Market Research Future (MRFR) has published on the “Global Vitamins & Minerals Supplement Market
Global Vitamins & Minerals Supplement Market
The global vitamin & mineral supplements market is projected to witness significant growth during the review period, exhibiting a CAGR of 6.57%. The market was estimated to be USD 51,363.4 million in 2022 and is expected to reach a value of USD 84,908.7 million by the end of the forecast period (2023-2030).
Human bodies require vitamins and minerals to function effectively, although attaining enough through everyday foods can be challenging. The market for vitamin and mineral supplements has expanded quickly in recent years because they offer an efficient way of offering body-required nutrients. Vitamin and mineral supplements are on the rise, with more and more people looking to supplement their diet with additional vitamins and minerals. As a result, the market for vitamin and mineral supplements is growing rapidly. This growth is fueled by both an increased awareness of the importance of these supplements for general health, as well as an increase in utilization for specific health conditions.
The demand for vitamin and mineral supplements is rapidly increasing due to the growing popularity of immunity-boosting products coupled with rising healthcare costs. Many people are looking for ways to improve their health while saving money, and vitamin and mineral supplements offer a cost-effective solution. With the right product, consumers can get the essential nutrients they need to stay healthy. The market for these products is diverse, ranging from traditional multivitamins and minerals to specialized supplements that target specific health concerns. As more research is being progressed on the potential benefits of these products, demand continues to rise.
According to the MRFR analysis, the global vitamins & minerals supplements market size is projected to reach USD 84,908.7 million by 2030 at a CAGR of 6.57%.
Consumers are also becoming increasingly aware of the importance of vitamins and minerals in maintaining overall health, which has led to an increase in sales of these products. Additionally, In the current pandemic situation, the demand for vitamin and mineral supplements has increased rapidly, as people are recognizing their importance in boosting immunity. Coupled with increasing healthcare costs, this has led to a growth in the vitamin and mineral supplements market. Thus, vitamin and mineral supplement manufacturers are increasingly focusing on creating products that can provide natural immunity boosts in order to meet growing consumer demand. With the right marketing strategies in place, companies have an opportunity to capitalize on this growing market space and establish themselves as leaders in the industry. However, the rise of imitation and fake product supply in the market is hampering the growth of the market.
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COVID-19 Impact on Vitamins & Minerals Supplement Market
The outbreak of the SARS-CoV-2 virus has resulted in the spread of infectious disease throughout the globe and has impacted several industries & sectors in different ways. The COVID-19 pandemic has disrupted and caused volatility in the global capital market which authored a slowdown in the global economy during the initial phase of the pandemic. Countries across the world have issued different stages of lockdown to curb the infection spread that subsequently lead closure of various industries’ production and operations. In addition, cross-border movement was restricted, international tourism was witnessing a downward trend, and the shipment of goods between nations was facing obstacles that resulted in supply chain delays.
The silver lining for the supplements industry during the pandemic is the heightened health consciousness of a large set of consumers and the immune-boosting products witnessed an increased demand owing to the rising awareness of the importance of vitamin and mineral supplements. This is in line with the scenario of various essential goods (comprising food & beverage products, pharmaceutical & nutraceutical products, etc.) business in the market, unlike the non-essential items comprising consumer goods, electronic devices, and automobiles which was witnessing a negative trend attributed to the crunch in the financial position of the global consumers.
The global vitamin & mineral supplements market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 6.57%. The key factors driving the growth in the market are the increasing consumption of vitamin & mineral supplement in various regions and growing demand for immunity-boosting products among consumers. However, the increasing supply of counterfeit and fake product in the market is hampering the growth of the market during the forecast period. Nevertheless, the significant growth of the geriatric population and the rising e-commerce sales in the dietary supplement industry are expected to create lucrative opportunities for the players in the global market. The global vitamin & mineral supplements market is highly competitive, with key industry players adopting various strategies such as expansions, acquisitions, and product launches to strengthen their market positions. Most companies in the market focus on expanding operations across regions, augmenting their capabilities, and building strong partnerships. The growth of market players is dependent on market conditions, government support, and industry development.
- Vitamins: Vitamins are mostly organic compounds, which are utilized by the body in very little quantity, to perform various metabolic activities. The consumption of unprocessed foods is the best source of vitamins. Moreover, the additional vitamin requirement is not fulfilled by the consumption of healthy diets hence, it requires additional supplements of vitamins. Besides that, the vitamin segment is further segmented into Vitamin A, Vitamin B, Multivitamins, and Others.
- Minerals: The Minerals are designed to improve the absorption process of the body and are bound with the chelating agent which are mainly amino acids or organic compounds, that aids in the iteration of minerals from other molecules. The Minerals are further bifurcated into Calcium, Magnesium, Iron, and Others.
- Powder: The powder form of vitamin & mineral supplements is mainly composed of MNPs (Multiple Micronutrient Powders). The MNPs are primarily designed in the form of single-dose packets that are composed of zinc, iron, and vitamins, along with various minerals. These MNPs are prepared in such a way that they can be blended with any semi-solid or liquid food for application at home or any place, to improve the nutritional value of the products.
- Capsules & Tablets: Tablets and capsules are considered the most common type of medication or pills, which is safer and more effective methods for the delivery of vital vitamins and minerals to individuals orally.
- Liquid: Liquid vitamins & minerals supplements have flexible doses, and this type of supplementation is good for kids and elderly populations. The liquid supplements easily get absorbed by the system in a very short interval of time.
