Global Vitamin Supplements Market Report and Forecast 2024-2032

Global Vitamin Supplements Market Outlook

The global vitamin supplements market size was valued at USD 54.67 billion in 2023, driven by the rising incidence of nutritional deficiencies in all age groups associated with health across the globe. The market size is anticipated to grow at a CAGR of 7.2% during the forecast period of 2024-2032 to achieve a value of USD 102.22 billion by 2032.

Vitamin Supplements: Introduction

Vitamins are organic compounds that are used by the human body in very small amounts, for a variety of metabolic processes. It is best to get vitamins and minerals from eating a variety of healthy unprocessed foods. Contrary to popular belief, vitamins are not drugs or miracle cures. They are organic compounds that participate in various metabolic functions. High-dose supplements should not be taken unless recommended under medical advice.

Global Vitamin Supplements Market Analysis

The increasing demand for vitamin supplements due to the increasing incidence of vitamin deficiency among people is driving the market growth. However, the increased demand has created an imbalance in the market as supply and demand mismatch, which is further creating an opportunity for key players and other companies to manufacture and develop new products in the market, further propelling the global vitamin supplement market growth.

The rising awareness and desire among people to reach a certain level of weight by gaining or losing weight is also driving the increased demand for vitamin supplements in the market. The vitamin supplement market for weight gain is much dense than weight loss due to factors such as targeted or general weigh gain for example, desire to increase muscle mass or general weight gain. Consumers look for certain vitamin supplements which may fulfill their requirement such as appetite-stimulating supplements or weight-gain powders. The supplement and pharmaceutical companies are increasing their reach to customers through various platforms and tactics including targeted marketing, digital advertising, and social media, among others.

Additionally, the increasing influence of social media on people in also a major trend driving the global vitamin supplement market demand. Companies are trying to develop new formulations that are easy to consume and readily available on multiple distribution channels, such as offline pharmacies, retail stores, and online stores, among others, which is increasing the convenience and availability of these supplements, further increasing the market demand.

The introduction of ready to consume supplements, such as vitamin gummies, that are easy to consume, easily available, affordable, and are available in multiple flavours is rising at a fast pace. The increasing awareness among people in preventive care is also a significant driver of the market as health expenditures are rising globally where major reason is increase in chronic diseases. 14 million people are expected to experience at least one chronic condition over next decade. This combination of rising healthcare costs and the growing prevalence of chronic conditions is contributing to a consumer mindset shift towards prevention.

Global Vitamin Supplements Market Segmentations

Market Breakup by Type

• Vitamin A

• Vitamin B

• Vitamin C

• Vitamin D

• Vitamin E

• Vitamin K

• Multivitamin

• Others

Market Breakup by Form

• Tablet

• Powder

• Capsule

• Gummies

• Others

Market Breakup by Source

• Plant Source

• Animal Source

• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Retail Pharmacy

• Online Sales

• Others

Market Breakup by End User

• Pediatrics

• Adults

• Geriatrics

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Vitamin Supplements Market Overview

The increasing investment by the key players is a major factor driving the market growth. The rise in geriatric population is collectively contributing to the market growth as with increasing age, older people get more prone to multiple sorts of deficiencies. The usual supplements do not taste well or are hard to consume for older people such as tablets or capsules. The innovations such as gummy supplements and powder supplements are solving this issue and increasing the demand for them in the market as they are easy to consume and taste well. The increasing research and clinical trials for development of plant based or vegan supplements due to the increasing demand in the market are also major factors. The increasing disposable income among people is also driving the market growth.

Global Vitamin Supplements Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Glanbia PLC

• Bayer AG

• Amway Corp.

• NOW Foods

• The Nature's Bounty Co.

• GlaxoSmithKline plc.

• Good Health New Zealand

• Nature's Sunshine Products, Inc.

• Abbott

• Herbalife Nutrition

• American Health, Inc.

• Pharmavite

• RBK Nutraceuticals Pvt Ltd.

Key Highlights of the Report