Vitamin Supplements Market Size was valued at USD 120.6 billion in 2023. The vitamin supplements industry is projected to grow from USD 129.04 billion in 2024 to USD 207.21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024 - 2032). Increasing health consciousness and expansion of fitness centers and health clubs are the key market drivers enhancing the market growth of vitamin supplements.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Consumers seek cutting-edge, nutritious products to avoid coronavirus symptoms, including shortness of breath, chest pain, diarrhea, exhaustion, etc. Protein, pediatric 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 of vitamin supplements. According to a report published by Wright Enrichment Inc. in 2018, herbs and botanicals increased by 6.7% in the nutraceuticals market in 2017 and are expected to do so.
Over the past few years, consumer spending on vitamin supplements has increased due to the world's expanding geriatric and pediatric populations. The overproduction of vitamin supplements has increased competition in the market; thus, various food standards and governments are revising the laws and approvals. The effectiveness of production and marketing activities has also increased due to customers' growing interest in preventative healthcare items. To support these products, manufacturers rapidly integrate cutting-edge technology with excellent production efficiency. The market for vitamin supplements will rise over the coming years due to greater customer acceptability and product innovation.
Customers are paying more attention to individualized medicines and treatment due to expanding internet dependence and rising vitamin supplements industry volatility in the health supplement sector. The internet is an essential purchasing channel that lowers barriers to market access for dietary supplements. 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, enhanced the vitamin supplements market CAGR across the globe in the recent years.
Additionally, the growing senior population in both developed and emerging economies is anticipated to provide market players with lucrative growth prospects shortly. The majority of vitamin supplements consumer are older people. They need vitamin supplements to meet their nutritional needs, build stronger bones and do other things. According to the Australian government's Better Health Channel, vitamin E is frequently mentioned as a potential fountain of youth. By 2050, one in six people will be over 65 (16%), up from one in eleven (9%), according to the United Nations. On July 1, 2019, 54.1 million Americans were 65 years of age or older, according to the U.S. Census Bureau, another factor driving the growth of the vitamin supplements industry revenue.
The vitamin supplements market segmentation, based on type, includes Vitamin B, Vitamin C, Vitamin D, Multivitamins, and others. The multivitamins segment held the majority share in 2021 of the vitamin supplements industry revenue. Minerals, vitamins, and occasionally additional substances are combined in multivitamin supplements. Over 2 billion individuals suffer from vitamin and mineral deficiencies globally, according to the World Health Organization. Multivitamin pills, which offer full nutrients to maintain energy levels, are essential for many athletes to perform at their peak. The importance of the nutritional benefits of multivitamin supplements has been made clear to consumers through various awareness campaigns about healthy eating launched by governments, non-governmental organizations, and businesses all over the world which are expected to fuel market growth.
The vitamin supplements market segmentation, based on form, includes tablets, capsules & soft gels, powder, and others. The tablets segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. Adults all over the world frequently consume vitamins in tablet form. Although the natural coating offers greater solubility, other elements that affect the efficacy and quality of the absorption also play a role. Throughout the forecast period, these variables are anticipated to increase demand for vitamin supplements in tablets, positively impacting the market growth.
The vitamin supplements market data has been bifurcated by the distribution channel into store-based and non-store-based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. The hypermarkets/supermarkets sector accounted for the greatest revenue share in this industry. In supermarkets and hypermarkets, a designated area or shelf for wellness products makes it simple for customers to locate the brand they want, which is a major driver of the market's expansion.
Figure 2: Vitamin Supplements Market by Distribution Channel, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Vitamin Supplements market accounted for USD 39.32 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to their increasingly unhealthy diets, rising disposable income, and accessibility to a wide range of processed and ready-to-eat foods, North Americans are experiencing an increase in obesity and lifestyle-related disorders.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: VITAMIN SUPPLEMENTS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe vitamin supplements market accounts for the second-largest market share. The demand for vitamins and supplement products in this region is driven by an aging population increase and consumers' increased spending on health and wellness items in European nations. However, several regional government restrictions rigorously oversee the market. Further, the Germany market of vitamin supplements held the largest market share, and the UK vitamin supplement market was the fastest-growing market in the European region.
The Asia-Pacific Vitamin Supplements Market is expected to grow at the fastest CAGR from 2022 to 2030. 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. Moreover, China vitamin supplements industry held the largest market share, and the India vitamin supplement market was the fastest-growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the vitamin supplements market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the vitamin supplements industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the vitamin supplements industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the vitamin supplements industry has provided some of the most significant benefits. The vitamin supplements market major player such as Amway (US), ADM (US), Ekomir (Russia), Abbott Laboratories (US), and others are working on expanding the market demand by investing in research and development activities.
Amway is a multi-level marketing (MLM) company based in the United States that distributes home care, beauty, and health products. Amway and its affiliated businesses under Alticor reported $8.4 billion in sales for 2019. It operates through several linked companies in over a hundred countries and territories. In November 2019, Amway contributed $200 million to establish a Chinese development center for nutritional enhancements. It benefited the organization's expansion and the ability to create specially crafted arrangements.
Also, American medical device and healthcare corporation Abbott Laboratories is headquartered in Abbott Park, Illinois. Wallace Calvin Abbott, a Chicago doctor, began the business in 1888 to create well-known drugs; now, it sells branded generic medications, nutritional supplements, medical devices, and diagnostics. In October 2020, Abbott Laboratories delivered meal supplements flavored with strawberries in India. It will support the company's array of nutritional improvements.
Vitamin Supplements Industry Developments
Amway: New Product Launch: Amway India launched a new multivitamin and multimineral supplement called Nutrilite Daily Plus in October 2023. This product highlights Amway's continued focus on core vitamin and mineral supplementation.
January 2020: Franchise Group, Inc. launched Vthrive as a new product to increase the variety of vitamins, proteins, and supplements available under the brand.
May 2020: Homart Pharmaceuticals introduced three different vitamin C products under the Toplife and Springleaf brands to meet the increasing demand for immune-related products.
August 2022: New Gold Standard Protein Shake from Optimum Nutrition, a Glanbia Performance Nutrition brand. Vanilla and chocolate are the flavors of the new beverage. There are 24 grams of protein in every serving.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 120.6 billion |
| Market Size 2024 | USD 129.04 billion |
| Market Size 2032 | USD 207.21 billion |
| Compound Annual Growth Rate (CAGR) | 7.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Form, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Amway (US), ADM (US), Ekomir (Russia), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Herbalife Nutrition (US), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Pfizer (US), Bionova Lifesciences (India), XanGo (US), Anona GmBH (Germany), Pure Encapsulations (US) |
| Key Market Opportunities | Extending veggie-lover populace |
| Key Market Dynamics | Increasing health consciousness, Expansion of fitness centers and health clubs |
Vitamin Supplements Market Highlights:
Frequently Asked Questions (FAQ) :
The vitamin supplements market size was valued at USD 120.6 Billion in 2023.
The vitamin supplements market is projected to grow at a CAGR of 7.00% during the forecast period 2024-2032.
North America had the largest share in the market of vitamin supplements.
The key players in the market of vitamin supplements are Amway (US), ADM (US), Ekomir (Russia), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Herbalife Nutrition (US), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Pfizer (US), Bionova Lifesciences (India), XanGo (US), Anona GmBH (Germany), Pure Encapsulations (US), and UST Manufacturing (US).
The multivitamins category dominated the market of vitamin supplements in 2023.
Tablets had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
