Vitamin and Minerals Global Market Report 2024

Vitamins and mineral supplements are essential micronutrients required by the body to carry out various routine functions. These micronutrients, however, need to be acquired from the food we consume, as our bodies do not produce them. Vitamins, which are organic compounds, are commonly categorized as either fat-soluble or water-soluble.

The primary types of vitamin and mineral supplements include multivitamins, single vitamins, multi-mineral supplements, and single minerals. Multivitamins are dietary supplements containing most or all of the vitamins that the body does not naturally produce. These supplements are available through various distribution channels, such as pharmacies and drug stores, supermarkets and hypermarkets, as well as online channels. They are utilized for purposes such as energy and weight management, general health, bone and joint health, gastrointestinal health, immunity, cardiac health, diabetes, anti-cancer, and others.

The vitamins and mineral supplements market research report are one of a series of new reports from The Business Research Company that provides vitamins and mineral supplements market statistics, including vitamins and mineral supplements industry global market size, regional shares, competitors with vitamins and mineral supplements market share, detailed vitamins and mineral supplements market segments, market trends and opportunities, and any further data you may need to thrive in the vitamins and mineral supplements industry. This vitamins and mineral supplements market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The vitamin and minerals market size has grown strongly in recent years. It will grow from $67.64 billion in 2023 to $73.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The rise during the historical period can be credited to the growth of health consciousness, trends in an aging population, shifts in lifestyle and dietary habits, the adoption of preventive healthcare practices, and the increasing popularity of fitness and sports nutrition trends.

The vitamin and minerals market size is expected to see strong growth in the next few years. It will grow to $99.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated expansion in the forecast period can be ascribed to the adoption of plant-based and specialty diets, a heightened emphasis on immune health, the management of health in the elderly population, as well as a focus on women's health and prenatal nutrition, along with the prevailing trends in personalized nutrition and wellness. Key trends projected in the forecast period encompass inventive delivery formats, the proliferation of natural and clean label products, the growth of the nutricosmetics market, age-specific supplements, and advancements in sports and fitness nutrition.

The expansion in the usage of dietary supplements in contemporary lifestyles stands out as a pivotal factor propelling the growth of the vitamins and mineral supplement market. Nutrition plays a crucial role in maintaining a balanced immune system, and supplementing with micronutrients such as vitamins C and D, zInc., and omega fatty acids within recommended upper safety limits proves to be a safe, effective, and cost-efficient strategy in supporting optimal immune function for individuals combating COVID-19 and other respiratory tract diseases. In response to the needs of COVID-19 patients, the Indian Research Institute has developed a range of high-protein and fibrous foods, including cookies, bread, and rolls. For instance, in Singapore, Avida Health, a dietary supplement company, has introduced a chocolate ball functional food aimed at enhancing children's immunity. A focused nutritional approach to the immune system could play a significant role in mitigating the impact of the current COVID-19 pandemic and other infections. Hence, the integration of dietary supplements into lifestyles is anticipated to propel the growth of the vitamins and mineral supplement market.

The increasing prevalence of chronic diseases is projected to drive the future growth of the vitamin and minerals supplements market. Chronic diseases, lasting a year or more and requiring ongoing medical attention, can restrict daily activities. Vitamins and minerals contribute to preventing and managing chronic diseases by supporting immune function, reducing inflammation, and regulating various physiological processes. According to the National Center for Biotechnology Information (NCBI), by 2050, the number of individuals aged 50 years and older with at least one chronic illness is expected to increase by 99.5%, reaching 142.66 million. Consequently, the rising incidence of chronic diseases is fueling the expansion of the vitamin and minerals supplements market.

Disruptions in the supply chains for supplement production emerge as a significant obstacle hindering the growth of the vitamins and mineral supplement market. The outbreak of COVID-19 has led to restrictive containment measures, including social distancing, remote work, and the closure of industries and commercial activities. The entire supply chain, from production to international trade, has been affected. Economic crises resulting from COVID-19 are impacting dietary supplements by disrupting distribution networks. Fragility in the supply chain of economically vital supplements means that failure at any stage, from farms to dealers, haulers, distributors, to manufacturers, can disrupt the entire chain. Evidence gathered by the International Food Policy Research Institute (IFPRI) indicates major disruptions in livestock production in China and disruptions in the production of dairy products in India. These disruptions in supply chains for nutrient-rich foods are expected to impede the growth of the vitamins and mineral supplement market.

