Vitamins Market Size was valued at USD 4.8 billion in 2022. The Vitamins market industry is projected to grow from USD 5.1504 Billion in 2023 to USD 7.860303064 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2030). Consumers increasingly embrace vitamins as part of their daily routine as their interests and worries about personal health and well-being grow the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Food & beverages, animal feed, personal care, and pharmaceuticals & nutraceuticals are the various industries that found the Application of vitamins. Vitamin contains carbon and is an essential nutrient for human and animal bodies. The 13 types of vitamins are used in end-use industries such as vitamin A, vitamin B1, vitamin B2, vitamin B3, vitamin B5, vitamin B6, vitamin B7, vitamin B9, vitamin B12, vitamin C, vitamin D, vitamin E, and vitamin K which are having different functions. Among them, B vitamins are used in wider applications of food & beverages and work strongly towards disease prevention and general health, which is the major driver for the growth of the vitamin market. Vitamin supplements are meant to add nutritional value to consumers and regular diets. Vitamins support healthy body development and bodily operations. The organism's normal functioning depends on the hormones, coenzymes, and antioxidants that vitamins serve. Consumers' shifting eating patterns, hectic daily schedules, increased employment, and growing knowledge of vitamin supplements' health benefits are key factors anticipated to expand the worldwide vitamin supplements market. People's stressful and busy schedules prevent them from maintaining a proper diet, which causes the body to lack vital nutrients. Hence, consumers have a sharp increase in vitamin supplement intake to fulfill their daily nutrient and vitamin intake that keeps them healthy and active, another factor driving the growth of the Vitamins market revenue. Therefore, these application has recently enhanced the vitamins market CAGR globally.
The vitamins market segmentation, based on type, includes Vitamin B, C, E, and Others. The Vitamin B segment held the majority share in 2022 contribution concerning the Vitamins market revenue. This is a water-soluble vitamin that plays a major role in cell metabolism. Vitamin B is found in various sources like eggs, liver & flesh, yeast, and vegetables. Â Â
February 2020: One of the leading companies, DSM, invested in a high-tech, fully automated packing line for vitamin C production to provide customers with enhanced traceability, reliability, and quality.
June 2018: one of the top key players, ADM, started a wide range of animal and human nutrition product lines into a single nutrition business unit used for the company’s health & wellness business, including innovative products like Novatol Vitamin E 1490PH.
The vitamins market segmentation, based on source, includes Synthetic, Natural. The natural segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the substances obtained from raw plant or animal materials using physical, microbiological, or enzymatic processes contain these natural vitamins. Due to the growing demand for clean-label products, the demand for natural vitamins increases. Hence, rising applications of natural Vitamins positively impact market growth.
Figure 1: Vitamins Market, by Source,2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Vitamins market data has been bifurcated by Application into Food & Beverages, Pharmaceutical & Nutraceutical, Animal Feed, and Personal Care. The Pharmaceutical & Nutraceutical segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Adopting new technologies and treatments, excessive use of procedures and tests, quality of medical services, and lack of transparency and information on prices are the factors that increase the price for the healthcare sector.
August 2019: GlaxoSmithKline plc. completed the transaction for a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical company. The joint venture combined the nutrition brands of both companies, including Sensodyne, Panadol, and Voltaren from GSK and Centrum, Advil, and Caltrate from Pfizer. A joint venture has been formed to build a world-leading consumer healthcare business with stronger sales, improved cash flow, and a larger income contribution. This approval has further broadened the growth opportunity for the Vitamin industry.
October 2019: DSM announced its production of vitamin B6 in its facility in two places which are Xinghuo, China, and Grenzach, Germany.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Vitamins market accounted for USD 4.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of Consumers increasingly embracing vitamins as part of their daily routine as their interests and worries about personal health and well-being grow across the Region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: VITAMINS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Vitamins market accounts for the second-largest market share because Europe is estimated as a lucrative region for vitamin manufacturers. During the forecast period, product development, the growing prevalence of vitamin deficiency, and technological up-gradation are the factors expected to drive the growth of the functional beverages market in European countries. Further, the German Vitamins market held the largest market share, and the UK Vitamins market was the fastest-growing market in the European Region.
