Vitamin Supplements Market Value to Grow at an Estimated CAGR of 6.2% from 2021 to 2028

Vitamin Supplements Industry Overview

The global vitamin supplements market size was valued at USD 44.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

 

The market is expected to be driven by a rising number of health-conscious consumers and an increasing preference for vitamins in daily diet. The COVID-19 pandemic highlighted the need for vitamin consumption. The National Institute for Health and Care Excellence (NICE) of the U.K. stated that vitamin D is important for bone and muscle health and helps boost the body’s immune response to respiratory viruses. Additionally, it is recommended that adults (including pregnant women and breastfeeding women), children, and young people over the age of four years should contribute 10 micrograms of vitamin D daily to their diet. Vitamins can boost immunity, which is one of the critical factors in prevention against COVID-19 as individuals with poor immunity are observed to be at higher risk for the disease. Therefore, the emergence of COVID-19 is likely to fuel the consumption of vitamin supplements.

 

Gather more insights about the market drivers, restrains and growth of the Global Vitamin Supplements Market

 

Moreover, vitamins including vitamin A (retinol and carotenoids), B, C (ascorbic acid), D (cholecalciferol), and E are offered in combination as well as individual supplements. Vitamin A supports muscular and ophthalmic health, vitamin E helps repair DNA and strengthen the immune system, and vitamin D is necessary for bone health. Vitamin B is available as B-complex products and individual supplements of B1, B2, and B12, intended to be used for specific ailments, for instance, Vitamin B12 aids in the prevention of megaloblastic anemia.

 

Consumer awareness regarding the association between diet and health has increased the demand for dietary supplements. Factors fueling interest in these supplements include increasing healthcare costs, burgeoning aging population, and rising interest in attaining wellness through diet. Especially, multivitamin supplements are widely consumed by working professionals and sports athletes.

 

Browse through Grand View Research’s Nutraceuticals & Functional Foods Industry Research Reports

• Digestive Enzyme Supplements Market: The global digestive enzyme supplements market size to be valued at USD 1.6 billion by 2025. Surging demand for dietary supplements among consumers in light of health concerns and awareness towards nutraceuticals is anticipated to aid in market expansion over the forecast period.
• Mannitol Market: The global mannitol market size to be valued at USD 418.3 million by 2024. It is widely used to coat confectionery products such as candies and gums owing to its unique non-hygroscopic properties.

 

Vitamin Supplements Market Segmentation

Grand View Research has segmented the global vitamin supplements market on the basis of type, form, distribution channel, and region:

Vitamin Supplements Type Outlook (Revenue, USD Million, 2017 – 2028)

• Multivitamin
• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K

Vitamin Supplements Form Outlook (Revenue, USD Million, 2017 – 2028)

• Powder
• Tablets
• Capsules
• Softgels
• Gummies
• Others

Vitamin Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)

• Offline
• Online

Vitamin Supplements Regional Outlook (Revenue, USD Million, 2017 – 2028)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Market Share Insights

• August 2019: GlaxoSmithKline plc. completed the transaction for a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical company. The joint venture combined the nutrition brands of both companies, including Sensodyne, Panadol, and Voltaren from GSK and Centrum, Advil, and Caltrate from Pfizer.A joint venture has been formed in order to build a world-leading consumer healthcare business with stronger sales, improved cash flow, and a larger income contribution.

 

Key Companies profiled:

Some prominent players in the global vitamin supplements market include:

• Glanbia Plc
• Pfizer Inc.
• Bayer AG
• Amway Corp.
• GlaxoSmithKline plc.
• Good Health New Zealand
• The Nature’s Bounty Co.
• NOW Foods
• Abbott
• Herbalife Nutrition
• Nature’s Sunshine Products, Inc.
• NU SKIN
• RBK Nutraceuticals Pty Ltd.
• American Health, Inc.
• Pharmavite

 

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