San Francisco, 07 March 2024: The Report Vitamin Supplements Market Size, Share & Trends Analysis Report By Type (Multivitamin, Vitamin A To K), By Form (Powder, Tablets, Capsules), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

The global vitamin supplements market size is expected to reach USD 84.95 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 7.3% from 2023 to 2030. The market for vitamin supplements is mostly driven by rising consumer knowledge of nutrition, health, and well-being. The market is anticipated to grow as a result of increased consumer awareness of the nutritional advantages of dietary supplements, including vitamin supplements, due to campaigns launched by non-governmental organizations, governmental bodies, and companies.

Recent product introductions by big and small businesses have included organic and natural components, which has increased demand for vitamin supplements. In addition, the utilization of appealing packaging techniques has raised consumer awareness, which has, in turn, encouraged the purchase of such supplements. Consumers are more concerned about their health and favor goods that use less synthetic chemicals. Another significant element driving the demand for vitamin supplements is consumers' growing preference for nutritious foods and their willingness to spend more for them, particularly when purchasing goods like gummies and candies for kids.

Based on type, the multivitamin supplements segment led the market in 2022 and is expected to witness progressive growth during the forecast period. Multifunctionality is a crucial trend in the supplements market, exemplified by companies such as Blackmores, Vemedia Pharma, Nature Made, Dompé, Ritual, and Holland & Barrett. Multifunctional products offered by these companies are centered on a holistic approach to health and address various aspects of well-being simultaneously. This comprehensive approach appeals to consumers seeking a one-stop solution to their health needs, further boosting the demand for multivitamins.

Increasing awareness among consumers regarding nutrition, health, and wellness is a key factor driving the vitamin supplements industry. Campaigns run by non-government organizations (NGOs), government agencies, and companies have heightened consumer awareness about the nutritional benefits of dietary supplements, including vitamin supplements, which is anticipated to propel market growth.

In March 2023, the U.S. Food and Drug Administration (FDA) launched a new webpage called the Dietary Supplement Ingredient Directory. This directory allows people to look up the ingredients used in dietary supplements and find information about the FDA's actions and communication regarding each ingredient. The directory aims to be a one-stop shop for ingredient information that was previously scattered across different FDA web pages.

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In addition, product launches by large and small companies in recent years have included organic and natural ingredients, which has boosted interest in vitamin supplements. Apart from this, the use of attractive packaging methods has also led to increased consumer awareness, which, in turn, has triggered spending on such supplements. A large number of consumers are becoming health conscious and prefer products that comprise minimal synthetic chemicals. Increasing preference for healthy food and the willingness to pay a premium price for such products with better nutritional value, especially when buying products such as gummies and candies for children, are also important factors that propel the demand for vitamin supplements.

Vitamin Supplements Market Report Highlights

• Based on region, Asia Pacific is expected to grow with the fastest CAGR over the forecast period from 2023 to 2030. The increasing awareness regarding the health benefits of vitamin supplements in the region is a key factor surging the market growth
• Based on form, the gummies segment is estimated to grow with the fastest CAGR over the forecast period. The increasing popularity of gummies vitamin supplements is fueling market growth
• Based on distribution channel, the online segment is expected to grow with a faster CAGR over the forecast period from 2023 to 2030. The high convenience provided by the online channels is anticipated to contribute to the growth of the segment

Both electronic and print media have been promoting the uptake of vitamin supplements, strongly influencing consumer purchasing behavior. Rising per capita healthcare expenditure has made people conscious of the increasing costs of obtaining proper medical care. This has resulted in the need to be more proactive toward chronic health problems, spurring the demand for vitamin supplements in essential ingredients. Moreover, the growing trend of personalized nutrition is expected to have a positive impact on product demand.

The shift of consumers from pharmaceutical products to nutraceutical products is further driving the global market. The nutraceutical industry is an evolving and dynamic sector, which offers novel opportunities to collaborate scientific discovery with growing consumer interest in health-enhancing supplements and foods. It tracks and monitors consumer trends and relationships with mass distributors. Thus, the products developed in this industry are a response to direct demand. It may be used to improve health, delay the aging process, prevent chronic diseases, increase life expectancy, and support the structuring and functioning of the body.

Growing awareness among consumers regarding health and wellness is resulting in the “prevention is better than cure” ideology. This has led to more consumers relying on nutraceuticals, functional foods, vitamins, and dietary supplements to lead healthy and disease-free lives. Nutraceuticals, in particular, have received immense focus in the recent past owing to their nutritional and pharmaceutical benefits, along with being safe for consumption without major side effects. This is expected to result in explosive growth of the nutraceutical market over the forecast period.

Vitamin Supplements Market Report Scope

Nutraceuticals are quickly replacing pharmaceuticals in the management and prevention of chronic and acute health problems, and they have ample scope to flourish as therapeutic agents with curative and preventive properties. The global pharmaceutical market was worth over USD 516.48 billion in 2022 and is expected to grow at a moderate pace of 7.63% CAGR during 2023-2030. The growth rate comparison highlights the rapid growth potential of the nutraceutical market. The high cost of prescription pharmaceuticals and the reluctance of insurance companies to cover the cost of drugs have helped the nutraceuticals market solidify its presence globally. Increasing hospitalization costs are also driving consumers toward nutraceutical and health supplements.

List of Key Players in the Vitamin Supplements Market

• 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.