The global vitamin and mineral supplement market, valued at approximately USD 55.6 billion in 2023, is poised for steady growth, according to recent industry projections. With a compound annual growth rate (CAGR) of 5.4%, the market is expected to expand to USD 99.7 billion by 2034. This robust growth underscores the increasing demand for dietary enhancements as consumers prioritize health and wellness.
In 2023, vitamin and mineral supplements comprised 32.6% of the broader global dietary supplement market, valued at USD 152.8 billion. This figure highlights the significant role these products play within the health industry. As more individuals incorporate supplements into their daily routines, this segment’s share is anticipated to rise further.
Driving this surge is heightened consumer awareness of the health benefits associated with vitamins and minerals. From boosting immunity to supporting overall well-being, these supplements are increasingly viewed as essential for maintaining a healthy lifestyle. Manufacturers are responding by expanding product lines and exploring innovative delivery formats to meet diverse consumer needs.
A Full Report Overview – https://www.futuremarketinsights.com/reports/vitamin-and-mineral-supplement-market
Key Takeaways:
- The global vitamin and mineral supplement market will grow from $55.6 billion in 2023 to $99.7 billion by 2034 at a 5.4% CAGR.
- Currently, it represents 32.6% of the $152.8 billion global dietary supplement market, with expectations for an increased share.
- Growth is driven by rising health consciousness and demand for immunity-boosting products.
- Companies are diversifying offerings to cater to varied consumer preferences, bolstering market momentum.
Key Factors Expected to Drive Vitamin and Mineral Supplement Demand
- Increasing prevalence of chronic diseases and micronutrient deficiencies
- Growing interest in preventive healthcare
- Rising geriatric population
- Booming e-commerce and rising consumer inclination toward purchasing dietary supplements through online mode
- Growing demand for functional foods and beverages
- Increasing healthcare costs
- Rising government initiatives to promote public health and nutrition
- High usage of vitamins and minerals in nutritional supplements, sports nutrition, and nutraceutical products
- An optimistic multivitamin market growth projection
Key Vitamin and Mineral Supplement Market Trends
- Rising health and wellness trends
- Increasing awareness about the importance of gut health, coupled with growing demand for probiotic supplements
- Growing preference for natural and organic products
- Escalating interest in immunity-boosting products
- Surging popularity of food fortification, along with growing consumer demand for fortified foods
- Increasing demand for personalized nutrition
Competitive Landscape
In order to establish their presence in the industry, key vitamin and mineral supplement companies are constantly launching new products with sustainable packaging. They are also focusing on aggressive marketing to reach a wider audience and stay ahead of the competition.
Leading manufacturers such as Amway and Nestlé are employing strategic initiatives like collaborations and expansions to enhance the availability of their vitamin and mineral supplements.
Recent Developments in the Vitamin and Mineral Supplement Market
- Recently, Amway India, through its flagship brand Nutrilite, introduced nutritional supplements in convenient and appealing forms, such as mouth-dissolving jelly strips and flavorful gummies. This move is expected to strengthen Amway’s nutrition portfolio and attract more consumers.
- Nestlé Health Science announced its acquisition of The Better Health Company in June 2023. Through this acquisition, Nestlé Health Science will obtain full ownership of The Better Health Company, enabling them to expand their presence in the market.
Key Companies Profiled
Pharmavite LLC; Salus-Haus; Puritan’s Pride; General Nutrition Centers Inc.; Webber Naturals; Pfizer Inc.; DSM; Daiichi Sankyo; CSPC Pharmaceutical Group; Hainan Yangshengtang, Eisai; Jamieson; Sanofi China; Dabur India Limited; Herbalife International India Pvt. Ltd.; Amway India Enterprises Pvt. Ltd.; Himalaya Drug Company; Abbott India Limited
Vitamin and Mineral Supplement Market Segmentation
By Product:
- Vitamins
- Minerals
By Form:
- Tablets
- Capsules
- Powders
- Others
By Distribution Channel:
- Pharmacies & Drug Stores
- Hypermarkets and Supermarkets
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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