Multivitamin And Mineral Supplements Market Size 2024-2028
The multivitamin and mineral supplements market size is forecast to increase by USD 2.98 billion at a CAGR of 4.5% between 2023 and 2028.
What will be the Size of the Multivitamin And Mineral Supplements Market during the Forecast Period?
How is this Multivitamin And Mineral Supplements Industry segmented and which is the largest segment?
The multivitamin and mineral supplements industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Application
- Eye health supplements
- Bone and joint supplements
- Heart health supplements
- Other supplements
- Geography
- North America
- US
- Europe
- Germany
- UK
- Asia
- China
- Japan
- Rest of World (ROW)
- North America
By Application Insights
The eye health supplements segment is estimated to witness significant growth during the forecast period. Multivitamin and mineral supplements encompass a range of dietary products designed to address nutritional imbalances and promote preventative healthcare. These supplements contain essential vitamins, minerals, and micronutrients to support various bodily functions, including immunity, energy production, and bone health. Vitamins D, C, and E, as well as minerals like calcium, iron, and zinc, are commonly found in multivitamin formulations. The aging population and health-conscious consumers are the primary drivers of the multivitamin and mineral supplement market. Consumers seek to mitigate the health consequences of poor dietary approaches, such as junk food consumption and sedentary lifestyles, which can lead to diseases and disorders.
Monogastric animals and the geriatric population also benefit from multivitamin and mineral supplements. Manufacturers offer multivitamin and mineral supplements in various forms, including tablets, capsules, and soft gels, catering to diverse consumer preferences. Vitamin D supplements, particularly popular due to their role in bone health and disease prevention, are available In these forms. Disease prevalence, such as anemia caused by iron deficiency, further fuels the demand for mineral supplements. Healthcare and dietary supplements, including multivitamins, are subject to food standards, regulations, and approvals. Market research firms like FMI, FMI Research, and Nelson study provide insights into market trends, production efficiency, and competitive landscape.
The market is expected to grow due to increasing consumer awareness, the prevalence of chronic diseases, and the availability of convenient and effective supplement forms. Incorporating natural ingredients, such as natural herbs, botanicals, protein, and immunity boosters, adds value to multivitamin and mineral supplements. These supplements cater to various consumer segments, including men, women, and unisex, and are available in various food products, beverages, and culinary products. Pediatric nutrition and sports nutrition are emerging categories withIn the multivitamin and mineral supplement market.
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The Eye health supplements segment was valued at USD 2.99 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The multivitamin and mineral supplement market In the Americas is witnessing growth due to increasing health consciousness among consumers, particularly the aging population. These supplements are essential for addressing micronutrient deficiencies and preventing health consequences associated with dietary imbalances, sedentary lifestyles, and junk food consumption. Factors such as the prevalence of diseases and disorders, including cardiovascular diseases, diabetes, and cancer, are driving the demand for multivitamin and mineral supplements. Consumers are turning to various forms, including tablets, capsules, and soft gels, to meet their nutritional requirements. The market is further boosted by the rising appeal of immunity boosters, natural herbs, botanicals, protein, sports nutrition, and pediatric nutrition.
However, regulatory challenges and the proliferation of counterfeit products pose significant hurdles to market growth. Despite these challenges, continuous product innovations and the increasing disposable income of consumers are expected to fuel market expansion. The market encompasses a wide range of food products, beverages, bottled water, cereals, chocolates, confectionery, baby foods, coffee, culinary products, plant-based foods, dairy products, nutritional products, ice cream, and pet care products.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of market?
Increasing adoption of multivitamin and mineral supplements by growing aging population is the key driver of the market.The global market for multivitamin and mineral supplements has witnessed significant growth due to the increasing health consciousness among consumers, particularly In the aging population. With over 1 billion people aged 60 and above worldwide in 2020, this demographic is projected to reach 1.4 billion by 2030. This population segment is increasingly focused on maintaining optimal health and preventing degenerative conditions such as Alzheimer's and Parkinson's. Multivitamin and mineral supplements play a crucial role in addressing nutrient gaps, especially in older adults who may experience reduced food intake. These supplements are essential for providing vital nutrients, including vitamin D, calcium, iron, vitamin C, vitamin B12, omega-3, and protein, among others.
