Vitamin Supplements industry Share, Analysis, Growth, overview and forecast to 2030.
Market Dynamics
The need for vitamin supplements
is supported by the rise in health awareness, the expansion of health centres
and the development of the exercise industry. Product demand is being driven by
the rising popularity of eating habits and the growth of health related
concerns. A good mindset for sports nutrition can also be driven by the passion
to support others. Rise in competition in the global sporting world has made
athletes dependent on physical strength. Occupational and daily exercise needs
are expected to drive a rise in the number of gym centers and sports clubs.
According to MRFR’s report, the
Global Vitamin Supplements Market Size is Anticipated
to Reach USD 207.21 billion by 2030 With 7 % by 2022 – 2030.
On the one hand, stringent
government regulations present barriers to the development of vitamin
supplements across the region.
Vitamin supplements benefit
patients fighting COVID-19 and other respiratory tract infections, which in
turn increases immune function. In the face of a pandemic, consumer demand for
nutritious foods abundant in the immune system and vitamins supplements is
high. Thus, this will boost the development of the vitamin supplement industry.
Regional Analysis
The geographical overview of the
global market has been conducted in four major regions, including the Asia
Pacific, North America, Europe, and the rest of the world.
With growing focus on healthier
lifestyles and enhanced market awareness of the benefits of protein intake,
demand for sports quality goods has the potential to advise the adoption of
vitamin supplements in North America. In Mexico, owing to new product launches,
greater recognition of the advantages of nutrient-dense products is likely to
contribute to greater scale of adoption in the immediate future. In addition,
increasing awareness of protein consumption to conserve muscle mass and sustain
sufficient levels of nutrition among middle-aged adults in developed countries,
including the United States and Canada, is expected to increase product demand
over the coming years.
Asia Pacific is projected to
become more conscious of the importance of a nutritious diet in countries such
as China and India and is considered one of the fastest growing markets for
vitamin supplements due to the rising urban population and the growth of
disposable income. Furthermore, several big corporations have entered into the
Asia Pacific region with the goal of catering to the increasing demands for
vitamin supplements. become very an enticing region in the Asia Pacific.
The protein consumption in Europe
is increasing in developed countries like Germany and the United Kingdom. is
needed to allow amino acids to be used for the processing of dietary
supplements. In addition, sales growth will be high for multivitamins,
particularly vitamins B and C due to their growing acceptance among the working
population and bodybuilders.
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Competitive Landscape
The businesses invest in research
and development to produce new products, and they work to make product
development a priority to satisfy evolving customer expectations.
Leading market players,
identified by MRFR are The Nature's Bounty Co. (US), Herbalife Nutrition Ltd.
(US), Nature's Way Products, LLC (US), Abbott Laboratories (US), Amway Corp
(US), Bayer AG (Germany), Glanbia plc (Ireland), GlaxoSmithKline plc (UK), Otsuka
Holdings Co., Ltd (Japan), and Living Essentials Marketing, LLC (US).
Segmental Analysis
The Global Vitamin Supplements
Market has been analyzed on the basis of Form, Type, Distribution Channel, and
Region.
On the basis of type, the global
vitamin supplements market has been segmented into vitamin B, multivitamins,
vitamin C, vitamin D, and others. Over the last few decades, the use of
multivitamins has increased in popularity and is likely to dominate the market
growth.
The market was divided into
tablets, capsules & soft gels, powder, and others by form. The vitamin
supplements market share segment maintained the largest share of the
overall global vitamin market for 2018.
Based on the distribution
channel, the global vitamin supplements market has been bifurcated into store-based
and non-store-based. The store-based segment is projected to retain the highest
overall proportion of the industry in 2018 and for the near future.
Industry Updates
December 2020: Immunotype, a
DNA-based supplement that directed the human immune system at the genome level,
was launched by Caligenix, a leading genetic wellness brand. Immunotype is a
supplement that contains the most widely researched bioavailable vitamins,
nutrients, and herbs to better improve the immune system and is medically confirmed
from years of clinical research and laboratory studies.
December 2020: With the inclusion
of Immune 24-Hour +, Nature's Bounty expanded its product line with Immune
24-Hour +, a rare, one-of-a-kind supplement that provided the only vitamin C
with 24-hour immune support.
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