Vitamins and Supplements Market Size, Share & Industry Analysis, By Type (Multivitamins, Calcium Supplements, Pediatric Supplements, and Others), Form (Capsule, Tablet, Powder, and Liquid & Gel), Distribution Channel (Supermarkets, Convenience Stores, Specialty Stores, and Online Retails), and Regional Forecast, 2024-2032

The global vitamins and supplements market size was USD 146.14 billion in 2023 and is anticipated to grow from USD 154.98 billion in 2024 to USD 250.81 billion by 2032 at a CAGR of 6.20% during the forecast period. Asia Pacific dominated the vitamins and supplements market with a market share of 45.78% in 2023. Moreover, the vitamins and supplements market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 27.74 billion by 2032, driven by the acceptance of healthy intake during their hectic work schedule and rising demand for several vitamins and supplement products.

The global impact of COVID-19 has positively impacted the demand for vitamins and supplements across all regions, owing to factors such as supporting immune health and boost overall well-being. On the basis of our analysis, the market exhibited a significant growth of 10.80% in 2020 as compared to the average year-on-year growth during 2017-2019. The gradual decline in the CAGR is likely due to the market’s changing demand and growth, returning to pre-pandemic levels once the pandemic is over.

The global market has recorded a rapidly changing consumer demand in recent years. Several factors have fuelled the increasing demand for vitamins & supplements in different regions. The developing regions with countries, such as India, China, Japan, and others have recorded an increasing urbanization and Western influence, which has elevated the standard of living and further increased the awareness of healthy lifestyles among individuals. Thus, developing countries have observed a shift in consumption patterns with an increasing demand for health and wellness products. Furthermore, developed countries, such as the U.S., Germany, France, Italy, and others, have recorded an increasing geriatric population and a rising awareness related to diabetes, obesity, and other diseases, which has fuelled the growing demand for healthy lifestyle and wellbeing, thus contributing toward increasing consumption of vitamins, supplements, and other wellbeing products. With a fast-developing interest and concerns over personal health and well-being, consumers are increasingly shifting towards incorporating vitamins and supplements as a part of their daily routine. More than 60% of consumers worldwide are taking vitamins (functional food products) on a daily basis, whereas, approx. 55% are enticed towards consuming supplements to maintain the health-life balance. Consumers’ optimism and belief in the benefits and increased spending capacity have opened up several opportunities for premium brands to continue to expand in 2020 and beyond.

Although there is strict market closure and declined to purchase trends in the food and beverage sector, the nutraceuticals industry has witnessed a spike in the demand for healthy and nutritional products. In the wake of the outbreak of the COVID-19 pandemic, consumers are seeking these products to develop the natural defense system of their bodies. Recent findings and innovations of function-specific antioxidants for immunity-boosting products are expected to create new opportunities for vitamins and supplements manufacturers. According to the U.S. National Health and Nutrition Examination Survey, more than 50% of the U.S. population has reported the consumption of these products during the pandemic. The trend is expected to continue across the world while innovation and technological advancements will play an important role.

Vitamins and Supplements Market Trends

Demand for Herbal Supplements for Improving Immunity System is a New Trend

Consumers are seeking innovative and healthy products enriched with nutrients to avoid symptoms associated with coronavirus such as shortness of breath, chest pain, diarrhea, tiredness, and others. Thus, the nutraceuticals industry is seeing a huge demand for protein, pediatric nutrition, sports nutrition, multivitamins, and other products that would reduce health risks. Manufacturers are emphasizing delivering immunity-boosters in the market along with the benefits of natural herbs and botanicals. According to a report published by Wright Enrichment Inc. 2018, the incorporation of herbs and botanicals in the nutraceuticals industry rose by 6.7% in 2017 and is expected to grow in the forthcoming years due to its increasing demand.

Vitamins and Supplements Market Growth Factors

Technological Advancements and Rising Consumer Spending to Shape Market Growth

The growing geriatric population, as well as children across the world, has improved the consumers’ spending on dietary supplements over the past few years. Several food standards and governments are updating the regulations and approvals for the overproduction of vitamin & supplements that have made the market more competitive. Furthermore, the rising focus of consumers on preventative healthcare products has increased the effectiveness in production and marketing efforts. Manufacturers are increasingly incorporating the latest technologies with high production efficiency to serve these products in the market. The rising acceptance among consumers and heightened innovations in products would further assure the vitamins and supplements market growth over the next several years.

Increasing Self-directed Care and Ease of Access to Proliferate Market

With the rising dependency on the internet and the increasing volatility of the health supplements industry, consumers are becoming increasingly attentive to personalized medicines and care. The internet is one of the crucial mediums for shopping which helps to reduce barriers to access the dietary supplements in the market. Manufacturers are focussing on delivering vitamins, minerals, and supplements through online channels to offer a hassle-free shopping experience. According to a report published by the World Food India, dietary supplement products hold more than 25% share in the global nutraceuticals market and are expected to push the vitamins and dietary supplements (VDS) market growth over the upcoming years.

RESTRAINING FACTORS

Stringent Regulations & Revised Tax Structure to Dampen Market Expansion

The market is exhibiting numerous challenges for the past few years due to the presence of multiple regulations and procedures before the product launch. Manufacturers are bound to submit a sample of vitamins and supplements, along with the notification stating that the product is reasonably expected to be safe in the market. The product must undergo testing under the Dietary Supplement Health and Education Act of 1994 (DSHEA) for a long time which results in the procedural delay in the market. Thus, the tax structure has also increased by 5-10% in past years and is impeding the market growth.

