Vitamins and Supplements Market Size, Share, Growth Drivers, 2032

Market Overview-

The global vitamins and supplements market was valued at USD 146.14 billion in 2023 and is expected to grow from USD 154.98 billion in 2024 to USD 250.81 billion by 2032, reflecting a CAGR of 6.20% during the forecast period. In the U.S., the market is set for significant expansion, projected to reach USD 27.74 billion by 2032, driven by increasing consumer preference for health-conscious choices amid busy lifestyles and rising demand for various vitamin and supplement products. Asia Pacific led the industry in 2023, holding a dominant market share of 45.78%.

A list of prominent vitamins and supplements companies operating in the market:

• Bayer AG (Leverkusen, Germany)

• Koninklijke DSM N.V. (Heerlen, Netherlands)

• Archer Daniels Midland Company (Illinois, U.S.)

• BASF SE (Ludwigshafen, Germany)

• Glanbia, Plc (Kilkenny, Ireland)

• Nuleaf Naturals LLC. (Colorado, U.S)

• Herbalife Nutrition (California, U.S.)

• Reckitt Benckiser Group plc (Slough, U.K.)

• NutraMarks Inc. (California, U.S.)

• Otsuka Pharmaceutical (Tokyo, Japan)

Segments-

Multivitamins Segment Earned 35.21% in 2023: Fortune Business Insights™

Based on the type, this market is divided into pediatric supplements, calcium supplements, multivitamins, and others. Out of these, the multivitamins segment held 35.21% in terms of the vitamins and supplements market share in 2023. This growth is attributable to the increasing consumption of vitamin A, C, E, & D to reduce deficiencies of micronutrients.

Source: https://www.fortunebusinessinsights.com/vitamins-and-supplements-market-104051

Report Coverage-

Our skilled analysts have presented an accurate picture of the global market for vitamins and supplements by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant market influencers. Thus, the data is reliable and comprehensive. It was collected through extensive primary and secondary research.

Drivers & Restraints-

Increasing Awareness of Preventive Healthcare Products to Augment Growth

The global population of children and senior citizens is growing daily. This has strengthened people's expenditures on vitamins and dietary supplements (VDS). Regulatory bodies of various countries are modernizing their norms on the production of vitamins and supplements. Besides, the rising awareness regarding preventative healthcare products among consumers is expected to propel marketing and production efforts by renowned firms.

Furthermore, numerous manufacturers worldwide utilize unique technologies to meet the high demand. At the same time, the rapid acceptance of such products would bolster the vitamins and supplements market growth. However, these products must go through the Dietary Supplement Health and Education Act of 1994, which can result in procedural delay. This factor may hinder the demand for supplements & vitamins.

Regional Insights-

High Demand for Traditional Medications to Favor Growth in Asia Pacific

In 2023, Asia Pacific generated USD 66.90 billion in terms of revenue. Adopting the concept of nutritional food items in the region due to the rising concerns regarding malnutrition would aid growth in this region. Japan and China are considered to be the leading markets because of the high demand for conventional medicines. In North America, the market is set to grow astonishingly on account of the rising acceptance of healthy intake during hectic work schedules, especially in Mexico and the U.S.

Competitive Landscape-

Key Players Aim to Conduct R&D Activities to Introduce Novel Vitamins & Supplements

Key Companies operating in this market are striving to strengthen their positions by conducting extensive research and development activities. Some of the others are trying to cater to the high demand created by the COVID-19 pandemic.

Below are two latest industry developments:

May 2023 - SmartyPants Vitamins announced the launch of the new version of the company's gummy products, multivitamins without gelatine, which will be available nationwide in Walmart stores.