- Others: For the analysis of other segments chewable, gummy, and bars have been considered. Chewable vitamins and minerals supplements are more advantageous as compared to the other forms. Chewable supplements easily get ingested and are consistent from tablets to tablets, gentle and simple for the stomach and intestine.
By End User
- Men: Rendering to the data published by the survey of CRN, which is based on the consumption of vitamin and mineral supplements, the study found that males are the most common category of gender that consumes dietary supplements.
- Women: According to the survey of the National Health and Nutrition Examination, in 2020, 77% of adult females consume dietary supplements. Females obtain 1.89mg and 10.87 mg of vitamin B6 daily from food and beverages and supplements.
- Unisex: The manufacturers operating in the vitamins and minerals supplement market have introduced various supplements for the consumption of both gender categories. For instance, UNIVIT- an immunity-boosting multivitamin for unisex consumption, is the product offered by Transformium Nutrition. UNIVIT offers various features that include it increases immunity, boosting energy, and enhancing the endurance of the body.
- Energy/Sports Nutrition: Energy/sports nutrition is an implementation of a diet that is designed to boost the performances of athletes. The best performance can be executed if the right amount of protein, carbohydrates, fats, fiber, etc. fluids, and nutrition are taken to maximize energy and assist in sports recovery.
- Weight Management: Weight management is a continuous process that requires the adoption of long-term modification in the lifestyle to maintain a healthy body weight in accordance with age, sex, and height. To maintain weight a proper healthy diet and exercise activity level are balanced.
- Immunity and Digestive Health: Immune & digestive health supplements permit the body to properly break the food materials and absorb vital nutrients that maintain the proper health and functioning of the body. A healthy body does not face the problem of constipation, heartburn, bloating, and more serious various ailments associated with digestive health.
- Anti-Cancer: Vitamin & mineral supplements play an important role in reducing the incidences of cancer among the population. These days, consumers have become inclined towards the consumption of vitamin & mineral supplements if they are suffering from cancer as well and a few of them are taking such supplements to prevent themselves from cancer.
- Skin Care: Nowadays, consumers are more concerned about their health, including skincare due to which people are consuming supplements. The most common skin concerns that a supplement can address for skincare are collagen production, acne, redness & inflammation, and overall skin health.
- Glycemic & Diabetes Management: With the increased public awareness of the harmful effects of diabetes and high blood sugar levels on the body, there is an increasing need for both diabetes treatment and prevention. Over time, having high blood sugar levels can lead to several issues, including renal illnesses, heart disease, stroke, and nerve damage.
- Others: The analysis of other segments of the vitamin and mineral supplements market are liver care, and heart health among others. Omega 3 fatty acid, folic acid, and Coenzyme are the three more common supplement to keep the heart healthy additionally some more supplement that helps in preventing heart diseases or reducing chances of cardiovascular risk are omega 6 fatty acid, L-arginine, L-citrulline, vitamin D, magnesium, zinc, and many more.
By Distribution Channel
- Supermarkets & Hypermarkets: Supermarkets & hypermarkets are large and fancy retail stores. Supermarkets & Hypermarkets are retail outlets that are operated on a self-service basis, selling grocery products, dairy, and health & wellness products such as vitamins & mineral supplements, and various other product categories as well.
- Chemist/Pharmacies: Chemists/pharmacies are the types of stores where all the prescribed and compounded medications are filled. Moreover, it also provides all OTC (On-The-Counter) medicines that are dispensed, prescribed, or compounded.
- Drugstores/Parapharamcies: Drugstores/Parapharamcies is one of the retail stores that offer drugs, beauty, and health products including prescription drugs, along with vitamins & mineral supplements. Most retail drug stores are a combination of pharmacy section to general retail stores, dealing with over-the-counter medication, beauty products, personal care, and many more.
- Online: The online retailing channel has gained more traction among consumers in the recent few years owing to the increasing trend of digitalization and internet applications across the globe.
- Others: The manufacturers operating in the vitamin & mineral supplements market have started direct selling their products to customers, and they are also targeting grocery stores as consumers visit these stores on a regular basis.
- North America: The vitamin & mineral supplement market in the region is mainly driven by surging demand from consumers of all age groups. At present, the increasing demand for vitamin & mineral-based functional health drinks from fitness & health enthusiasts are driving the growth in the region. Moreover, the region is also observing lucrative prospects for the vitamin & mineral supplement market owing to increasing product innovation by the manufacturers operating in the North American vitamin & mineral supplement market.
- Europe: The UK, Germany, France, Italy, Spain, and Rest of the Europe are the major countries that have been considered for the analysis of the Europe vitamin & mineral supplement market. Europe is likely to uphold a major share in the market for vitamin & mineral supplements, this is mainly due to the presence of a few of the key players having operations across the globe in the region followed by several strategies for the growth and development adopted by them to maintain their grip in the regional market.
- Asia-Pacific: The region is the highest populated nation across the globe and has several growing economies at a rapid pace. China, India, Japan, and other Asian nations are the major producers of raw materials for vitamin & mineral supplements. Besides that, the region also has numerous small, local, and global producers of vitamin & mineral supplements that have a strong supply chain in the region and around the world.
- Rest of the World: Middle East, Africa, and South America are the major demographic based on the rest of the world vitamin & mineral supplement market is analyzed. The rest of the world's vitamin & mineral supplement market is likely to observe a significant rate of growth in the coming years, owing to surging health consciousness across the demography.