Market Overview:
The vitamin supplements market size was valued at $47.9 billion in 2021, and is estimated to reach $98.6 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
The rising penetration of online pharmacies coupled with the growing consumer awareness and demand for the vitamin supplements among the geriatric and adult population is expected to boost the market growth in developing economies.
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Segment Overview:
- Adult
- Geriatric
- Others
- Vitamin A
- Vitamin B
- Sub Type
- Vitamin B1
- Vitamin B2
- Vitamin B3
- Pantothenic Acid
- Vitamin B12
- Others
- Sub Type
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
- Multivitamin
- Tablet
- Powder
- Capsule
- Gummies
- Others
- Supermarkets and hypermarkets
- Retail Pharmacy
- Online Sales
- Others
Region-wise, North America was the largest market in 2021. The region has the highest market share of 38.6% in 2021. The National Institute of Health U.S. stated that the U.S. sales of all dietary supplements totaled an estimated $55.7 billion in 2020, including $21.2 billion for all supplements containing vitamins, minerals, or both, of which $8.0 billion was for multivitamin/mineral and multivitamins.
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Vitamin supplements are meant to supplement the regular human diet. There are various disorders that may be caused owing to the lack of essential vitamins in the body. For instance, the lack of vitamin A increases the risks of various diseases and increases the risk of mortality from severe infections, like measles and diarrhoeal disease. Rising cases of malnutrition and blindness among children and pregnant women is a major factor that is expected to boost the demand for vitamin A supplements across the globe. According to the United Nations International Children’s Emergency Fund (UNICEF), vitamin A deficiency (VAD) is a major concern in Southeast Asia and Africa. Around one-third of the children and pregnant women population in low and middle-income countries experience VAD. Therefore, rising prevalence of VAD in developing and underdeveloped economies is expected to drive the vitamin supplements market demand during the forecast period.
The growing consumption of vitamin supplements in developed and developing economies coupled with the aging global population is significantly propelling the vitamin supplements market growth. According to the Indian Journal of Medical Research (IJMR), around 33% of the population in the U.S. and in several major nations of Europe like Denmark, UK, and Sweden, regularly consume dietary supplements and vitamin supplements that boosts the growth of the market. Vitamin supplements are very useful in treatment of non-nutritional disorders, like hyperlipidaemia and Wernicke–Korsakoff syndrome. Moreover, rising awareness among consumers regarding the benefits of vitamin supplements and its easy availability as over-the-counter (OTC) products are expected to significantly boost the growth of the vitamin supplements industry during the forecast period.
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Key players:
Amway Corp
American Health Formulations (AHF)
FullWell
Garden of Life, LLC
Good Health New Zealand
Healthy Life Pharma (P) Limited
Klean Athlete
Llama Naturals
NOW Foods
Nordic Naturals
Olly PBC
Pharmavite
RBK Nutraceuticals
The Nature’s Bounty Co
Vital Proteins LLC.
Key findings of the study
- The vitamin supplements market size was valued at $47.9 billion in 2021, and is estimated to reach $98.6 billion by 2031, growing at a CAGR of 7.6% during the forecast period.
- By type, the vitamin B segment is estimated to witness the fastest growth, registering a CAGR of 9.0% during the forecast period.
- In 2021, depending on form, the tablet segment was valued at $20,217.5 million, accounting for 42.2% of the global market share.
- In 2021, the U.S. was the most prominent market in North America, and is projected to reach $25,155.2 million by 2031, growing at a CAGR of 6.8% during the forecast period.
