Vitamin supplements come in various forms including capsules, tablets, powders, gummies and liquids. They play a crucial role in maintaining health by preventing vitamin deficiencies. Growing health consciousness among consumers and awareness about the importance of vitamins and minerals in daily diet has been a major factor augmenting demand for vitamin supplements globally. The market offers an extensive range of product types catering to different end-user requirements including prenatal, men’s multivitamin, women’s multivitamin and children’s multivitamin gummies and chewables. The globalization of diets, increasing incidence of chronic diseases and rising elderly population also contributes to the growth of this industry.
The Global Vitamin Supplements Market is estimated to be valued at US$ 52.59 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Vitamin Supplements market are BASF SE, Royal DSM, Lonza, Nature Made, Pharmavite, Life Extension, Garden of Life, Standard Process, Klean Athlete, MegaFood, Abbott Laboratories, Herbalife International. BASF SE is a leading manufacturer of vitamin supplements globally. Royal DSM dominates the vitamins market with wide range of products.
The growing demand for vitamin and mineral supplements is driven by the increasing health consciousness among individuals and growing popularity of supplements as preventive healthcare solution. With rising awareness about chronic diseases, consumers emphasize more on nutritional supplements in daily diet.
The global vitamin supplements market is witnessing robust expansion fueled by rapid urbanization, changing lifestyles and increasing spending capacity of consumers especially in emerging economies of Asia Pacific and Latin America. Online retailing is gaining prominence and allowing companies to tap new customer bases worldwide.
Market Key Trends
One of the key trends gaining momentum in the Vitamin Supplements Market Size is the increasing focus on immunity boosting supplements amid coronavirus pandemic. COVID-19 has instilled greater importance of diet, immunity and preventive healthcare. There is a surge in demand for vitamin C, vitamin D, zinc and antioxidant supplements which are known to strengthen immunity. Manufacturers are leveraging this trend through aggressive marketing of products promoting immunity. Customization and personalization is another major trend in the industry with companies offering customized packs and blends as per consumer requirements. Emergence of clean label and organic certified products are according to the consumer shift towards natural ingredients.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to required expertise and capital investment in R&D needed to formulate Vitamin Supplements.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering substitutes and customers can choose from a wide range of options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials and differentiated products by various players.
Threat of new substitutes: The threat of new substitutes is high as new organic, herbal and natural products are regularly introduced as alternatives.
Competitive rivalry: The competitive rivalry is high among the major players due to their established brands, distribution channels and marketing strategies.
Geographically, North America accounts for the largest share of the Vitamin Supplements market in terms of value owing to increasing health consciousness and growing awareness regarding preventive healthcare. Asia Pacific is projected to witness the fastest growth over the forecast period due to rising disposable income, changing lifestyle and growing middle-class population in countries such as India and China.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile