ID: MRFR/F-B & N/0215-CR | February 2020 | Region: Global | 126 pages
According to MRFR, the Global Vitamin Supplements Market has seen substantial growth and is expected to expand by USD 30.52 billion over the review period (2018 to 2025) at a CAGR of 6.65 percent. The need for vitamin supplements is supported by rising wellness literacy and the proliferation of fitness centres and health clubs.
In patients battling COVID-19 and other respiratory tract diseases, vitamin supplements are an effective and low-cost approach to help improve optimum immune function. The effect of the new COVID-19 pandemic and other diseases may be minimised by a dietary emphasis on the immune system. Therefore, the launch of lifestyle vitamin supplements is projected to fuel market growth.
A major factor hindering the development of the vitamin and mineral supplement industry is the fragmentation of supply chains for the manufacture of supplements. The epidemic of COVID-19 has resulted in stringent containment initiatives including social distancing and remote working and the closing of factories and other economic operations. The whole supply hain from manufacturing to foreign trading has been affected. The economic downturn triggered by COVID-19 also impacts dietary supplements by interfering with delivery networks.
Growing Demand from Sports Nutirition Sector To Fuel Market Growth
Consumer demand has been influenced by factors such as increasing health issues and evolving diets and eating patterns. An optimistic vision for the sports nutrition sector is also one of the key motivating forces. An rise in the number of sporting competitions globally enables athletes to rely on physical strength. The need for vitamin supplements is also projected to fuel an increase in the number of sports complexes and gyms. The factors anticipated to propel demand growth over the projected period are increasing urbanisation and an improvement in disposable income along with rising understanding of health problems. Owing to the increased prevalence of cardiovascular diseases and the number of weight loss services, favourable opportunities for medical supplementation are projected to raise the market for vitamin supplements in the coming years.
Growing Adoption of E-commerce to Create Growth Avenues for the Key Players
The increasing value of e-commerce platforms as a marketing tool for nutraceutical manufacturers is expected to open new avenues over the review period due to the availability of access to goods through key advantages, including attractive discounts and cash-on-delivery features.
Stringent Government Policies Impedes Market Growth
Strict government regulations, on the other hand, create difficulties in the production of producers of vitamin supplements worldwide.
Global Vitamin Supplements Market has been analyzed on the basis of Form, Type, Distribution Channel, and Region.
On the basis of type, the global vitamin supplements market has been segmented into vitamin D, vitamin B, multivitamins, vitamin C, and others. The global vitamin supplements industry was dominated by the multivitamins segment in 2018. Over the past few decades, the popularity of multivitamins has grown.
The demand was divided into tablets, capsules & soft gels, powder, and others by form. In 2018, the tablets, capsules & soft gels segment elicited the largest share of the global market for vitamin supplements. In general, tablets are low in price and offer high-power options. When compared to the other types of vitamin supplements, tablets have a longer shelf life.
Based on the Distribution Channel
Based on the distribution channel, the global vitamin supplements market has been divided into store-based and non-store-based. Supermarkets & hypermarkets, specialty shops, and others are further sub-segmented into the store-based segment. The store-based segment accounted for the largest share in 2018 and a CAGR of 6.49% is expected to be reported during the forecast period.
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
North America leads Owing to Growing Product Demand
Attributed to the increasing importance of healthy lifestyles and increasing awareness of the benefits of protein consumption, increased demand for sports quality products is projected to play a crucial role in encouraging the adoption of vitamin supplements in North America. In Mexico, growing awareness of the benefits of nutritious products due to new product releases is projected to encourage the scale of implementation in the near future. In addition, raising understanding of protein intake to preserve muscle mass and maintain adequate levels of nutrition among middle-aged adults in developing countries, including the United States and Canada, is expected to raise product demand over the coming years.
APAC to account as Fastest Growing Region
Asia Pacific is expected to become more aware of the value of a balanced diet in countries such as China and India and is considered one of the fastest expanding markets for vitamin supplements due to the increasing urban population and the expansion of disposable income. Moreover, several major players have entered Asia Pacific with a view to fulfil the growing requirements of vitamin supplements in this region. remain a favorable factor for the Asia Pacific. In addition, growth in the retail sector in emerging markets, including India, Indonesia, China and Malaysia, is projected to fuel regional demand over the forecast years, in the light of regulatory support for investment promotion alongside government initiatives.
Germany to Lead Europe Market
In Europe, protein intake in developing countries, such as Germany and the United Kingdom, is growing. is required to encourage the use of amino acids for the manufacture of dietary supplements. In addition, growing sales of multivitamin products, especially vitamin B and C, are expected to have a strong effect on growth in the near future, considering their increasing acceptance among the working population and bodybuilders.
Key Players focus on Product Development to Expand their Business Standing
There is a high level of competition among the market players in terms of product quality and product variety. The key players invest in research and development to bring about innovation in their product lines and make product development a priority to meet changing consumer preferences. The vitamin supplements sector has also become a very dynamic industry and this factor is advantageous to the market analysed as firms gain opportunity to develop their presence. In addition, major market players are concentrating on the extension of their regional presence. Innovative campaigns to build high recognition among customers are often stressed by manufacturers.
December 2020: Immunotype, a DNA-based supplement that addressed the human immune system at the genome level, was introduced by Caligenix, a leading genetic wellness brand. Immunotype is an immune supplement that incorporates the most commonly studied bioavailable vitamins, minerals, and herbs and is validated by years of clinical trials and experimental tests to validate its effectiveness.
December 2020: With the introduction of Immune 24 Hour +, a special, one-of-a-kind supplement that included the only vitamin C with 24-hour immune support, Nature's Bounty, a global market pioneer with an established track record of health and wellness experience, extended its immune support portfolio.
By Distribution Channel
Frequently Asked Questions (FAQ) :
Vitamin supplements market CAGR would be 8.44% during the forecast period.
Vitamin supplements market valuation would be USD 45.3 billion.
Overdose of supplements can cause side-effects and can prevent growth of vitamin supplements market.
The forms included in vitamin supplements market report are tablets & capsules, powders, liquid, and gummies.
North America would dominate vitamin supplements market.