Vitamin Supplements Market size to cross $98.6 billion by 2031, register at a CAGR of 7.6%

The global vitamin supplements market size generated $47.9 billion in 2021, and is estimated to reach $98.6 billion by 2031, manifesting a CAGR of 7.6% from 2022 to 2031.

Rise in healthcare costs, increase in the penetration of the online pharmacies, and surge in consumer awareness and demand drive the growth of the global vitamin supplements market. Furthermore, increase in prevalence of vitamin A deficiency (VAD) in developing and underdeveloped regions supplements the market growth. The usefulness of vitamin supplements in non-nutritional disorders such as hyperlipidaemia and Wernicke-Korsakoff syndrome and surge in health-consciousness among consumers present new opportunities in the coming years.

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Vitamin supplements are meant to supplement the regular human diet. There are various disorders that may be caused owing to the lack of essential vitamins in the body. For instance, the lack of vitamin A increases the risks of various diseases and increases the risk of mortality from severe infections, like measles and diarrhoeal disease. Rising cases of malnutrition and blindness among children and pregnant women is a major factor that is expected to boost the demand for vitamin A supplements across the globe. According to the United Nations International Children's Emergency Fund (UNICEF), vitamin A deficiency (VAD) is a major concern in Southeast Asia and Africa. Around one-third of the children and pregnant women population in low and middle-income countries experience VAD. Therefore, rising prevalence of VAD in developing and underdeveloped economies is expected to drive the vitamin supplements market demand during the forecast period.

The growing consumption of vitamin supplements in developed and developing economies coupled with the aging global population is significantly propelling the vitamin supplements market growth. According to the Indian Journal of Medical Research (IJMR), around 33% of the population in the U.S. and in several major nations of Europe like Denmark, UK, and Sweden, regularly consume dietary supplements and vitamin supplements that boosts the growth of the market. Vitamin supplements are very useful in treatment of non-nutritional disorders, like hyperlipidaemia and Wernicke-Korsakoff syndrome. Moreover, rising awareness among consumers regarding the benefits of vitamin supplements and its easy availability as over-the-counter (OTC) products are expected to significantly boost the growth of the vitamin supplements industry during the forecast period.''

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Self-care has emerged as an important component of lifestyle among modern customers. There has been a significant change in consumer food habits due to rise in focus on health and immunity. There has been an expansion of the usage of vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids. The National Health Service UK stated that lack of vitamin D can lead to bone deformities such as rickets in children, and bone pain caused by a condition, called osteomalacia in adults. Along with this, due to COVID-19, people started focusing on their diet to improve their immunity. Such factors help the vitamin supplements market to grow at a significant rate.

The rising penetration of online pharmacies coupled with the growing consumer awareness and demand for the vitamin supplements among the geriatric and adult population is expected to boost the market growth in developing economies.

The market is segregated based on type, form, distribution channel, end user, and region. Based on type, the market is segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, and multivitamins. The Vitamin B segment is further bifurcated into Vitamin B1, Vitamin B2, Vitamin B3, Pantothenic Acid, Vitamin B12, and others.

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Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global vitamin supplements industry, and will maintain its leadership status throughout the forecast period. This is attributed to rise in adoption of vitamin supplements with rise in health consciousness and the need to have a diversified diet. However, Asia-Pacific is expected to grow at the largest CAGR of 8.2% from 2022 to 2031, owing to the presence of huge youth population, increase in employment rates, rapid urbanization, and changes in food habits of consumers. The research also analyzes regions including Europe and LAMEA.

Leading Market Players:

Amway Corp.
American Health Formulations (AHF)
FullwellLLC
Garden of Life, LLC
Healthy Life Pharmaceuticals Private Limited
Klean Athlete
Llama Naturals
Now Foods
Nordic Naturals
Olly PBC
Pharmavite
RBK Nutraceuticals
The Nature's Bounty Co.
Vital Proteins, LLC
Good Health New Zealand

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