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The market for Vitamin Supplements was valued at approximately USD 51.90 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 7.3%, reaching a value of USD 89.67 Billion by 2031.
Growing consumer knowledge about nutrition, wellness, and health is a major driver of the vitamin supplement market. The nutritional advantages of dietary supplements, particularly vitamin supplements, have been more widely known to consumers thanks to campaigns conducted by non-governmental organizations (NGOs), governmental organizations, and businesses. This is expected to drive market expansion.
The Food and Drug Administration (FDA) of the United States debuted the Dietary Supplement Ingredient Directory, a brand-new webpage, in March 2023. Through this directory, consumers can look up the substances used in nutritional supplements while learning about the FDA's communications and actions related to each item. The directory attempts to serve as a one-stop shop for information on ingredients that was previously dispersed over various FDA websites.
Additionally, the use of natural and organic ingredients in new products released by both big and small businesses in recent years has increased consumer interest in vitamin supplements. In addition, the introduction of eye-catching packaging techniques has raised consumer awareness, which has stimulated purchase of these supplements. A growing percentage of consumers are concerned about their health and favor items with low levels of artificial chemicals. Increased consumer desire for nutritious food and readiness to pay a premium for goods with superior nutritional value—particularly when purchasing goods like chocolates and gummies for kids—are significant drivers of the demand for vitamin supplements.
The worldwide market is also being driven by customers switching from pharmaceutical to nutraceutical products. The dynamic and ever-evolving nutraceutical industry presents new avenues for combining consumer interest in health-promoting foods and supplements with scientific discoveries. It keeps tabs on partnerships with mass distributors as well as consumer trends. Consequently, direct demand drives the development of products in this sector. It can be used to prolong life, prevent chronic diseases, slow down the aging process, boost immunity, and support the body's normal structure and function.
The "prevention is better than cure" philosophy is a product of consumers' growing understanding of health and wellness. In order to live healthy, disease-free lives, more customers are now depending on nutraceuticals, nutritional vitamins, and dietary supplements. Particularly in the recent past, nutraceuticals have drawn a lot of attention because of their potential medicinal and nutritional benefits as well as their safety and lack of significant adverse effects. During the projected period, this is anticipated to lead to the nutraceutical industry seeing accelerated expansion.
In the management and prevention of both acute and chronic health issues, nutraceuticals are swiftly taking the place of pharmaceuticals. They also have a lot of room to grow as therapeutic agents with both curative and preventative qualities. The pharmaceutical industry is projected to expand at a moderate rate of 7.63% CAGR between 2023 and 2030, from its valuation of over USD 516.48 billion in 2022. The nutraceutical sector has the potential for tremendous expansion, as the growth rate comparison demonstrates. The exorbitant expenses associated with prescription medications and insurance companies' hesitancy to reimburse drug costs have contributed to the nutraceuticals market's global consolidation. Consumers' interest in health supplements and nutraceuticals is also being influenced by rising hospitalization expenses.
The report will cover the qualitative and quantitative data on the global Vitamin Supplements Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 7.3% from 2024 to 2031 |
Segmentation | By Type, By Form, By Distribution Channel, By Region |
Unit | USD Billion |
By Type |
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By Form |
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By Distribution Channel |
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By Region |
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Vitamin Supplements Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2021-2028 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Vitamin Supplements Market dynamics, structure by analyzing the market segments, and project the Global Vitamin Supplements Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Vitamin Supplements Market make the report investor’s guide.
The market is divided into segments based on By Type, By Form, By Distribution Channel.
Based on the Form of the market is segmented into Powder, Tablets, Capsules, Softgels, Gummies, Others.
The tablet market is expected to develop at a compound annual growth rate (CAGR) of 7.1% over the course of the forecast year, with a projected valuation of USD 20.30 billion in 2022. Over the course of the anticipated period, the tablet market is anticipated to grow due to the adoption of improved excipients that enhance tablet absorption and disintegration. Tablets are a terrific option for folks with busy schedules because of their convenience. The capacity to precisely produce tablets to deliver precise dosages is essential since supplements must be taken at specific doses for safety and efficiency. Natural coatings have the potential to accelerate dissolution; however, other factors, such as overall efficacy and quality, also affect absorption rates.
Vitamin gummy supplements are anticipated to experience a compound annual growth rate (CAGR) of 8.1% between 2023 and 2030. Gummies look and feel like sweets, but they're actually chewy vitamin supplements packed full of critical minerals. Because they're so easy to eat and have such a cute look, gummies have become increasingly popular among a variety of demographics. A significant number of vital vitamins and minerals required for good health are also supplied by them. Working people are likely to select vitamin gummies because of their simplicity of ingestion and convenient form. Vitamin gummies are important for supporting metabolic health, managing glycemic index, and raising folic acid levels in the body.
Based on the Distribution Channel size of the market is Segmented into Offline, Online.
The offline distribution channels held the biggest market share of 80.7% in 2022 and are expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. The offline channels, which comprise hypermarkets, supermarkets, specialty shops, and pharmacies, are essential in providing customers with a wide variety of vitamin supplements. Increased sales of health and wellness products are mostly due to the retail industry's continuous expansion and improvement. The assortment of international brands that these retail locations provide adds to the greater availability of different health items.
Internet sales are projected to rise at a compound annual growth rate (CAGR) of 8.1% between 2023 and 2030. Online channels make it easier to get essential supplements directly from websites, saving time over in-person store visits. Many online platforms provide free shipping and home delivery alternatives in an effort to attract more customers. The increasing impact of social media and the marketing of brands across several social media platforms have led to the growth of this sector. Brands are increasingly offering their items only on the platforms of online retailers in an attempt to attract a larger audience of consumers.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America is anticipated to rise at a CAGR of 4.2% over the course of the forecast period, accounting for 35.9% of global revenue in 2022. In North America, the prevalence of diseases linked to a sedentary lifestyle and obesity has increased. Because of this, people are choosing functional foods and supplements, which offer a number of health advantages over and beyond simple dietary intake. Regularly consuming nutritional supplements and items that are enhanced, enriched, and fortified as part of a diversified diet can have positive effects on health. Because more people are becoming aware of the advantages multivitamins provide for maintaining biological functions and general health, they have become a substantial market segment in North America.
The Asia Pacific region is expected to expand at a compound annual growth rate (CAGR) of 11.1% between 2023 and 2030. As large corporations adopt methods like establishing their brands in developing economies in Southeast Asian countries, the market for nutritional products is expected to grow in the Asia Pacific region. due to their massive populations and high levels of consumption, China, India, and Japan make up the largest market for vitamin supplements in Asia Pacific.As a result of growing consumer awareness of the product's health benefits, nations like Australia and Japan are expected to encourage regional expansion over the projection period.
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13 Jul 2022
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