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Vitamin Tonics Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Vitamin Tonics Market Size
According to The Business Research Company's, the vitamin tonics market size has grown strongly in recent years. It will grow from $8.29 billion in 2023 to $8.81 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to consumer awareness and education, lifestyle changes, distribution channels, regulatory environment, demographic trends .
The vitamin tonics market size is expected to see strong growth in the next few years. It will grow to $10.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to global health trends, e-commerce growth , customization and personalization, environmental sustainability, health and wellness apps. Major trends in the forecast period include emphasis on immune health boosters, shifting consumer preferences towards sustainable packaging, integration of technology in product marketing and distribution, rising demand for vegan and plant-based vitamin tonics, influencer and celebrity endorsements impacting consumer choices..
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Market Drivers and Trends:
An increasing number of chronic diseases is expected to propel the growth of the vitamin tonics market going forward. Chronic diseases are conditions that last for a long time, generally three months or more, and require ongoing medical attention, limiting activities of daily living, or both. Vitamin tonics prevent and treat several deficiency conditions in chronic diseases such as rickets, osteomalacia, angular stomatitis, and anemia. For instance, according to a study published in the Journal of Hematology and Oncology, a US-based oncology journal, the number of people in the United States aged 50 years and older with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. Therefore, an increasing number of chronic diseases are driving the growth of the vitamin tonics market.
Major companies operating in the vitamin tonics market are focused on developing innovative products, such as calcifediol products, to drive revenues in the market. Calcifediol belongs to a group of medications known as vitamin D analogs. For instance, in March 2021, Royal DSM, a Netherlands-based science-based company in nutrition, launched Ampli-D in Asia-Pacific. Ampli-D is an advanced and potent form of vitamin D, clinically proven to increase vitamin D levels three times faster than other forms of vitamin D. This product is used for the rapid enhancement of vitamin D levels in the body, achieving results in just a few days or weeks rather than months. This launch underscores DSM's commitment to innovation and its role as a collaborative partner.
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Major Key Players of the Market:
BASF SE, The Procter & Gamble Company, Merck & Co. Inc., Bayer AG, Abbott Laboratories, Royal DSM, Amway Corporation, Scotch Industrial Thailand Co. Ltd., Lloyds Pharmacy, LloydsPharmacy, GNC Holdings Inc., Rexall Pharmacy Group Ltd., Jamieson Laboratories Ltd., Sapiens Pharmaceuticals Ltd., Blackmores Ltd., Raptakos Brett Co. Ltd., Himalaya Drug Company, Thone Heathtech, Nature's Way Products LLC, Albert David Limited, Albert David, Vitabiotics Ltd., Cerebos Ltd., Biotics Research Corporation, Douglas Laboratories, New GPC Inc., Tonic Vitamins, Vitane Pharmaceuticals Inc., Fitzroy International, Xinfa Pharmaceutical Co. Ltd.
Vitamin Tonics Market 2024 Key Insights:
• The vitamin tonics market is expected to grow to $10.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Incidence Of Chronic Diseases Fuels Growth In The Vitamin Tonics Market
• Leading Companies In The Vitamin Tonics Market Embrace Innovation With Calcifediol Products
• North America was the largest region in the vitamin tonics market in 2023
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