Market Summary

The global vitamin and minerals market was valued at USD 24.54 billion in 2021 and it is predicted to rise at a compound annual growth rate (CAGR) of 6.46 % from 2022 to 2030. The market for vitamins and mineral supplements is expanding as a result of the rising use of dietary supplements in contemporary living. Supplementing with micronutrients like vitamins C and D, zinc, and omega fatty acids within recommended upper safety limits is a safe, efficient, and affordable way to support optimal immune function in patients battling COVID-19 and other respiratory tract diseases. Nutrition plays an important role in maintaining immune system balance. The Indian Research Institute has created a variety of high-protein and high-fiber foods, including cookies, bread, and rolls, for COVID-19 patients. For instance, the dietary supplement business Avida Health has introduced a chocolate ball functional food in Singapore to boost kids' immunity.

The market for vitamins and minerals comprises the sale of products that enhance the general public's health and wellbeing. Sales are made up of money made by the business manufacturing vitamins and minerals. Supplemental vitamins and minerals are sold over-the-counter, come in tablets, powders, or liquids, and offer enough essential nutrients and minerals to maintain or improve health.

“Increasing usage of Dietary Supplements Globally Fuels the Market”

Multivitamins, single vitamins, multi-minerals, and single minerals are the four primary categories of vitamin and mineral supplements. A multivitamin is a nutritional supplement that includes all or the majority of the vitamins that the body cannot make on its own. Pharmacies and drug stores, supermarkets and hypermarkets, as well as online channels, are some of the different distribution channels involved. These channels are used for managing one's energy and weight, general health, bone and joint health, gastrointestinal health, immunity, cardiac health, diabetes, anti-cancer, and other conditions.

SEGMENT OUTLOOK:

The global vitamin and minerals market is segmented based on type and application.

By Type: 

Based on type, the vitamin and minerals market is segmented into Vitamin A, Vitamin B & types, Vitamin C, Vitamin E, Calcium, Iron, Magnesium, Zinc, and Others. Due to the increasing demand for energy and weight management among working professionals and athletes, vitamins dominated the market for dietary supplements in 2021 and accounted for over 30.8 percent of sales. Due to the greater usage convenience index, customers choose to take their multivitamins as tablets, powder, or liquid. The second-largest sub-segment was the botanical ingredient, which is anticipated to grow at a CAGR of 9.2 percent during the projection period.

Over the projected period, rising vegan diet acceptance due to growing environmental concerns is anticipated to increase demand for the botanical ingredient. Healthcare Vitamin and Minerals market the market's expansion is mostly due to a shift in demand toward self-medication and over-the-counter (OTC) medications. Consumer healthcare goods do not require a documented prescription from a healthcare provider and can be obtained at any pharmacy.

By Application:

The vitamin and minerals market, by application, is segmented into food & beverage, supplements, pharmaceuticals, animal feed, and others. A revenue share of 30.6 percent was held by the market for the supplements segment in 2021. The use of dietary supplements can also benefit general health, bone and joint health, heart health, gastrointestinal health, immunity, diabetes, anti-cancer, and other conditions. The main purpose of dietary supplements is to make up for human nutritional inadequacies. Over the forecast period, rising consumer awareness of personal health and wellbeing is anticipated to fuel demand for dietary supplements such as protein and amino acids, minerals, vitamins, and omega fatty acids.

Over the forecast period, demand for fibers and specialty carbohydrates from the gastrointestinal health application is expected to be driven by rising awareness regarding gut health as a result of the rising prevalence of irritable bowel syndrome, constipation, acid reflux, and indigestion globally. Over the projection period, revenue from pharmaceutical applications is expected to grow at a CAGR of 6.8%. Global demand for immunity-boosting products has skyrocketed as a result of the COVID-19 pandemic outbreak in the year 2020. Demand for supplements that promote immunity has increased significantly in recent years, and this trend is anticipated to continue until everyone has access to the vaccine.

REGIONAL OUTLOOK:

Based on geography, the vitamin and minerals market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

To learn more about this report, request a free sample copy

In 2021, with a 34.8 % revenue share, North America topped the global market for dietary supplements. The increased use of foods with high nutritional value and low-calorie content is expected to cause it to rise at a CAGR of 6.1 percent over the forecast period. Additionally, it is anticipated that throughout the course of the forecast period, new product introductions will raise consumer awareness of the usage of dietary supplements in Mexico.

Over the forecast period, the market in the Asia Pacific is anticipated to have significant revenue growth. By 2030, the region is anticipated to have the largest market for dietary supplements due to the region's expanding consumer base, which includes China, South Korea, India, and other nations. Over the forecast period, rising per capita spending in the region on health-improving goods combined with rising consumer awareness is anticipated to fuel demand for dietary supplements. During the projected period, the European region, which contributed a sizeable portion of sales in 2021, is anticipated to expand at a 6.9 percent rate. Over the projected period, the market is anticipated to be driven by increased consumer awareness and rising per capita disposable income in developed nations like France, Germany, and the United Kingdom.

By Key Competitors and Market Share Analysis:

As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position.

The competition among the players is based on numerous parameters including quality, innovation, product offerings, price, and, corporate reputation.

Recent Developments:

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

o   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.

The following are some of the major market players operating across the globe:

o   Bayer AG (Leverkusen, Germany)

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

o   Archer Daniels Midland Company (Illinois, United States)

o   BASF SE (Ludwigshafen, Germany) Glanbia, Plc (Kilkenny, Ireland)

o   Nuleaf Naturals LLC. (Colorado, United States)

o   Herbalife Nutrition (California, United States)

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

o   NutraMarks Inc. (California, United States)

o   Otsuka Pharmaceutical (Tokyo, Japan)