Market Research Future (MRFR) presumes that the vitamin supplements market will be valued at USD 204.7 billion by 2026. From 2020 to 2026, the global market will be procuring a growth rate of 7.0%, further adds MRFR.
Key Boosters and Restraints:
The COVID-19 pandemic has paved the way for a higher demand for nutraceuticals and various supplements worldwide, given the consumers’ rising focus on their health and immunity. They are increasingly opting for products that promise to ward off infections and improve the immune system. Also, the declining demand for seafood, meat, and poultry products and the rise in consumption of plant-based products could elevate the demand for vitamin supplements in the following years.
Vitamin Supplements Market have numerous immunity-boosting properties and easily available at retail outlets, supermarkets and more, which will mean significant demand all through the assessment period.
The surging popularity of various e-commerce portals acting as a selling point for the manufacturers, due to benefits such as discounts and cash-on-delivery features will present attractive opportunities in the future. Strategic acquisitions, partnerships, investments, and mergers along with new launches followed by the renowned brands helps facilitate higher business growth.
To illustrate, in November 2021, Nature’s Bounty, a renowned name in the vitamin supplements segment, unveiled its newest advanced range of jellybean vitamins that meet with every wellness need of the consumers. This fruit-flavored jellybean form offers convenience to both kids and adults on Amazon.com as well as at popular retailers across the US, including Kroger, CVS, and Walmart.
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The market for vitamin supplements has been segmented into form, type, and distribution channel.
Forms listed in the review study include tablets, powder, capsules & soft gels, and others.
Types of vitamin supplements are Vitamin C, Vitamin B, Multivitamins, Vitamin D, and others.
The key distribution channels are store-based coupled with non-store-based.
North America heads the global market and will continue to be in the lead all through the evaluation period, given the robust presence of several affluent firms focused on offering superior-quality supplements to the massive consumer base. The government backing to the major players in the form of large-scale funds to carry out exhaustive research & development activities and the widespread knowledge about the benefits of consuming vitamin supplements can add to the North American market’s value.
Europe, the second highest gainer in the worldwide market, profits from the widespread availability of a variety of supplements and the huge awareness level about the product’s benefits among consumers. High healthcare expenditure coupled with the rise in government aid in terms of research & development will favor the European market. Surge in health consciousness among the mass and the resultant increase in the consumption of vitamin supplements with a host of nutritional benefits also strengthens the market position in the region.
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Asia Pacific will exhibit fast-paced growth over the years ahead, on account of the rapid advances in the healthcare industry, and the burgeoning patient population. Considerable healthcare spending, and the need to cut it down will enhance the market share as well. The vitamin supplements market will further benefit from the mounting product demand in fast-emerging economies such as China and India, along with the steadily growing retail sector across Indonesia, as well as Malaysia.
Plantafood Medical GmBH (Germany), Ekomir (Russia), Bayer (Germany), ADM (US), Amway (US), Herbalife Nutrition (US), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Pfizer (US), Glanbia (Ireland), American Health (US), Abbott Laboratories (US), XanGo (US), Anona GmBH (Germany), Pure Encapsulations (US), UST Manufacturing (US), Bionova Lifesciences (India), Arkopharma Laboratories (France), GlaxoSmithKline (UK), Capstone Nutrition (US), Carlyle Group (US), Nu Skin Enterprises (US), Nutraceutics (US), Bio-Botanica Inc. (US), are the top vitamin supplement developers in the global industry.
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