Vitamins & Minerals Market (2022 - 2028)

Vitamins & Minerals Market Summary

Furthermore, growing self-medicate for minor ailments from consumers will anticipate boosting the vitamins and minerals market growth. The higher age group population has a rising demand for vitamins and minerals to meet their recommended dietary allowances due to insufficient intake, resulting in rising demand for vitamins & minerals in the global market.

Increasing awareness among consumers about health and wellness, changing lifestyles, and willingness to adopt healthier dietary options reflects the growing demand for vitamins & minerals in the international market. In addition, the COVID-19 pandemic positively influenced the consumers’ perspective toward a healthier lifestyle, which, in turn, has risen the demand for vitamins & minerals. Increased inclination towards a healthier lifestyle coupled with the increase in purchasing power due to economic developments will boost the vitamin and mineral market growth.

Numerous health benefits associated with vitamins and mineral consumption attracts individuals looking for health immunity improvements, pregnant women, patients who recovering from injuries or surgeries, or those who seeking bone improvements, these all have the growing demand for vitamins and minerals in the global market.

Rapidly growing urbanization, growing awareness, and increased self-medicate for primary treatment open ups new market opportunities for vitamins and minerals manufacturing companies. Heavy investment from manufacturing companies into R&D also propels market growth. Creating brand awareness among consumers through media houses and e-commerce sites fuels the growth of vitamins and minerals in the global market. Rising demand from athletes and sporting individuals for proper weight management and maintaining muscular strength will create huge market opportunities during the forecast timeline.

The COVID-19 pandemic positively influenced the vitamins & minerals market globally. A record surge in COVID-19 cases across various countries leads to the growing demand for vitamins and minerals. Sales of vitamins and minerals witness robust growth. To maintain good immunity, a health system to fight against viruses, vitamins, and minerals is seen in huge demand. Vitamin C and multivitamins have grown in demand from consumers to strengthen the immunity system. Moreover, as things get normal, it is expected that the market will keep its momentum as more people are aware of health and wellness than ever before.

Type Insights

Multivitamins have the largest share in the vitamins & minerals market of over 35% in 2021 and are expected to expand at a substantial growth rate during the forecast period. Rising demand for multivitamins from the aging population to maintain dietary intake propels the segment growth. Multiple benefits associated with consuming multivitamins, such as increased energy level, boost immunity system, anti-cancer benefits, reduction in heart-related problem or maintaining good muscle strength, and many more, attracts health-conscious consumers, which results in grown demand.

Vitamin C has a grown demand in the COVID-19 pandemic era and is expected to expand at a CAGR of 5.2% from 2022 to 2028. Vitamin C is very essential for lowering blood pressure, reducing chronic risk, boosting immunity, and lowering the risk of heart diseases. In 2020, India purchased 185 million vitamin C pills to boost the immunity system against COVID-19. These types of buying behavior fuel the segment's market growth.

Application Insights

Energy and weight management accounted for the largest market share of more than 25% in global consumption of vitamins and minerals consumption in 2021 and is expected to expand with a substantial growth rate during the forecast period. A large population consumes vitamins and minerals to get the required energy level and maintain body weight, which results in rising demand for vitamins and minerals.

The general health segment is estimated to be the fastest-growing application at a CAGR of 5.2% from 2022 to 2028. Consumers' increased inclination toward a healthy lifestyle leads to grown demand for vitamins & minerals. Consumers' approach to maintaining a healthy body by maintaining general health requirements by consuming vitamins and minerals will propel the vitamins and minerals market growth in the general health category.

Regional Insights

North America accounted largest market share of more than 34% in the global market in 2021 and is expected to expand at a CAGR of 4.3% from 2022 to 2028. Highly aware consumers, a rising aging population and growing demand for vitamins and minerals, and high purchasing power will drive the regional growth.

Asia Pacific is estimated to be the fastest-growing region at a CAGR of 5.2% from 2022 to 2028. Growing health-conscious individuals, increased awareness about wellness, a growing self-medicate population coupled with the increase in per capita income, and the presence of a large population will drive the market growth.

Key Companies & Market Share Insights

The vitamins & minerals market is fragmented in nature. Manufacturing companies strengthen their presence by adopting various marketing strategies such as strengthening the supply chain, digital advertising, and offering discounts on products. Some prominent key players operating in the global vitamins & minerals market include:

• Abbott Laboratories

• Amway

• Bayer AG

• CSPC Pharmaceutical Group

• Daiichi Sankyo

• Eisai Co., Ltd.

• GNC Holdings, Inc.

• Hainan Yangshengtang

• Koninklijke DSM N.V.

• Nature's Way Products, LLC

• Novartis International AG

• Otsuka Holdings Co. Ltd.

• Pfizer Inc.

• Pharmavite LLC

• Roche Holding AG

• Salus Haus

• Sanofi S.A.

Vitamins & Minerals Market