Vitamin Supplements Market Research, 2031
The global vitamin supplements market size was valued at $47.9 billion in 2021, and is projected to reach $98.6 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
The vitamin supplements market is segmented into End User, Type, Form and Distribution Channel.
Vitamin supplements are intended to supplement the regular diet by providing the daily essential nutritional value to the consumers. Vitamins help in body development and proper body functions. Vitamins function as hormones, coenzymes, and antioxidants that are essential for the proper functioning of the body. The changing food habits of consumers, busy and hectic life schedules, rise in employment levels, and rising awareness regarding the health benefits of consuming vitamin supplements are some of the prominent factors that are expected to boost the global vitamin supplements market growth in the forthcoming future. The busy and hectic schedule of people does not allow them to maintain proper diet, which leads to deficiency of essential nutrients in the body. Therefore, consumption of vitamin supplements is rising rapidly among the consumers to fulfil their daily nutrients and vitamins intake that keeps the consumer healthy and active.
Rising healthcare costs across the globe is a major factor that is expected to play a crucial role in boosting the vitamin supplements market demand. The actual costs of providing services related to the delivery of healthcare, including costs of procedures, therapies, and medications are known as healthcare costs. A rapid surge in healthcare costs has been witnessed globally. According to an article by the National Library of Medicine, healthcare cost is directly affected by macroeconomic indicators because an increase in income levels of a country allows governments to increase their revenue through tax. Public healthcare costs is influenced by inflation because it affects the prices of goods and services including costs of health-related materials. According to the report of the Tennessee Advisory Commission on Intergovernmental Relations, in the U.S., the overall cost of healthcare rose from 2017 to 2018, spending increased 4.6% to a total of $3.6 trillion. Due to such a rise in healthcare costs, people are shifting towards vitamin supplements to keep them healthy, so that they can avoid healthcare expenses. Therefore, the rising consumer expenditure in preventive measures is expected to drive the growth of the global vitamin supplements market.
Moreover, rise in geriatric population in developed and developing economies is expected to offer lucrative growth opportunities to the market players in the foreseeable future. Geriatric population is the major consumer of vitamin supplements. They need vitamin supplements to fulfil their nutritional requirement and strengthen their bones and other things. Better Health Channel of the Australian government stated that Vitamin E is often singled out as the potential fountain of youth. However, there is no evidence that taking large doses of any vitamin can stall or reverse the effects of ageing. According to United Nations by 2050, one in six people in the globe will be over age 65 years (16%), up from one in 11 in 2019 (9%). According to the U.S. Census Bureau, 54.1 million U.S. residents were 65 years or older on July 1, 2019. Such a huge geriatric population is expected to provide a great opportunity for the market to grow.
Furthermore, a significant rise in the penetration of the online pharmacies is significantly contributing towards the market growth. An online pharmacy is an internet-based vendor that sells medicines and includes both, legitimate and illegitimate pharmacies. It is easy for consumers to purchase vitamin supplements online as it provides them with a home delivery facility and consumers can get the information about the product while sitting at home. There is huge rise in the number of online pharmacies globally, in the past few years, owing to rising penetration of internet and digital devices. Online pharmacies like Apollo, Netmeds, Pharmeasy, and others provide various offers and discounts to consumers to lure them. Surge in number of online pharmacies is expected to provide an opportunity for the market to grow significantly.
According to the vitamin supplements market analysis, the market is segregated based on type, form, distribution channel, end user, and region. Based on type, the market is segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, and multivitamin. The Vitamin B segment is further bifurcated into Vitamin B1, Vitamin B2, Vitamin B3, Pantothenic Acid, Vitamin B12, and others.
Further, depending on form, it is bifurcated into tablet, powder, capsule, gummies, and others. On the basis of distribution channel, the market is classified into supermarkets and hypermarkets, retail pharmacy, online sales, and others. Based on end user, it is segmented into adult, geriatric, and others. Region-wise, the vitamin supplements market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
As per the vitamin supplements market forecast, based on type, Vitamin B is estimated to witness the highest CAGR of 9.0% during the forecast period. The B group vitamins such as B1, B2, B3, B5, B6, and B12 are essential for health and brain development. The rising demand for Vitamin B supplements in Europe and North America plays a crucial role in the growth of the Vitamin B supplements segment. According to the Indian Journal of Medical Research (IJMR), around 33% of the population in the U.S. and in several major nations of Europe like Denmark, UK, and Sweden regularly consume dietary supplements that boosts the growth of the vitamin B supplements market. Vitamin B complexes are very useful in the treatment of non-nutritional disorders, such as hyperlipidaemia and Wernicke–Korsakoff syndrome. Vitamin B supplements are recommended by physicians to people above 50 years of age to the women of childbearing age. Moreover, rising awareness among consumers regarding the benefits of Vitamin B supplements and its easy availability as over-the-counter (OTC) products are expected to significantly boost the growth of this segment during the forecast period.
