Market Highlights
The global vitamin supplements market is expanding at a striking growth rate during the forecast period (2022 - 2030), predicts Market Research Future (MRFR). Vitamin supplement substances come in various forms like powder, tablet, capsule, pill, granules, gel caps and liquid. These are based on Vitamin types like Vitamin A, Vitamin B and also include various types of supplements provided by Food and Beverages, healthcare industries and personal care companies. The primary users of these supplements are adult women, adult men, and elderly citizen.
Vitamin Supplements Market Research Report is Anticipated to Reach USD 207.21 billion by 2030 With 7% by 2022 – 2030.
Drivers and restraints
Increasing focus on healthy lifestyle to foster vitamin supplements market.
Spurred by heightened interest in preventative health, sales of vitamin supplements have surged considerably. More number of people are realizing the value of good health, triggering rising interest in all the things that promote it, such as vitamins supplements. With burgeoning global population, a large number of individuals are seeking remedies to cure various ailments, steering them towards the benefits of vitamins supplements.
Growing consumer awareness due to exposure to media
The heightened consumer awareness about the health benefits of vitamin supplements is due to efforts made by market players. These market giants increase their marketing efforts which are aimed at attracting more customers. These marketing strategies also include product innovation and enhancement of product safety. This barrage of information and marketing have been key drivers for the substantial sale of vitamin supplements.
Side effects induced by vitamin supplements might hinder market growth.
The industry experts substantiate the fact that the market is growing at an impressive rate. However, issues associated with vitamin supplements such as side effects can be an impeding factor. Despite this, the overall market will continue to grow amid both high growth of consumer interest in health and retailers’ efforts to establish themselves as one-stop wellness destinations.
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Industry Trends
Emergence of e-commerce to drive the vitamin supplements market
August 2018 – Care/of, a startup that sells vitamins supplements online has managed to raise funds from investors like Goldman Sachs Group Inc. This New York-based start-up came into the limelight by selling monthly subscriptions of vitamin packs on its website and also advertise via Facebook and Instagram.
The industry trend of e-commerce is swiftly gaining momentum as consumers are increasingly shifting their focus from retail to online purchasing. Further, vitamin supplements are the ideal products to be sold on e-commerce platform as they are cheap to ship and aren’t generally returnable.
Market Segmentation
The global market for vitamin supplements is segmented based on type, application, and end-user.
Demand for vitamin C supplements rising among geriatric population.
The types of vitamin supplements are Vitamin D, Vitamin C, Vitamin A, and Vitamin B. Vitamin C help improve the immunity system; this makes vitamin C supplements highly favorable. The growth of this segment can be primarily attributed to growing geriatric population and prevalence of low immunity due to poor lifestyle.
Personal care segment to grow as a major application in global market.
By application, the market is segmented on the basis of healthcare, personal care, and food & beverages. The use of vitamin supplements for personal care is increasing due to rising self-care, high focus on personal appearance and the need to lose weight.
Adult women sub-segment to grow substantially in the global market.
End-user wise, the market is segmented into adult women and adult men. As women grow older, they are more prone to bone weakness, weight gain, fatigue and other health issues than adult men. Hence the segment of adult women in the global vitamin supplements market is expected to surge significantly in the coming years due to women making extensive demand for such supplements to counteract the effects of these health ailments.
Regional Analysis
The global vitamin supplements market is spread across the regions of North America, Europe, Asia Pacific (APAC) and the Middle East & Africa.
APAC to rule the global market due to presence of large companies
Among all regions, APAC owns the largest market share of the total market having captured 31.4% market share. The market benefits from rising consumer awareness about the benefits of vitamin supplements coupled with product availability. The increasing aging population is also expected to propel the demand for vitamin supplements in the region. The primary reason the market is performing well in the region is due to the presence of major companies operating in the market, such as BASF, Unilever, Reckitt Benckiser Group plc and DuPont. Among all the APAC countries, India is the leading vitamin supplement market.
North America & Europe regions together capture the second largest market share
The North America and European vitamin supplements market together accounted for more than 25% in 2014. These markets have been the second strongest markets for vitamin supplements. The U.S. in North America is one of the leading manufacturers and consumers of vitamin supplements globally. On the other hand, Italy, Germany, France, Sweden, and U.K. have shown a promising demand for vitamin supplements, which is further expected to continue in during the review period due to growing health concerns, changing lifestyles, increasing awareness about the health benefits and also strong economic growth with high disposable income.
The Middle East and Africa observe poor market growth.
The Middle East and Africa regions are subject to poor market performance on account of low economy, lack of awareness about health benefits and low per capita disposable income.
Competitive Dashboard
Prominent players majorly contributing to the global Key vitamin supplements market Players are Glanbia plc. (US), NBTY, Inc. (US), Reckitt Benckiser Group Plc. (UK), Archer Daniels Midland Company, and others.
In its first foray into the vitamin supplement market, Johnson & Johnson Consumer Inc. has acquired Zarbee’s, Inc., who is a manufacturer of dietary supplements and OTC remedies with Supplement Facts panels. The acquisition marks Johnson and Johnson’s entry into dietary supplements portfolio. This move will further accelerate the company’s growth in the global market and also widen its customer base who are looking for healthy options in the form of vitamin supplements.
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