PUBLISHER: Allied Market Research | PRODUCT CODE: 1225079
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225079
The vitamin market size was $ 28,783.5 million in 2021 and is estimated to reach $ 59,238.5 million by 2031, registering a CAGR of 7.5% from 2022 to 2031.
The market in Asia-Pacific offers lucrative growth opportunities for operating players, owing to the presence of countries such as India, China, and others. The increase in adoption of the western lifestyle, surge in population, and rise in disposable income of consumers majorly drive the growth of the vitamin market. Moreover, an increase in awareness regarding vitamin supplement products and their associated benefits has further led to the growth of the market. Developing regions offer potential growth opportunities to market players for launching innovative vitamin supplement products. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities, owing to an increase in awareness regarding vitamin supplements and vitamin-infused products and their health benefits.
The rise in awareness regarding vitamins among consumers has led consumers to shift toward vitamin supplements since consumers are getting aware of vitamins. They are getting aware of Over Counter (OTC) vitamin supplements. OTC vitamin supplements are supplements that can be purchased without the prescription of a doctor.
The rising trend toward self-care and maintaining a healthy lifestyle can drive the growth of the market since self-care has emerged as an important component of lifestyle among modern customers. There has been a significant change in consumer food habits due to a rise in focus on health and immunity. There has been an expansion of the usage of vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids. The National Health Service UK stated that lack of vitamin D can lead to bone deformities such as rickets in children, and bone pain caused by a condition called osteomalacia in adults. Along with this due to COVID-19 people started focusing on their diet to improve their immunity. Such factors will help the vitamins market to grow at a significant rate.
Stringent regulations of the government can restrain the market from growing since there has been strict government regulation regarding the manufacturing and sales of vitamin markets. FDA regulates both finished dietary supplement products and dietary ingredients. FDA regulates dietary supplements under a different set of regulations than those covering "conventional" foods and drug products. Manufacturers and distributors of vitamin supplements is prohibited from marketing products that are adulterated or misbranded. That means that these firms are responsible for evaluating the safety and labeling of their products before marketing to ensure that they meet all the requirements of the Federal Food, Drug, and Cosmetic Act as amended by DSHEA and FDA regulations. FDA has the authority to act against any adulterated or misbranded dietary supplement product after it reaches the market. Such regulation by the government can restrict the growth of the market.
According to the market analysis, the global vitamin market is segmented into the source, type, application, and region. By source, the market is divided into the plant, animal, and synthetic. Based on type, the market is divided into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. By application, the market is divided into digestive health, immunity, mental health, cosmetics, performance, digestive disorders, menstrual health, pregnancy, sports & performance, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, Italy, rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, South East Asia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The impact of the COVID-19 outbreak was moderate for the growth of the global vitamin market. The trade restrictions and lockdown resulted in the halting of production and manufacturing units. The recovery of the vitamin market is expected in near future.
The players in the vitamin market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the vitamins market.Some of the key players profiled in the vitamins market analysis include Adisseo, Archer Daniels Midland Company, BASF SE, BROTHER ENTERPRISES HOLDING CO., LTD, Farbest Brands, Glanbia PLC, Jubilant Bhartia Group, Koninklijke DSM N.V., Lonza, Stern Wywiol Gruppe, Vertellus, Vitablend Nederland B.V., Wright Enrichment Inc, Zagro, and Zhejiang Garden Bio-chemical High-tech Co., Ltd
Key Benefits For Stakeholders
By Source
By Type
By Applications
By Region