The demand for multivitamin and mineral supplements extends beyond the aging population. Health-conscious consumers of all ages are increasingly turning to these supplements to support their overall well-being and boost immunity. The market offers various forms, such as tablets, capsules, and soft gels, catering to diverse consumer preferences. The market for multivitamin and mineral supplements is driven by factors such as disease prevalence, dietary approaches, and nutritional imbalances resulting from junk food and sedentary lifestyles. The market also caters to specific consumer segments, including men, women, and unisex blends, as well as various industries, such as food products, beverages, pet care, and sports nutrition.
Regulations and approvals play a crucial role In the production efficiency and quality of multivitamin and mineral supplements. These products are subject to food standards and regulations to ensure their safety and efficacy. The market also includes various natural herbs, botanicals, and protein sources, catering to diverse consumer preferences and dietary requirements.
What are the market trends shaping the Multivitamin And Mineral Supplements market?
Increasing number of product launches is the upcoming market trend.The market is driven by the rising awareness of micronutrient status and its impact on health consequences. With an aging population and increasing numbers of health-conscious consumers, the demand for preventative healthcare products, including multivitamins and minerals, is on the rise. These supplements cater to various demographics, such as men, women, and unisex formulations, and come in various forms, including tablets, capsules, and soft gels. Disease prevalence, nutritional imbalances caused by junk food and sedentary lifestyles, and the need to address deficiencies in specific populations, such as children and geriatric individuals, further fuel market growth. The market also caters to specific dietary approaches, such as vegan, sports nutrition, and pediatric nutrition.
Food standards and regulations play a crucial role in market dynamics, with approvals and certifications influencing consumer trust and market penetration. New product launches, such as Nature's Bounty's immunity boosters and natural herbal supplements, continue to drive market growth. Additionally, the market includes various categories, such as vitamin D, protein, and blends, and extends to food products, beverages, pet care products, and culinary products. Market players focus on production efficiency and innovation to meet the evolving consumer needs and preferences. However, the market faces challenges, including competition from food products and regulatory complexities. Despite these challenges, the market is expected to grow steadily during the forecast period, driven by the increasing demand for multivitamins and minerals as essential components of a balanced diet and preventative healthcare.
What challenges does the market face during its growth?
Misleading advertisements and promotions is a key challenge affecting the industry growth.Multivitamin and mineral supplements, comprised of essential vitamins and minerals, cater to consumers seeking to maintain optimal micronutrient status for overall health and wellness. With the prevalence of various diseases and disorders linked to nutritional imbalances, these supplements have gained popularity among health-conscious individuals. Vitamin D, in particular, has garnered attention due to its role in bone health and immune system function. The aging population and geriatric community are significant consumer segments, as dietary approaches may not provide sufficient nutrients for this demographic. Children also benefit from multivitamins and mineral supplements, ensuring they receive essential nutrients for growth and development.
Multivitamins come in various forms, including tablets, capsules, and soft gels, catering to diverse consumer preferences. The market offers a wide range of dietary supplements, from immunity boosters with natural herbs and botanicals to protein-rich products for sports nutrition and pediatric nutrition. Food standards and regulations ensure the production efficiency and safety of multivitamin and mineral supplements. Advertising regulatory bodies monitor misleading claims and maintain transparency, ensuring consumers make informed decisions about their health. Diet, healthcare, monogastric animals, and even pet care products incorporate multivitamins and mineral supplements. Food products, beverages, bottled water, cereals, chocolates, confectionery, baby foods, coffee, culinary products, plant-based foods, dairy products, nutritional products, ice cream, and pet care products all offer multivitamin and mineral supplement options.
Despite the benefits, it is crucial to remember that multivitamin and mineral supplements should not replace a balanced diet. Consumers should be aware of potential health consequences, such as untimely death, deficiency, and diseases, caused by excessive intake or improper use of these supplements. Acquisitions and mergers In the industry continue to shape the market landscape.
