ID: MRFR/F-B & N/7344-CR | 111 Pages | Published By Snehal Singh on February 2021
Vitamin and Mineral Supplements Market is expected to register a CAGR of 6% and reach USD 195 Billion. Increased demand for vitamins in daily diets and an increase in the number of health-conscious customers are predicted to drive the market. The market is expected to grow in acceptance of mineral supplements to manage chronic ailments due to the high prevalence of chronic diseases such as cancer, osteoporosis, anaemia, and osteoporosis among the population. Key market participants are concentrating on creating innovative products and studying exotic ingredients in addition to the growing awareness of the advantages of mineral supplements. According to forecasts, the vitamin & mineral supplements size will grow to approximately USD 195 Billion by 2030. The popularity of plant-based products is expanding, which presents further market expansion potential. Additionally, customers are choosing individualized preventative goods and services for managing metabolic illnesses rather than curative health management techniques, which is helping the market expand. Growing government measures to encourage a healthy lifestyle also expand the market. The spread of eating a nutritious diet is one of the main obstacles in the market for vitamin & mineral supplements.
COVID-19 Impact Analysis
The COVID-19 outbreak resulted in resource restrictions, increased remote work and social distance, the shutdown of companies, and other economic activity. From production to trade, the entire supply chain was impacted. With the disruption to distribution networks caused by COVID-19, dietary supplements are now being impacted. Although the food and beverage business are experiencing severe market closure and declining consumer preferences, the demand for healthy and nutritional products has increased in the nutraceuticals sector. Customers are looking for these solutions to strengthen their bodies natural defences in the wake of the COVID-19 pandemic. As a result, introducing COVID-19 will probably increase the demand for vitamin supplements.
Vitamin & Mineral Supplements Market Dynamics
Expanding the livestock industry in developing nations is one of the key factors anticipated to fuel market growth during the forecast period. Additionally, it is anticipated that the rising need for nutrients from monogastric animals will stimulate the market for vitamin and mineral supplements. On the other hand, it is further anticipated that the regulatory control over subsidiary usage limitations in the absence of understanding will hamper the market's growth in the timeline period.
Customers are paying more attention to individualized medicines and treatment due to expanding internet dependence and rising industry volatility in the health supplement sector. One of the essential purchasing channels that lower barriers to market access for dietary supplements are the internet. To provide a hassle-free buying experience, manufacturers are concentrating on delivering vitamins, minerals, and supplements through internet channels. The expansion of the vitamins and dietary supplements (VDS) industry is anticipated to be pushed by dietary supplement products, which now account for more than 25% of the worldwide nutraceuticals market, according to a report released by World Food India.
The market has been experiencing numerous problems over the past few years due to the existence of several rules and procedures before the product introduction. Vitamin and supplement producers must provide a sample and a statement that the product is reasonably anticipated to be safe for sale. Extensive product testing is required under Dietary Supplement Health and Education Act of 1994 (DSHEA), which prolongs the market's operational process. As a result, the tax structure has also increased by 5–10% over the previous few years, limiting market expansion.
To avoid coronavirus symptoms, including shortness of breath, chest pain, diarrhoea, exhaustion, and others, consumers are looking for cutting-edge, nutritious products. Protein, paediatric nutrition, sports nutrition, multivitamins, and other items that would lower health risks are in high demand in the nutraceuticals sector. Manufacturers promote the benefits of organic herbs and botanicals by delivering immunity boosters to the market.
Vitamin & Mineral Supplements Market Segmentation
The vitamin & mineral supplements market segmentation, based on type, is multivitamins, calcium, supplements, and others. In 2021, the multivitamin market category held a commanding share of worldwide sales. The importance of the nutritional benefits of multivitamin supplements has been made clear to consumers through various awareness campaigns about healthy eating that governments and non-governmental organizations have launched, and businesses worldwide are expected to fuel market growth. In 2021, calcium contributed a significant share of the total revenue. This is explained by the rising prevalence of osteoporosis worldwide, particularly in females and the elderly population.
The vitamin & mineral supplements market segmentation, based on form, is the capsule, tablet, powder, and liquid/gel. The vitamin & mineral supplements market growth was prominently high under the capsule sector. With its digestion and intestinal dissolution properties, the capsule works admirably when it comes to oral medication in the vitamins and supplements sector. Tablets, the second-largest group by form, are made up of chemicals that bind the constituents of pills together and give consumers a choice in taste and texture. Consequently, it absorbs into the body more gradually than capsules.
