany), Abbott (US), Amway Corp (US), Pfizer, Inc (US), GSK Plc. (UK), Otsuka Pharmaceutical Co., Ltd. (Japan), Herbalife International of America, Inc. (US), Nature's Way Brands (US), Global Calcium PVT LTD (India), Nature's Bounty (US), Lehmann&Voss&Co. (Germany), Novotech Nutraceuticals, Inc. (US), ZINPRO CORP. (US), Jost Chemical Co. (US), and America Alimentos SA de CV (Mexico), among others.
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Multivitamin Capsules & Tablets Market Research Report - Global Forecast till 2028
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