The Global Vitamin Supplements Market size is expected to reach $74.27 billion by 2027, rising at a market growth of 8.0% CAGR during the forecast period.
The purpose of consuming supplements is mainly to improve the presence of required nutrition and vitamins in the human body. Factors such as major transition towards preventive health management practices in the midst of growing healthcare costs, and the rise in the burden of lifestyle diseases are acting as growth catalysts for the overall vitamin supplements market.
The nutraceutical industry is constantly transforming and the industry is planning its R&D activities by considering the shift in consumer interest towards health-giving products. In addition, the industry also focuses on the monitoring of emerging consumer trends and relationships with mass distributors; hence the products which are being created in the sector are in line with the demand and trend of the consumers.
COVID-19 Impact Analysis
The need and awareness to consume vitamins have been intensified due to the outbreak of the COVID-19 pandemic. The National Institute for Health and Care Excellence (NICE) of the U.K. noted that vitamin D plays a crucial role in bone as well as muscle health and boosts the immunity of the body to fight against respiratory viruses. In addition, it is also suggested that adults, children, and young people above the age of 4 years should consume 10 micrograms of vitamin D on the daily basis.
People with low immunity are expected to be at a greater risk of COVID-19 infection, whereas vitamins are helpful in boosting the immunity which can minimize the possibility of COVID-19 infection. Hence, the outbreak of the COVID-19 pandemic has played a pivotal role in increasing the demand for vitamin supplements. As per the U.S. National Health and Nutrition Examination Survey, above half of the U.S. population has consumed these products throughout the pandemic.
Market Growth Factors:
Growing demand for vitamin supplements to increase immunity
With the increasing health-consciousness, the consumers are looking for unique and healthy-giving products that are filled with essential nutrients to prevent symptoms related to COVID-19 and other severe infections & virus, which include chest pain, tiredness, shortness of breath, and others. Therefore, the nutraceuticals sector is witnessing a massive demand for pediatric nutrition, multivitamins, protein, sports nutrition, and others that are expected to decrease the health concerns among the consumers.
A drastic surge in consumer spending and constant technological developments
In the last couple of years, the spending of consumers on dietary supplements has been increased significantly due to the rising health awareness and the growing birth rate. Currently, the market has become highly competitive in nature due to the fact that various supportive mandates for the food industry and governments are changing the approvals & norms for the overproduction of vitamin supplements.
Market Restraining Factor:
Vitamin supplements are not affordable for many consumers
Technology and science are playing crucial roles to assist individuals to recognize foods that are beneficial in weight and health management. However, vitamin supplements are high-priced which may discourage many people, especially from under-developed countries to consume such products, thereby hampering the growth of the industry. In addition, industry players like Amway provide supplements under the Brand name Nutrilite, which is extremely costly for some consumers. Additionally, to bring the ideal composition in vitamin supplements, a significant amount of customization and research is required, which further adds to the overall cost of the final product.
Form Outlook
Based on the Form, the Vitamin Supplements market is segmented into Tablets, Capsules, Gummies, Softgels, Powder, and Others. The gummies segment is expected to display the fastest growth rate during the forecasting period. In addition, it is a sweet jelly-like form, is easy to carry, and provides superior taste, better mouthfeel, and required nutrients. Kids as well as the geriatric population highly prefer gummies due to their softness and broad flavor profile.
Distribution Outlook
Based on the Distribution Channel, the Vitamin Supplements market is divided into Offline and Online. The online segment is expected to exhibit a promising growth rate in the market during the forecasting period. This is attributed to the benefits offered by the online platforms including high convenience, attractive discounts, and availability of a large number of products, easy return policy, and free home delivery.
Type Outlook
Based on the Type, the Vitamin Supplements market is segregated into Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Others. Vitamin A is useful in promoting the health of digestive organs. In addition, Vitamin A plays a crucial role in healthy vision, immune system, and cell development. In the last couple of years, there has been a drastic rise in the consumption of Vitamin A in the form of supplements to maintain body health and wellbeing, due to the hectic & sedentary lifestyles.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the overall vitamin supplement market. Factors such as rising cases of obesity and lifestyle-associated diseases because of the unhealthy diet and lifestyles, rising disposable income, and easy accessibility to several processed and ready-to-eat foods are responsible for the growth of the regional market.
Cardinal Matrix - Vitamin Supplements Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; The Bountiful Company, GlaxoSmithKline PLC (GSK), and Pfizer, Inc. are the forerunners in the Vitamin Supplements Market. Companies such as NOW Foods, Inc., Glanbia PLC, and Alticor Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Alticor Inc. (Amway Corporation), NOW Foods, Inc., Glanbia PLC, GlaxoSmithKline PLC (GSK), Pfizer, Inc., Bayer AG, Good Health New Zealand, Herbalife International, Inc., and The Bountiful Company (Nestlé SA).
