Market Overview-

The global vitamins and supplements market size was USD 146.14 billion in 2023 and is anticipated to grow from USD 154.98 billion in 2024 to USD 250.81 billion by 2032 at a CAGR of 6.20% during the forecast period. Moreover, the vitamins and supplements market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 27.74 billion by 2032, driven by the acceptance of healthy intake during their hectic work schedule and rising demand for several vitamins and supplement products. Asia Pacific dominated the vitamins and supplements industry with a market share of 45.78% in 2023.

A list of all the renowned vitamins and supplements manufacturers 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)

How Did We Develop This Report?

We conducted significant primary and secondary research to acquire information for the many elements of this report. Our customized interviews with end user and supply-side respondents provided valuable insights on average price, per capita consumption trends, average product spending, growth rate, market size, and dynamics. We also obtained material from reputable industry journals, articles published in Food Processing Magazine, and news announcements from vitamin and supplement companies.

Drivers & Restraints-

Increasing Online Shopping to Accelerate Growth

Nowadays the increasing dependency on the internet is enabling consumers to focus more on personalized care and medicines. The internet is considered to be one of the vital mediums for shopping as it helps in gaining access to a wide range of dietary supplements available in the market. To offer a hassle-free shopping experience, various manufacturers are selling their vitamins and supplements through online channels at discounted rates.

Besides, the rising number of children and elderly people worldwide is set to enhance the consumers’ spending on dietary supplements. These factors are expected to boost the vitamins and supplements market growth in the near future. However, the launch of vitamins and supplements is not an easy process as it involves stringent rules implemented by regulatory bodies to ensure safety. It may hinder growth.

Segment-

Multivitamins Segment to Dominate Stoked by Rising Concerns of Malnutrition

Based on type, the multivitamins segment generated 35.21% in terms of the vitamins and supplements market growth in 2023. It is expected to dominate in the near future backed by the increasing concerns of various deficiencies among consumers. They aid in reducing the risks of malnutrition among people.

Regional Analysis-

Asia Pacific to Remain at the Forefront Because of Rising Population in China

Geographically, in 2023, Asia Pacific procured USD 66.90 billion in terms of revenue. This growth is attributable to the major contributions of Japan and China. These countries house a wide variety of traditional medicines. Also, government agencies are taking multiple initiatives to reduce micronutrient deficiencies in the region. Coupled with this, the increasing population in China would propel the demand for pediatric supplements. The multivitamins segment held 35.15% in terms of share in China in 2023.

North America, on the other hand, is likely to showcase considerable growth because of the increasing acceptance of healthy intake in Mexico and the U.S. Calcium and fish oil supplements are gaining more popularity in this region. Owing to the hectic work schedules, people are also inclining towards several vitamins and supplements. In Europe, the surging geriatric population would support growth.

Competitive Landscape-

Key Players Focus on Introducing Novel Products to Cater to Growing Consumer Demand

The market for vitamins and supplements is consolidated on account of the dominance of a few prominent manufacturers. Most of them are focusing on launching state-of-the-art products infused with organic ingredients to surge sales. Some of the others are striving to tackle the COVID-19 pandemic by supplying vitamins and supplements to people.

Below are the two latest industry developments:

  • May 2023 – martyPants Vitamins announced the launch of a new version of its gummy products, multivitamins without gelatine, which will be available nationwide in Walmart stores.
  • September 2022 – Centrum announced the launch of its all-new Multivitamin range, which includes four different variants in India. With this launch, the company aims to cater to the increasing demand in Asia Pacific.

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