Vitamins and Supplements Market Segmentation Analysis

By Type Analysis

Multivitamin Supplements Segment to Lead Owing to Their Widely Varied Compositions and Characteristics 

Deficiencies due to the lack of micronutrient intake are becoming major concerns among consumers worldwide. Multivitamin supplements are widely consumed as they diminish insufficiencies in micronutrient intake. These supplements are composed of several micronutrients such as vitamins A, C, E, & D to reduce the risk of malnutrition among consumers. According to the World Health Organization (WHO), in 2018, more than 2 billion people were suffering from micronutrient deficiencies, thus shifting their preferences toward multivitamin supplements worldwide.

However, the increasing birth rates and the number of senior citizens in developing countries are leading to the growth of the pediatric and calcium supplements segments, respectively.

By Form Analysis

Higher Drug Absorption Nature of Capsules to Promote its Penetration

When it comes to oral medication, capsule performs decently in the vitamins and supplements industry due to its properties of digestibility and dissolvability in the gut tract. Capsules tend to break down rapidly compared to tablets and are one of the major factors to support its sales. Tablets are the second-largest segment by form and contain additives that hold ingredients of pills together and offer taste and texture to consumers. Thus, it is absorbed by the body more slowly than capsules.

By Distribution Channel Analysis

Supermarkets/Hypermarkets Segment to Gain Enormous Popularity Due to their Convenience Nature

The supermarkets/hypermarkets segment is gaining huge popularity worldwide owing to its product offerings at discounted prices under a single roof. Separate product shelves in these retail offer an easy shopping experience to consumers which has resulted in the increased footfalls. The rapid emergence of several modern trades and mass merchandisers in developing markets such as India and China enables the higher sales of supplements and vitamins worldwide. Moreover, specialty stores are also performing decently in the global marketplace. The availability of different products of various brands and price ranges offer consumers the freedom of selection, thereby drawing their attention towards these stores.

REGIONAL INSIGHTS

Asia Pacific held the major share in the market and was valued at USD 54.44 billion in 2020. Nutritional food is a more established and refined concept in Asia Pacific primarily because of the increasing awareness and concerns of consumers over malnutrition. China and Japan are the leading markets in the region owing to the long history of traditional medicine associated with consumers. Along with this, the increasing disposable income of middle-class consumers in the region, allows them to spend more on such products to support their overall health. The growth of this market is partially headed by government initiatives toward addressing micronutrient deficiencies.

Moreover, the increasing population in these countries is further supporting the sales growth of pediatric supplements in the region. China is exhibiting a significant rise in childbirth rates post the lifting of the ‘one-child’ policy. According to China’s National Statistics Bureau, the Chinese population increased to 1.41 billion in 2019 from 1.39 billion in the previous year. Thus, manufacturers are intensively focusing on launching innovative vitamins and supplements to serve all age groups of consumers in the region.

The countries across North America such as the U.S. and Mexico have begun the acceptance of healthy intake during their hectic work schedule. The demography of consumers tends to shift gradually and the demand for several vitamins and supplement products is rising in these countries. Fish oil and calcium supplements are some of the most popular intakes among consumers to support the growth of the market in the region. 

A rise in the aging population and consumers' increased spending on health and wellness products in European nations is driving the demand for vitamins as well as supplement products in this region. However, the market is strictly monitored under various government regulations in the region.

List of Key Companies in Vitamins and Supplements Market

Key players in the industry are continuously striving towards maintaining their positions in the market by adopting various strategies. They are focusing on introducing new products in the market to suffice evolving demands of consumers and to curb the increasing prevalence of lifestyle disorders. Moreover, by new product launches, companies aim on expanding their product portfolios, so as to offer various options for consumers to choose from. Some players are manufacturing these vitamins and supplements in different flavors and shapes to enhance their aesthetic appeal and palatability. For instance, in June, Natrol, LLC launched new lines of healthy gummies. These gummies are made using organic ingredients and are free from any artificial colors.

Bayer AG is Capitalizing in Introducing Botanical Supplements to Intensify Competition

A highly consolidated structure can be seen in the global marketplace over the past few years, owing to the strong dominance and hold of various key players. Bayer AG is one of the major players in the global market and it is focusing on delivering new and innovative products such as vitamin sprays, botanical supplements, and other innovative products. For instance, in 2019, Bayer launched its new Redoxon Triple Action Supplement in Indonesia to support and overcome the demand for immunity-boosting products of consumers during the Ramadan fasting period.

LIST OF KEY COMPANIES PROFILED:

• Bayer AG (Leverkusen, Germany)


• Koninklijke DSM N.V. (Heerlen, Netherlands)


• Archer Daniels Midland Company (Illinois, United States)


• BASF SE (Ludwigshafen, Germany)


• Glanbia, Plc (Kilkenny, Ireland)


• Nuleaf Naturals LLC. (Colorado, United States)


• Herbalife Nutrition (California, United States)


• Reckitt Benckiser Group plc (Slough, U.K.)


• NutraMarks Inc. (California, United States)


• Otsuka Pharmaceutical (Tokyo, Japan)

KEY INDUSTRY DEVELOPMENTS:

• May 2023 - SmartyPants Vitamins announced the launch of the new version of the company's gummy products, multivitamins without gelatine, which will be available nationwide in Walmart stores.


• September 2022 – Centrum announced the launch of its all-new Multivitamin range, which includes four different variants in India. With this launch, the company aims to cater to the increasing demand in Asia Pacific.


• January 2020 – Franchise Group, Inc. launched its new product viz. Vthrive to expand the brand line of vitamins, protein, and supplements.


• May 2020 – Homart Pharmaceuticals launched three different products of vitamin C under the brand name Toplife and Springleaf to tap the rising demand for immune-related products.

REPORT COVERAGE

The global vitamins and supplements market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, product types, and leading distribution channels of the product. Besides this, the market report offers insights into the industry trends and highlights key industry developments.

Report Scope & Segmentation