Exclusive Customer Landscape
The multivitamin and mineral supplements market forecasting 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 multivitamin and mineral supplements market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, multivitamin and mineral supplements market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Abbott Laboratories - The multivitamin and mineral supplement market encompasses a diverse range of products designed to address nutritional deficiencies and promote overall health. HI-CAL, a leading player in this sector, offers scientifically formulated supplements to meet the varying nutritional needs of consumers. These supplements contain essential vitamins and minerals, ensuring optimal health and wellness support. The company's offerings cater to different demographics, including adults, children, and those with specific dietary requirements. By providing comprehensive nutritional solutions, HI-CAL aims to help individuals maintain a balanced diet and enhance their quality of life.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Abbott Laboratories
- Amway Corp.
- Archer Daniels Midland Co.
- BASF SE
- Bausch Health Companies Inc.
- Bayer AG
- Cargill Inc.
- Glanbia plc
- Innophos Holdings Inc.
- International Flavors and Fragrances Inc.
- Kappa Ingredients GmbH
- Natures Bounty
- New Chapter Inc.
- Otsuka Pharmaceutical Co. Ltd.
- Pfizer Inc.
- Pharmavite LLC
- Pinnacle Health Nutrition Ltd.
- Reckitt Benckiser Group Plc
- Swisse Wellness Pty Ltd.
- ZeaVision LLC
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The global market for vitamins and minerals supplements continues to experience significant growth, driven by the increasing awareness of the importance of maintaining optimal micronutrient status for overall health and wellness. Consumers, particularly those In the aging and geriatric populations, are increasingly seeking preventative healthcare products to mitigate the health consequences of nutritional imbalances caused by dietary approaches that fall short of providing essential nutrients. Micronutrient deficiencies can lead to various diseases and disorders, some of which may result in untimely death. Vitamin D deficiency, for instance, is a common issue, particularly in populations with limited sun exposure. This essential nutrient plays a crucial role in bone health, immune function, and cell growth.
The vitamins and minerals supplement market caters to various consumer segments, including health-conscious individuals, monogastric animals, and children. The market offers a diverse range of supplement forms, including tablets, capsules, and soft gels, to cater to different consumer preferences and needs. The market dynamics are influenced by several factors, including disease prevalence, consumer demographics, and regulatory approvals. The aging population's growing demand for preventative healthcare products is a significant driver of market growth. Health conscious consumers are increasingly turning to vitamins and minerals supplements to complement their diet and healthcare regimens. The market for vitamins and minerals supplements is diverse, encompassing various product categories, such as immunity boosters, natural herbs, botanicals, protein, sports nutrition, pediatric nutrition, and multivitamins.
These supplements are available in various forms, including food products, beverages, bottled water, cereals, chocolates, confectionery, baby foods, coffee, culinary products, plant-based foods, dairy products, nutritional products, ice cream, and pet care products. The market is subject to various regulations and approvals, ensuring the production efficiency and safety of these supplements. Food standards and regulations play a crucial role in ensuring the quality and safety of vitamins and minerals supplements. The market for vitamins and minerals supplements is highly competitive, with numerous players offering a wide range of products. The market landscape is characterized by frequent acquisitions and product innovations, with companies continually striving to meet the evolving consumer needs and preferences.
In conclusion, the global market for vitamins and minerals supplements is experiencing robust growth, driven by increasing consumer awareness of the importance of maintaining optimal micronutrient status for overall health and wellness. The market caters to various consumer segments and offers a diverse range of products to meet different consumer preferences and needs. The market dynamics are influenced by several factors, including disease prevalence, consumer demographics, and regulatory approvals. The market is subject to various regulations and approvals, ensuring the production efficiency and safety of these supplements. The competitive landscape is characterized by frequent acquisitions and product innovations, with companies continually striving to meet the evolving consumer needs and preferences.
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Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 2978.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Key countries |
US, UK, Germany, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Multivitamin And Mineral Supplements Market Research and Growth Report?
- CAGR of the Multivitamin And Mineral Supplements industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the multivitamin and mineral supplements market growth of industry companies
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