The North-America Vitamins Market is expected to grow at the fastest CAGR from 2022 to 2030. Consumers increasingly embrace vitamins as part of their daily routine as their interests and worries about personal health and well-being grow market. Moreover, consumers are currently looking for herbal dietary supplements because of the rising availability of counterfeit products in the Vitamins market. Dietary supplements were used by 31% of children in the United. Hence, North- America is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Vitamin market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide 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 industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the Vitamin industry to benefit clients and expand the market sector. The Vitamins industry has provided medicine with some of the most significant benefits in recent years. The Vitamins market major player such as DSM (Netherlands), BASF SE (Germany), Lonza Group (Switzerland), Glanbia Plc (Ireland), ADM (US), Farbest Brands (NJ), SternVitamin GmbH & Co. KG (Schleswig-Holstein), Adisseo (France), BTSA Biotechnologies Aplicadas S.L. (Spain), Rabar Pty Ltd (Australia), and others are working on expanding the market demand by investing in research and development activities.
GSK plc, formerly GlaxoSmithKline plc, is a British multinational pharmaceutical and biotechnology company with headquarters in London, England. GlaxoSmithKline plc. completed the transaction for a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical company. The joint venture combined the nutrition brands of both companies, including Sensodyne, Panadol, and Voltaren from GSK and Centrum, Advil, and Caltrate from Pfizer. A joint venture has been formed to build a world-leading consumer healthcare business with stronger sales, improved cash flow, and a larger income contribution.
DSM is a global, purpose-led leader in health and nutrition, applying bioscience to improve the health of people, animals, and the planet. DSM’s purpose is to create brighter lives for all we achieve through developing products and solutions that address some of the world’s biggest challenges while simultaneously creating economic, environmental, and societal value. DSM announced its production of vitamin B6 in its facility in two places which are Xinghuo, China, and Grenzach, Germany
Vitamins Industry Developments
August 2019: GlaxoSmithKline plc. completed the transaction for a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical company. The joint venture combined the nutrition brands of both companies, including Sensodyne, Panadol, and Voltaren from GSK and Centrum, Advil, and Caltrate from Pfizer. A joint venture has been formed to build a world-leading consumer healthcare business with stronger sales, improved cash flow, and a larger income contribution.
February 2020: One of the leading companies, DSM, invested in a high-tech, fully automated packing line for vitamin C production to provide customers with enhanced traceability, reliability, and quality.
June 2018: one of the top key players, ADM, started a wide range of animal and human nutrition product lines into a single nutrition business unit used for the company’s health & wellness business, including innovative products like Novatol Vitamin E 1490PH.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.8 billion |
| Market Size 2023 | USD 5.1504 billion |
| Market Size 2030 | USD 7.860303064 billion |
| Compound Annual Growth Rate (CAGR) | 7.30% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Source, By Application, By Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | DSM (Netherlands), BASF SE (Germany), Lonza Group (Switzerland), Glanbia Plc (Ireland), ADM (US), Farbest Brands (NJ), SternVitamin GmbH & Co. KG (Schleswig-Holstein), Adisseo (France), BTSA Biotechnologies Aplicadas S.L. (Spain), Rabar Pty Ltd (Australia) |
| Key Market Opportunities | Growing Health consciousness among the people |
| Key Market Dynamics | Wide range of end-use applications |
Vitamins Market Highlights:
Frequently Asked Questions (FAQ) :
The Vitamins market size was valued at USD 4.8 Billion in 2022.
The market is projected to grow at a CAGR of 7.30% during the forecast period, 2022-2030.
Asia – Pacific had the largest share of the market
The key players in the market are DSM (Netherlands), BASF SE (Germany), Lonza Group (Switzerland), Glanbia Plc (Ireland), ADM (US), Farbest Brands (NJ), SternVitamin GmbH & Co. KG (Schleswig-Holstein), Adisseo (France), BTSA Biotechnologies Aplicadas S.L. (Spain), Rabar Pty Ltd (Australia).
The Vitamins B category dominated the market in 2022.
Pharmaceutical & Nutraceuticals had the largest share of the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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