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The Global Vitamins Market size is projected to increase by USD 29,240.02 million and the market size is estimated to grow at a CAGR of 7% between 2022 and 2027. In 2017 the size of the market was valued at USD 53,017.15 million.
This vitamins market report extensively covers market segmentation by application (food and beverages, pharmaceuticals and cosmetics, and feed additives), end-user (adults, children and teenagers, and infants), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The global vitamins market is driven by an increasing number of new product launches, which is expected to boost revenues and market shares for players. Notable recent launches include Koninklijke DSM N.V.'s ampli-D, a fast-acting vitamin D supplement in Australia that supports immune health by quickly raising vitamin D levels in the body. Additionally, Procter and Gamble Co. introduced voost vitamins, a product line featuring various vitamins and nutrients aimed at supporting immunity, the nervous system, and overall wellness. These new product launches are poised to contribute to the growth of the global vitamins market in the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The increasing population of health-conscious consumers will fuel the global vitamin market growth. Increasing health awareness among consumers is a positive trend that is expected to drive the growth of the market during the forecast period. As consumers become more health-conscious due to rising obesity rates and related diseases, they are seeking natural-based and low-fat, low-calorie food and beverage products. Market players are responding to this demand by offering products fortified with vitamins and minerals and with reduced fat and calorie content.
Health and wellness are increasingly popular among young consumers in the age group of 18-32 years. The global trend towards fitness activities is growing, and consumers are willing to pay a premium for food and beverage products that offer various functional benefits such as low fat and calorie content. The increasing demand for healthy food and beverage products is expected to drive the growth of the market during the forecast period.
The misleading advertisements and promotions by market players are a major challenge to the global vitamins market growth. The growth of the market is threatened by a significant challenge posed by misleading promotions and advertisements by market players. These players often collaborate with sports and film celebrities to endorse their products and create campaigns featuring these celebrities, which can influence consumers to make purchases under the impression that the products are healthy and safe.
Additionally, regulatory bodies provide guidelines that highlight various misleading claims supplement manufacturers make through advertisements, which can also impact consumer trust. As a result, these factors are anticipated to impede the growth of the market during the forecast period.
The global vitamins industry research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Vitamins Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The vitamins market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The adult segment of the global vitamins market is set to experience substantial growth in the forecast period. This can be attributed to increasing awareness of the health benefits associated with vitamins, a rise in chronic diseases, and the prevalence of nutritional deficiencies among adults and working professionals due to busy lifestyles. Vitamins such as A, C, D, E, K, and various B vitamins (including thiamine, riboflavin, niacin, pantothenic acid, biotin, B6, B12, and folate) are essential sources that contribute to enhancing overall health, mental well-being, and supporting the immune system in adults. These factors collectively drive the growth of the global vitamins market in the forecast period.
The children and teenager segment of the global vitamins market is poised to experience substantial growth in the forecast period. This can be attributed to increasing awareness of the health benefits associated with vitamins in the diet, a growing emphasis on immunity boosters, and other factors driving market expansion. Vitamins play a crucial role in the growth and development of children and teenagers. For instance, vitamin D helps in maintaining strong bones and reducing bone loss, while vitamin A supports clear eyesight and other essential functions. B vitamins, on the other hand, assist in converting food into cellular energy, supporting overall cellular function and a healthy brain and nervous system. These factors collectively contribute to the growth of the children and teenager segment in the global vitamins market during the forecast period.
The food and beverages segment in the global vitamins market is expected to witness significant growth during the forecast period. This growth is due to the increasing demand for health and wellness food and beverages. Consumers include more vitamins and mineral-rich food products in their daily diets as preventive measures against various diseases, thereby increasing the demand for fortified food and beverage products. Various market players are coming up with new food and beverage products that are fortified with vitamins to meet growing demand. Vitamin deficiencies can lead to minor and major problems, including preventable blindness in children due to lack of vitamin A, short-term memory loss, fatigue, and weight loss due to low vitamin B12. Hence, the above-mentioned factors are expected to fuel the growth of the food and beverages segment in the global vitamins market during the forecast period. The food and beverages show a gradual increase in the market share of USD 22,330.82 million in 2017 and continue to grow by 2021.
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During the forecast period, the pharmaceuticals and cosmetics segment of the global vitamins market is projected to experience significant growth. Vitamins are widely used as dietary supplements in the pharmaceutical industry. Physicians often prescribe them as an adjunct medication for various conditions, ranging from mild illnesses to severe chronic diseases. Vitamins are believed to boost immunity, enhance well-being, and expedite recovery from illnesses. These organic substances are considered essential as they cannot be adequately synthesized within the human body or are synthesized in insufficient quantities for maintaining good health.
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APAC is projected to contribute 40% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The use of vitamin supplements is increasing among consumers in APAC on the back of growing health consciousness to prevent the onset of various lifestyle-related diseases. China, India, and Japan are among the major vitamin product consumers in the region. Commendable economic growth, coupled with increasing health awareness among consumers, will boost the market in APAC during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In Q1 2021, the regional government started the vaccination program and also lifted lockdown and travel restrictions, which resulted in the resumption of offline stores and online delivery of foods and medicines gradually. Due to this, the demand for vitamin supplements witnessed a rise among consumers in the region, as they are rich in nutrients and are easily available in offline and online stores. Such trends are expected to boost the growth of the vitamin market during the forecast period.
The vitamins market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Vitamins Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2023-2027 |
USD 29240.02 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
6.8 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Ajinomoto Co. Inc., Alltech Inc., Associated British Foods Plc, BASF SE, Bluestar Adisseo Co., Chr Hansen Holding AS, DuPont de Nemours Inc., Koninklijke DSM NV, Merck KGaA, Sanofi SA, Vitafor NV, Vitala Foods, Zinpro Corp., Archer Daniels Midland Co., Cargill Inc., Evonik Industries AG, Nestle SA, and Virbac Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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