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Partnerships, Collaborations and Agreements:
- Dec-2020: Body&Fit partnered with Lonza, a Swiss multinational chemicals and biotechnology company. Through this partnership, Body&Fit is expected to adopt Duocap capsule technology and some specialty ingredients of Lonza to manage the clean label concerns in fields of immunity, joint health, and beauty.
- Jul-2020: Amway, a subsidiary of Alticor entered into a partnership with Holzapfel Effective Microbes (HEM), a medical device company based in South Korea. The partnership aimed to develop customized probiotics to assist wellness via gut-health-related advantages including brain health, weight management, immunity, skin health, and more.
Product Launches and Product Expansions:
- Nov-2021: Nature's Bounty unveiled jelly bean vitamins. Through this launch, the company aimed to offer the delicious, fruit-flavored jelly bean format that offers a delightful way to maintain daily wellness. In addition, the jelly bean format is launched for both kids and adults at trusted retailers of the country such as Kroger, CVS, and Walmart as well as Amazon.com.
- Sep-2021: Amway, a subsidiary of Alticor unveiled Nutrilite Vitamin D Plus1, a product that is designed for people with weak bones. Through this launch, the company bolstered its position in the Food for Special Dietary Usage (FSDU) field. The new product has a beneficial formulation of Vitamin K2, Vitamin K2 with a patented botanical combination of quercetin and organically sourced licorice and Vitamin D3, which is expected to help individuals with weak bones.
- Sep-2021: Abbott rolled out PediaSure, its unique childhood nutrition solution with natural and arginine vitamin K2 to encourage the growth & development of children through appropriate nutrition. Moreover, the new composition of the company is expected to provide longer and stronger bones to children.
- Aug-2021: Glanbia rolled out KetoSure MCT, a new keto powder ingredient. Through this launch, the company aimed to offer a distinct ketogenic ingredient that integrates high-quality whey protein isolate with premium, coconut-based MCT oil in a powder form.
- Jun-2021: Amway, a subsidiary of Alticor rolled out Nutrilite Vitamin C Cherry Plus, formulated with extended-release technology for people with weak immunity. Through this launch, the company aimed to support its nutrition and immunity line of products for use among people with weak immunity.
- Jun-2021: Nature's Bounty launched Curated Combinations, a line of four distinct and customized nutrition packs. Through this launch, the company aimed to offer easily accessible and affordable customized supplements at selected Walgreens, Select CVS, and Rite Aid across the nation.
- Dec-2020: Abbott introduced Pedialyte Hydration solution. Through this launch, the company aimed to offer a composition with five electrolytes, prebiotics, vitamin-E, vitamin-C, glucose, and zinc. In addition, Pedialyte is expected to be available in form of powder, mixed berry, and fruit punch flavor.
- Dec-2020: Nature's Bounty introduced Immune 24 Hour +. Immune 24 Hour + is a unique supplement consisting of only vitamin C along with 24-hour immune support.
- Jul-2020: Nature’s Bounty released a Stress Comfort portfolio of gummy supplements. Through this launch, the company aimed to naturally address issues related to sleep, peace of mind, and mood.
Acquisitions and Mergers:
- Nov-2020: Bayer completed the acquisition of Care/of, a customized direct-to-consumer nutrition company. Through this acquisition, the company aimed to advance strategic business goals, empowering its existence in the highly-growing area of customized nutrition, and strengthening its capabilities in the Nutritionals space and personalized healthcare.
Geographical Expansions:
- Jun-2021: Bayer expanded its geographical footprint by launching a consumer health unit in India. Through this launch, the company is expected to increase the availability of day-to-day health solutions and cross 100 million consumers in India. This new unit is expected to demonstrate 4 segments allergy, nutrition, dermatology, and analgesics across 10 brands including dermatology, analgesics, nutrition, and allergy, including Supradyn, Becozym C Forte, Saridon, Alaspan, Canesten, and Bayer's Tonic.
Scope of the Study
Market Segments Covered in the Report:
By Form
- Tablets
- Capsules
- Gummies
- Softgels
- Powder
- Others
By Distribution Channel
- Offline
- Online
By Type
- Multivitamin
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Abbott Laboratories
- Alticor Inc. (Amway Corporation)
- NOW Foods, Inc.
- Glanbia PLC
- GlaxoSmithKline PLC (GSK)
- Pfizer, Inc.
- Bayer AG
- Good Health New Zealand
- Herbalife International, Inc.
- The Bountiful Company (Nestlé SA)
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- Exhaustive coverage
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Table of Contents
Companies Mentioned
- Abbott Laboratories
- Alticor Inc. (Amway Corporation)
- NOW Foods, Inc.
- Glanbia PLC
- GlaxoSmithKline PLC (GSK)
- Pfizer, Inc.
- Bayer AG
- Good Health New Zealand
- Herbalife International, Inc.
- The Bountiful Company (Nestlé SA)
Methodology
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