Vitamin Supplement Market Size to Hit Around USD 104 Bn by 2030

Precedence Research

According to Precedence Research, the global vitamin supplements market size is projected to hit around USD 104 billion by 2030 and it is expected to grow at a CAGR of 8.8% from 2022 to 2030.

Los Angeles, Dec. 23, 2022 (GLOBE NEWSWIRE) — The global vitamin supplements market size was estimated at USD 52.85 billion in 2022. A vitamin supplement is a food item that can be taken as a pill, capsule, tablet, powder, or liquid to supplement your diet. Consumers’ preferences for a healthy diet are changing as a result of growing health awareness, which is anticipated to fuel market expansion. These are employed to meet the needs of the human body in terms of nourishment.

Key Insights

  • By type, the multivitamin segment has held 43% market share in 2022.

  • By distribution channel, the offline segment has accounted highest market share of over 76% in 2022.

  • By form, the tablets segment has accounted market share of over 42.5% in 2022.

  • The North America has held market share of over 33% in 2022.

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The purpose of vitamin supplements is to enhance the typical human diet. The absence of necessary vitamins in the body can result in a number of illnesses. For instance, a deficiency in vitamin A raises the chance of developing several diseases as well as the mortality rate from severe infections like the measles and diarrheal illness. A significant reason that is anticipated to increase demand for vitamin A supplements around the world is the rise in cases of malnutrition and blindness among children and pregnant women.

Report highlights

  • On the basis of type, the multivitamin segment will have a larger market share in the coming years period, the amount of revenue generated through the use of this product will grow well in the coming year. Multivitamins are used by consumers to fulfil their daily requirements of all the essential vitamins that are necessary to improve body development and functioning.

  • On the basis of form, the tablet segment has the biggest market share in the Vitamin Supplement market during the forecast period. The tablet segment is expected to dominate the market as it is cost-effective and most widely used type of vitamin supplement.

  • On the basis of distribution channel, online sales segment held the major share in the market in 2021. Online stores are becoming a popular medium for the purchase of various nutraceuticals and food products among customers. Due to its easy availability and time saving features and home delivery facilities also propel the market growth. The rise in penetration of online retailers in developing regions and the offers and discounts these online retailers provides also attract consumers to purchase vitamin supplements through online channels.

  • Based on the end user, the geriatric segment witness major growth rate during the forecast period. A person aged 60 and above is considered to be geriatric. It is the fastest-growing segment in the vitamin supplement market. Geriatric population take vitamin supplements to fulfil nutritional requirements, due to bone deficiency, and others. The segment is expected to witness the highest growth in the market owing to rising geriatric population. Generally, the geriatric population lies in the middle-income or lower-middle-income group.

  • Based on the region, Asia-Pacific region witness major growth rate during the forecast period. Asia-Pacific is home to 60% of the global population with a majority of the population being young. The presence of a huge youth population, rising employment, rising disposable income, rapid urbanization, and changing food habits of consumers are the major factors that are expected to drive the growth of the AsiaPacific vitamin supplements market during the forecast period. Along with all these factors, increasing awareness regarding malnutrition is also expected to help the market to grow.

Recent developments

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Scope of the Report

Report Attributes

Details

Market Size in 2023

USD 57.5 Billion

Revenue Forecast by 2030

USD 104 Billion

CAGR

8.8% from 2022 to 2030

North America Market Share

38.4% in 2021

Base Year

2022

Forecast Year

2022 to 2030

Key Players

Amway Corp., FullWell, Garden of Life, LLC., Good Health New Zealand, American Health Formulations (AHF), Healthy Life Pharma (P) Limited, Klean Athlete, Llama Naturals, NOW Foods, Nordic Naturals, Olly PBC, Pharmavite RBK Nutraceuticals, The Nature’s Bounty Co., Vital Proteins LLC. And others

Regional snapshots

North America held the major share in the market contributing around 33% in 2021. According to the National Institute of Health in the United States, sales of all dietary supplements in the country were expected to reach $55.7 billion in 2020. Of this amount, $21.2 billion was spent on supplements that contained vitamins, minerals, or both, with multivitamins and multimineral supplements accounting for $8.0 billion of that total.

North Americans are getting more fat and suffering from lifestyle-related illnesses as a result of their increasingly unhealthy diets, greater disposable money, and access to a wide variety of processed and ready-to-eat foods. In light of this, it is anticipated that consuming products like fortified, enhanced, enriched, and improved foods on a regular basis as part of a varied diet will be beneficial to health.

Market dynamics

Drivers

There has been an increase in consumer awareness regarding the health benefits of vitamin supplements and over-the-counter (OTC) vitamin supplements, which can be purchased without the prescription of a doctor. NeedyMeds BeMedWise stated that some OTCs are sold by brand names like Tylenol® and Advil®. Others have generic names like acetaminophen and ibuprofen. Moreover, popular brands like RiteAid sells its products through its own brand stores, which is a major factor behind the rising sales revenues in the market.

Restraints

It is harmful to consume vitamin supplements in large amounts. Many people have a belief that since vitamin supplements are good for health in small amounts so it will be better to have them in the large amount. Better Health Channel of the Australian government stated that vitamins A, D, E, and K are fat soluble, which means they are stored in the body and if taken in high doses can be toxic. Doses of vitamin C above one gram can cause diarrhea. Such a misconception about vitamin supplement can hinder the growth of the market.

Opportunities

Online pharmacies offer drugs over the internet. It is simple for customers to buy vitamin supplements online because it offers home delivery services and the product information is readily available, making online purchasing convenient. Globally, there is a dramatic increase in the number of internet pharmacies. Online pharmacies like Apollo, Netmeds, Pharmeasy, and others tempt customers with a variety of deals and discounts. An increase in internet pharmacy is anticipated to open up new industry opportunities.

Market Segmentation

By Type

  • Vitamin A

  • Vitamin B

  • Vitamin C

  • Vitamin D

  • Vitamin E

  • Vitamin K

  • Multivitamin 

By Form

  • Tablets

  • Powder

  • Capsule

  • Gummies

  • Others

By Distribution Channel

By End User

By Geography

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