According to the vitamin supplements market trends, on the basis of form, the tablet segment garnered around 42.2% of the vitamin supplements market share in 2021 and dominated the market. This dominance is attributed to the easy availability of vitamin supplement tablets as an over-the-counter product across various physical and online pharmacies along with modern trade channels like supermarkets and hypermarkets. The higher preference for vitamin supplement tablets among global consumers owing to the conveniences associated the oral route of drug administration has significantly boosted the growth of the tablet segment. Moreover, easy storage and transportation facilities associated with the tablet forms makes it a popular choice among both the manufacturers and consumers.
As per the vitamin supplements market opportunity, depending on the distribution channel, the online sales segment is expected to be the fastest-growing segment during the forecast period. The increase in penetration of various online portals in developed as well as developing regions and the rise in the number of offers or discounts also attract consumers to purchase period care products through online channels. The rise in penetration of various online portals in developing regions and the surge in the number of offers and discounts also attract consumers to purchase period care products through online channels. Moreover, online distribution channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales segment is expected to expand, owing to rapid growth in the number of online stores and mobile users in emerging markets. The technology attracts millennials and generation Z and is expected to influence the buying pattern of products. According to the United Nations Conference on Trade and Development (UNCTAD), the e-commerce sector's proportion of total retail sales increased from 16% to 19% in 2020.
By end user, the adult segment dominated the market with the highest revenue share in 2021. The presence of a huge the adult population across the globe, rising personal disposable income, changing food habits, and increasing expenditure on health and wellness products has led to the rapid growth of this segment in the global vitamin supplements market. Rising instances of vitamin deficiency and growing awareness about the health benefits of dietary supplements are driving the growth of the adult segment. According to the report of The Technical Group on Population Projections of the Indian government, the proportion of the population in the working age group 15-59 years is expected to rise from 60.7 per cent in 2011 to 65.1per cent in 2036. Most of the population which lies in this segment is too busy that they do not get time for the diet so they are opting for such supplements to fulfil their nutritional requirement. Due to such a huge population and increasing awareness regarding a healthy diet among the segment, the market for adult segment is expected to dominate the market during the forecast.
Region-wise, North America was the largest market in 2021. The region has the highest market share of 38.6% in 2021. North America is the major market for vitamin supplement market. Due to their increasingly unhealthy diets, rising disposable income, and access to a variety of processed and ready-to-eat foods, North Americans are becoming more obese and developing lifestyle-related ailments. Hence, consuming products like fortified, enhanced, enriched, and improved foods as well as nutritious supplements on a regular basis as part of a diversified diet may benefit health. Due to growing knowledge of their advantages for maintaining physical and total health, multivitamins have become a key component of the North America vitamin supplement market. The National Institute of Health U.S. stated that U.S. sales of all dietary supplements totalled an estimated $55.7 billion in 2020, including $21.2 billion for all supplements containing vitamins, minerals, or both, of which $8.0 billion was for multivitamins/minerals and multivitamins.
Players operating in the vitamin supplements industry have used a variety of developmental strategies to expand their market share, exploit the vitamin supplements market opportunities, and boost their profitability. The key players operating in the vitamin supplements industry include Amway Corp., American Health Formulations (AHF), FullWell, Garden of Life, LLC., Good Health New Zealand, Healthy Life Pharma (P) Limited, Klean Athlete, Llama Naturals, NOW Foods, Nordic Naturals, Olly PBC, Pharmavite, RBK Nutraceuticals, The Nature's Bounty Co., and Vital Proteins LLC.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the vitamin supplements market size, market segments, current trends, estimations, and dynamics of the vitamin supplements market analysis from 2021 to 2031 to identify the prevailing vitamin supplements market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vitamin supplements market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vitamin supplements market trends, key players, market segments, application areas, and market growth strategies.
Vitamin Supplements Market Report Highlights
Market Size By 2031
USD 98.6 billion
CAGR of 7.6%
2021 - 2031
By End User
By Distribution Channel
Key Market Players
Llama Naturals, American Health Formulations (AHF), Olly PBC, Garden of Life, LLC, pharmavite, RBK Nutraceuticals, nordic naturals, Good Health New Zealand, Amway Corp, The Nature's Bounty Co., HEALTHY LIFE PHARMACEUTICALS PRIVATE LIMITED, fullwell_llc, now foods, Klean Athlete, VITAL PROTEINS, LLC
Players operating in the vitamin supplements market have adopted key developmental strategies such as product launch and acquisition to fuel demand for vitamin supplements in the market, in terms of value sales. The market will see significant growth owing to the increasing concern toward a healthy diet among consumers. The entrance of new players with developments and new products in the market will help the market to grow since it will provide wider variety of choices to consumers. For instance, an U.S. bases startup named, KalibrateV has entered the market with the idea of providing personalized vitamin supplements to consumers after their blood test. The company conducts a blood test every 90 days so that they can re-calibrate vitamin dosage. Such an initiative is expected to boost the market growth as it will give the consumer a feeling of personalization and along with the feeling of personalization, it will also benefit them more as the products are manufactured according to their body needs.
Moreover, the new players like Multiply Labs that allows the consumer to adjust the time-of-day components of the pill are released into the body is gaining a rapid traction among the consumers. The company is introducing robotic systems, which will manufacture individualized medicines. Introduction of the robotic system to the market as the manual process is more time-consuming. The robotic system is expected bring new enhance the production output by increasing the efficiency of the manufacturing process.