Vitamin Supplements Market: Global Industry Analysis and Forecast (2023-2029) by Type, Form, Distribution Channel, End-Users, and Region

The Vitamin Supplements Market size was valued at USD 52.40 Billion in 2022 and the total Vitamin Supplements revenue is expected to grow at a CAGR of 7.4% from 2023 to 2029, reaching nearly USD 86.37 Billion.

Vitamin supplements are meant to augment the regular diet by providing customers with daily required nutritional value. Vitamins help with the development and normal functioning of the organism.

Vitamins act as hormones, coenzymes, and antioxidants, all of which are required for the body to operate properly. Consumers' changing dietary preferences, busy and stressful daily schedules, growing employment levels, and increased knowledge about the health benefits of using vitamin supplements are some of the major factors expected to positively impact the global vitamin supplements market growth.

The busy and hectic schedule does not allow people to maintain a proper diet, which leads to a deficiency of vital nutrients in the body. As a result, the consumption of vitamin supplements is increasing significantly among consumers to fulfill their daily nutrients and vitamin intake that keeps the consumer healthy and active. In addition, Increasing healthcare expenditures throughout the world are a major factor that is expected to have a significant impact in increasing demand for vitamin supplements. Additionally, the growing elderly population in both developed and developing economies is further expected to provide attractive growth opportunities for the vitamin supplements market players during the forecast period. Vitamin supplements are increasingly consumed by the senior population. They require vitamin supplements to meet their dietary requirements, strengthen their bones, and perform various other activities.

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Vitamin Supplements Market Dynamics:
High demand for nutritionally enhanced processed foods.

The high demand for vitamin supplements is observed in the fortification of food and beverages. Packaged and processed foods are more easy to use, and as a result, consumers widely prefer these food products. Food is severely processed to maximize shelf life, flavor, texture, and appearance, resulting in nutritious value loss. Vitamins are necessary to fortify this diet in order to recover the lost nutrients. Besides that, supplements are available for use as preventative care and to meet the human body's daily Recommended Dietary Allowance (RDA) as the human body matures. As a result, food firms are increasingly requiring vitamin supplements for their goods in order to meet regulatory requirements and make label claims, thereby driving the vitamin supplements market growth during the forecast period.
Scarcity of raw materials along with high prices

Natural vitamins come from naturally occurring fruits and vegetables. Various foods contain different vitamins, and extracting these naturally occurring vitamins from them is a lengthy procedure. Likewise, these basic ingredients are generated, transferred, or exported to other industrial sites where vitamins are manufactured. The increase in supply chain limitations is related to raw material deterioration and high transportation costs to keep raw materials fresh. Finally, the production adds to the current cost. As a result, these factors are expected to restrain the vitamin supplements market during the forecast period.
Vitamin Supplements Market Segment Analysis:
Based on Form, the Tablets segments led the global vitamin supplements market with the highest market share in 2022. The segment is expected to grow at a CAGR of 6.8% during the forecast period. Thanks to the advantages offered by tablets such as cost-effectiveness, longer shelf life, and ease of consumption, tablets are widely consumed by populations all across the world. In addition, the natural coating provides better dissolution, efficacy, and quality of the tablets. Thus, with increasing adoption of tables, and high recommendations from physicians, the segment is expected to grow significantly during the forecast period.

The capsules segment is expected to witness steady growth during the forecast period. The faster digestibility and dissolvability of capsules in the gut than tablets are expected to increase the adoption among end-users. Additionally, Capsules are less likely to have a bad taste or odor, and they are also more difficult to tamper with. Another factor driving the demand for the capsule form is the growing necessity for microencapsulating finished goods to ensure controlled release during the forecast period.

In addition, the gummies segment is expected to grow at a moderate CAGR during the forecast period. Vitamin supplements in gummy form look like little fruit sweets like jelly beans. Adults who enjoy eating and chewing jelly beans may be attracted to ingest healthy gummies due to their comparable flavor and look to candy. Gummies are popular because they are more easily absorbed by the body than pills. Gummies also taste better than pills, making them more fun to consume. Gummies come in a variety of flavors, which increases the consumer base. Thus, these factors are expected to benefit the segment's growth.

Based on the Distribution Channel, the offline segment dominated the global vitamin supplements market with the highest market share of more than 60% in 2022. The segment is expected to grow at a CAGR of 7.1% during the forecast period and maintain its dominance by 2029. The accessibility to an extensive variety of products, the ease of choosing the right products, and the benefit of being able to buy these products alongside regular groceries under the same roof associated with brick-and-mortar stores, special sales, and discounts offered by stores, the influence of salespeople, etc. are some of the factors that increase product sales, thereby driving the segment growth.

The medicals/ pharmacies segment is expected to grow rapidly during the forecast period. Physicians, Dieticians, etc. are increasingly advising vitamin supplements to their patients to improve health and quality of life. Thus, prescription medicines are mostly available in pharmacies. As a result, this factor is expected to support segment growth. In addition, Hypermarkets/supermarkets segment is expected to offer lucrative growth prospects during the forecast period as it is gaining widespread acceptance from end-users. Organized product display panels, the willingness of consumers to pay higher costs for specific products, and the strong correlation between a sales executive and a buyer enable the understanding of consumer preferences for products and brands. These are some of the factors driving the segment's growth.