Global Vitamin & Mineral Supplements Market Share by Region, 2021 (%)
Vitamin & Mineral Supplements Market Overview by Region
By region, the vitamin & mineral supplements market has been categorized into Asia-Pacific, North America, Europe, and Rest of the World. The fastest CAGR is anticipated for North America during the review period. The largest share of the market was in Asia Pacific.
The market's largest market share, valued at USD 54.44 billion in 2021, is held by Asia Pacific. In Asia Pacific, nutritional food is more well-established and developed, mostly due to consumers' growing knowledge of and concerns about malnutrition. Due to consumers' extensive use of traditional medicine, China and Japan are the two largest marketplaces in the region. Additionally, the rising disposable income of middle-class customers in the area enables them to spend more on health-related products. Government programs to alleviate micronutrient deficiencies have a hand in this market's expansion.
The U.S.'s rising multivitamin and mineral supplement consumption is expected to fuel the growth of the North American industry. North American nations, including the U.S. and Mexico, have started to accept healthy dietary habits despite their demanding work schedules. The demand for various vitamins and supplement items is growing in these nations as customer demographics constantly change. Some of the most common consumer intakes to aid in the market expansion in the area are fish oil and calcium supplements.
Vitamin & Mineral Supplements Market Competitive Landscape
There are tier-1, tier-2, and local companies in the market. The market's leading companies are investing more money in R&D projects to create new vitamin supplements in various flavors and forms. For instance, in February 2022, Amway India, an FMCG direct-selling corporation, launched nutrition supplements in contemporary, tasty, easy, and simplified formats, such as flavourful candies and mouth-dissolving jelly strips under its flagship brand Nutrilite. This new line of goods is intended to fit modern lifestyles, particularly those of busy young millennials. This line of on-the-go supplements is expected to boost Amway's nutrition offering. Furthermore, in August 2021, Nestlé Health Science completed its procurement of the core brands of the Bountiful Co., including Nature's Bounty. This acquisition will strengthen Nestlé's position in the nutritional supplement sector. Nestlé intends to expand its mineral, vitamin, and herbal product portfolio through various acquisitions.
Prominent players in the vitamin & mineral supplements market research include The Nature's Bounty Co. (US), Glanbia PLC (Ireland), Herbalife Nutrition Ltd. (US), Abbott Laboratories (US), Amway Corp (US), Bayer AG Germany), GlaxoSmithKline plc (UK), Otsuka Holdings Co. (Japan), Nature's Way Products LLC (US), and Nu Skin Enterprises Inc. (US).
Scope of the Vitamin & Mineral Supplements Market Report
Objectives of the Study
The study's objectives are outlined in five stages. They are as mentioned below:
Vitamin & Mineral Supplements Market Forecast & Size:
To determine and evaluate the market's size for the vitamin & mineral supplements market report is segmented by type and form by value (in US dollars). Additionally, to comprehend the need for and consumption by consumers in vitamin & mineral supplements market forecast between 2022 and 2030
Market Landscape and Trends:
To determine and infer the drivers, restraints, opportunities, and challenges in the vitamin & mineral supplements market growth
Market Influencing Factors:
To find out the factors which are impacting the vitamin & mineral supplements market size among the consumers
Impact of COVID-19:
To determine and understand the various factors involved in the market affected by the pandemic
To provide a detailed information into the leading market players operating in the market. The company's financial performance during the last two to three years will be described, along with product offers, recent developments, SWOT assessments, and significant business efforts.
|Market Size||USD 195 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Growth Factors, Competitive Landscape, and Trends|
|Segments Covered||Type and Form|
|Geographies Covered||Europe, North America, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Bayer AG (Germany), Nu Skin Enterprises Inc. (US), Amway Corp (US), and Glanbia PLC (Ireland)|
|Key Market Opportunities||A new trend is a demand for herbal supplements for immune system improvement.|
|Key Market Drivers||Intensifying self-directed care and improving access to expand market|
The market forecast period is 2022 - 2030
A CAGR of ~6% is anticipated for the market in the upcoming ten years, according to the market research.
Asia Pacific is predicted to have the highest CAGR during 2022 - 2030
In 2021, Asia Pacific accounted for the biggest proportion
The market size is expected to be USD 195 Billion by 2030.
Bayer AG (Germany), Nu Skin Enterprises Inc. (US), Amway Corp (US), and Glanbia PLC (Ireland) are the largest businesses present on the world market.