The global Vitamin And Mineral Supplement Tablets Market is estimated to be valued at US$ 15.46 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitamin and mineral supplement tablets offer essential nutrients which help maintain good health. They help fulfil the nutritional gaps in regular diets as modern lifestyles do not provide all essential nutrients. Tablets are easy to consume and carry forms of supplements.
Market key trends:
Growing health and wellness trend among consumers is driving the demand for vitamin and mineral supplements. Rising awareness about preventive healthcare and proactive health management has increased adoption of supplements. Consumption of on-the-go convenience foods has resulted in nutritional deficiencies, boosting the need for supplementation. Changing lifestyles and increased stress levels are prompting people to take supplements to boost immunity, energy and address nutritional gaps.
Market key trends:
The Vitamin and Mineral Supplement Tablets market has been witnessing rising demand for multi-vitamin tablets. These tablets provide essential vitamins and minerals in a single dose to ensure complete nutritional intake. The hectic lifestyles and changing dietary patterns have increased the prevalence of nutritional deficiencies. This has boosted the sales of multivitamin tablets that provide micronutrients daily through a single tablet. Tablets are also very convenient to consume on the go compared to other dosage forms.
SWOT Analysis
Strength: Tablet form ensures convenient consumption and adherence. Easy to carry and take tablets as compared to capsules or powders.
Weakness: Tablet making process involves many steps and requires sophisticated machinery which increases production costs.
Opportunity: Growing health and wellness trend and increasing spending on premium nutrition products provide major market opportunities.
Threats: Strict regulatory environment and entry of counterfeit products are major threats.
Key Takeaways
The global Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing health consciousness and prevalence of lifestyle diseases.
Regional analysis
North America accounts for the largest share in the global vitamin and mineral supplement tablets market. This can be attributed to increasing health issues due to sedentary lifestyle and junk food habits. Asia Pacific is projected to witness the fastest growth during the forecast period with rising disposable incomes and greater adoption of western lifestyles.
Key players operating in the Vitamin And Mineral Supplement Tablets market are Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, Herbalife Nutrition, Abbott, Amway, Bayer AG, GlaxoSmithKline plc, NSE, inc. Company, Bactolac Pharmaceutical, Inc., Nature’s Way Products, LLC, Noreva Biotech, Pharmavite, Brunel Healthcare, HTC Health.