The online segment is expected to grow moderately during the forecast period. The growing popularity of online purchasing, as a result of busy lifestyles, shopping convenience, provision of product reviews, special offers by e-commerce websites, and all relevant information on the platforms, is expected to increase the sale of vitamin supplements through online channels. Besides that, a significant rise in the penetration of online pharmacies is significantly contributing to market growth. An online pharmacy is a merchant that sells pharmaceuticals over the Internet and includes both legitimate and illicit pharmacies. It is easy for consumers to purchase vitamin supplements online as it provides them with a home delivery facility and consumers can get information about the product while sitting at home. There is a huge rise in the number of online pharmacies globally, in the past few years, owing to the rising penetration of the internet and digital devices. Online pharmacies like Apollo, Netmeds, Pharmeasy, and others provide various offers and discounts to consumers to lure them. The increased number of online pharmacies is expected to create considerable growth opportunities for the vitamin supplements industry.
Vitamin Supplements Market Regional Insights:
North America held the largest market share in terms of both value and volume and dominated the global vitamin supplements market in 2022. The region is expected to grow at a CAGR of 7.25% throughout the forecast period and maintain its dominance by 2029. The high consumption rate of a variety of processed and ready-to-eat foods, unhealthy diet routines, and lack of physical activities among North Americans increased the rate of obesity and lifestyle-related disorders. In addition, the rapidly growing geriatric population has further led the multiple chronic diseases among the population. To maintain a healthy, disease-free life, North Americans consume fortified, enriched, enhanced, and improved food products along with multiple nutritious supplements on regular basis as a part of a diversified diet. As a result, the growing consciousness of maintaining health is a major growth driver for the North American vitamin supplements market.

According to the National Institute of Health, total dietary supplement sales in the United States were estimated to be USD 55.7 billion in 2020, including USD 21.2 billion for all supplements containing vitamins, minerals, or both, of which USD 8.0 billion was for multivitamins/minerals and multivitamins. In addition, the huge presence of leading market players, increasing industrial development, and infrastructure, and favorable government initiatives on dietary supplements to enhance the quality of life are some of the factors expected to further boost regional growth.

The Asia-Pacific market is expected to be the fastest-growing market and offer lucrative growth opportunities for the vitamin supplements market players during the forecast period. Growing health concerns, a burgeoning senior population, rising healthcare spending, surging disposable income, and a growing number of local players are expected to promote regional market growth. Additionally, Improvements in the healthcare system, government subsidies granted to industry behemoths to build production facilities in the region, low labor costs, and easy raw material accessibility are expected to further support the Asia-Pacific Vitamin Supplements market growth.

China and India's market is expected to be the major market during the forecast period. The huge manufacturing base for pharmaceuticals, advanced production technology, unhealthy lifestyles of adults, and increasing competitiveness among the players drive the vitamin supplements market growth. Consumer preference for vitamin-enriched food products, which give extra health benefits, has grown in emerging countries due to a growing awareness of health and well-being. This, in conjunction with the high expense of healthcare, is expected to move consumers' focus away from medical operations and towards preventative care.
Vitamin Supplements Market Scope: Inquire before buying



Vitamin Supplements Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 52.40 Billion


Forecast Period 2023 to 2029 CAGR:
7.4%
Market Size in 2029:
USD 86.37 Billion


 Segments Covered:
by Type
• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K
• Multivitamin


by Form
• Powder
• Tablets
• Capsules
• Softgels
• Gummies
• Others


by Distribution Channel
• Offline
o Hypermarkets/Supermarkets
o Specialty Stores
o Medicals and Pharmacies
o Others
• Online


by End-Users
• Pediatric
• Adults
• Geriatric
• Pregnant Women
• Children and Infants



Vitamin Supplements Market Key Players:
• Koninklijke DSM NV (Netherlands)
• Glanbia PLC (Ireland)
• ADM (US)
• BASF (Germany)
• Lonza Group (Switzerland)
• Adisseo (France)
• Vitablend Nederland BV (Netherlands)
• SternVitamin GmbH (Germany)
• Farbest-Tallman Foods Corporation (US)
• The Wright Group (US)
• Zhejiang Garden Biochemical High- Tech Co., Ltd (China)
• NewGen Pharma (US)
• Rabar Pty Ltd. (Australia)
• Resonac (Japan)
• BTSA BIOTECNOLOGÍAS APLICADAS SL (Spain)
• Amway Corp (US)
• American Health Formulations (AHF) (US)
• Fullwell LLC. (US)
• Garden of Life, LLC (US)
• HEALTHY LIFE PHARMACEUTICALS PRIVATE LIMITED (India)
• Klean Athlete (US)
• Llama Naturals (US)
• now foods (US)
• nordic naturals (US)
• Olly PBC (US)
• Pharmavite (US)
• RBK Nutraceuticals (Australia)
• The Nature's Bounty Co. (US)
• VITAL PROTEINS, LLC, (US)
• Good Health (India)

FAQs:

1. What are the growth drivers for the Vitamin Supplements market?
Ans. Consumers' changing dietary preferences, busy and stressful daily schedules, growing employment levels, and increased knowledge about the health benefits of using vitamin supplements are some of the major factors expected to positively impact the global vitamin supplements market growth.

2. What is the major restraint for the Vitamin Supplements market growth?
Ans. Scarcity of raw materials along with high prices are expected to be the major restraining factor for the Vitamin Supplements market growth.

3. Which region is expected to lead the global Vitamin Supplements market during the forecast period?
Ans. North America is expected to lead the global Vitamin Supplements market during the forecast period.

4. What is the projected market size & growth rate of the Vitamin Supplements Market?
Ans. The Vitamin Supplements Market size was valued at USD 52.40 Billion in 2022 and the total Vitamin Supplements revenue is expected to grow at a CAGR of 7.4% from 2023 to 2029, reaching nearly USD 86.37 Billion.

5. What segments are covered in the Vitamin Supplements Market report?
Ans. The segments covered in the Vitamin Supplements market report are Type, Form, Distribution Channel, End-Users, and Region.