The consumer preference toward organic supplements is a key trend in the vitamins and mineral supplement market. For instance, in December 2022, according to the United States Department of Agriculture, a US-based government agency, total sales of organic products in the United States reached $11.2 billion in 2021, representing an increase of $1.28 billion from the previous year. Many small and medium enterprises have started to promote plant-based goods and diets in the product space. The COVID-19 pandemic is accelerating the trend for organic food supplements.

Major companies operating in the vitamin and minerals supplements market are increasing their focus on introducing dietary supplements to gain a competitive edge in the market. Dietary supplements are products intended to complement an individual's diet by providing essential nutrients such as vitamins, minerals, herbs, amino acids, or other substances. For instance, in August 2023, Modicare, an India-based wellness company, launched dietary supplements that are specifically designed for men and women. The women's supplement contains 30 essential nutrients, including 12 vitamins, 11 minerals, 4 herbal extracts, and 3 amino acids. It also includes plant extracts such as shatawar, ashoka, tulsi, and turmeric, which are believed to support hormone balancing, cognitive functions, and antioxidant properties. On the other hand, the men's supplement provides essential nutrients that promote overall health and well-being.

In August 2021, Nestle Health Science, a Switzerland-based healthcare company, acquired the core brands of The Bountiful Company for $5.75 billion. Through this acquisition, Nestle Health Science strengthens its health and nutrition offerings, expanding its diverse product range and increasing the avenues to enhance the well-being of customers on a global scale. Bountiful Company is a US-based personal care product company that specializes in the manufacture of vitamins, minerals, and other specialty supplements.

Major companies operating in the vitamin and minerals market report are Pfizer Limited, BASF Aktiengesellschaft., Bayer AG, Abbott Laboratories, Glaxosmithkline PLC, Suntory Holdings Ltd., Otsuka Holdings Co. Ltd., Daiichi Sankyo Company Limited, AMWAY India Enterprises Pvt. Ltd., Salus Haus, Nestle Health Science, Lonza Group, Eisai Co. Ltd., Glanbia PLC, DuPont Nutrition & Health, CSPC Pharmaceutical Group, The Bountiful Company, JamiesonWellness Inc., Pharmavite LLC., Nature's Bounty Co., Sanofi India Limited, General Nutrition Centers Inc.., General Nutrition CentersInc., Puritan's Pride, CCMP Capital, Webber NaturalsPharmaceuticals Ltd., Webber Naturals, DSM Nutritional Products AG, Hainan Yangshengtang, Hainan Yangshengtang, Archer Daniels Midland, Cargill Incorporated, Glanbia Nutritionals, Herbalife Nutrition Ltd., Naturex (Part of Givaudan), NOW Health Group, Probiotics International Ltd., Vitabiotics Ltd.

North America was the largest region in the vitamins and minerals supplements market in 2023. The Middle East is expected to be the largest growing region in the global vitamin and minerals market during the forecast period. The regions covered in the vitamin and minerals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the vitamin and minerals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The vitamins and mineral supplements market consists of sales of biotin, iron, glutamine, caffeine, and more. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Vitamin and Minerals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on vitamin and minerals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for vitamin and minerals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vitamin and minerals market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Multivitamin; Single Vitamin; Multi Mineral; Single Mineral
• 2) By Application: Energy And Weight Management; General Health; Bone And Joint Health; Gastrointestinal Health; Immunity; Cardiac Health; Diabetes; Anti-Cancer; Other Applications
• 3) By Distribution Channel: Pharmacies And Drug Stores; Supermarkets And Hypermarkets; Online Channels
• 4) By End-User: Adults; Geriatric; Pregnant Women; Children; Infants
• Companies Mentioned: Pfizer Limited; BASF Aktiengesellschaft.; Bayer AG; Abbott Laboratories; Glaxosmithkline PLC
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.