Multivitamin and Mineral Supplements Market by Application and Geography - Forecast and Analysis 2022-2026

The multivitamin and mineral supplements market share is expected to increase by USD 3.19 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.8%.

This multivitamin and mineral supplements market research report provide valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers multivitamin and mineral supplements market segmentation by application (eye health supplements, bone and joint supplements, heart health supplements, and other supplements) and geography (North America, Europe, Asia, and Rest of World (ROW)). The multivitamin and mineral supplements market report also offer information on several market vendors, 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, New Chapter Inc., Otsuka Pharmaceutical Co. Ltd., Pfizer Inc., Pharmavite LLC, Pinnacle Health Nutrition Ltd., Reckitt Benckiser Group PLC, Swisse Wellness Pty Ltd., The Bountiful Co., and ZeaVision LLC. among others.

What will the Multivitamin and Mineral Supplements Market Size be During the Forecast Period?

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Multivitamin and Mineral Supplements Market: Key Drivers, Trends, and Challenges

The increasing adoption of multivitamin and mineral supplements by the growing aging population is notably driving the multivitamin and mineral supplements market growth, although factors such as misleading advertisements and promotions may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the multivitamin and mineral supplements industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Multivitamin And Mineral Supplements Market Driver

One of the key factors driving the global multivitamin and mineral supplements industry growth is the increasing adoption of multivitamin and mineral supplements by the growing aging population. It is estimated that by 2030, nearly 17% of the global population will be above the age of 60 years. The aging population is becoming increasingly health-conscious about degenerative functioning and related conditions such as Alzheimer's and Parkinson's. Aging also results in a reduced intake of food, which results in nutrient gaps. Thus, the supplements are usually taken to complement the following essential nutrients such as vitamin D, calcium, iron, and others. The demand for multivitamin and mineral supplements will also be driven by the high spending power of baby boomers in the forecast period.

Key Multivitamin and Mineral Supplements Market Trend

Aging population driving spending on multivitamin and mineral supplements is one of the key multivitamin and mineral supplements market trends that is expected to impact the industry positively in the forecast period. According to the World Bank data, the share of the global geriatric population was 9.09% in 2019, and it increased to 9.31% in 2020. It is estimated that around one-fifth of the overall consumers of multivitamin and mineral supplements currently belong to the geriatric category. Most manufacturers of multivitamin and mineral supplements have started focusing specifically on these consumers by providing specialized products to address age-related disorders, such as supplements for the heart and bones. For instance, the multivitamin and mineral supplements manufacturer FoodState offers its multivitamin combination, Multi for Men/Women, for people aged above 55 years. Such factors will support the market growth in the coming years.

Key Multivitamin and Mineral Supplements Market Challenge

One of the key challenges to the global multivitamin and mineral supplements industry growth is misleading advertisements and promotions. Players sign up with various sports and film celebrities to endorse their products. They create various advertisement campaigns featuring these celebrities with an aim to influence their fans and expand their consumer base. However, the outcome of consuming these supplements may not be as desired by consumers, which may cause them to distrust various multivitamin and mineral supplement products. Hence, creating a sense of transparency regarding the ingredients and the manufacturing of these supplements is imperative. In addition, advertising regulatory bodies have set certain stringent guidelines to control the various misleading claims of supplement manufacturers through their advertisements. such factors might limit the market growth in the forecast years.

This multivitamin and mineral supplements market analysis report also provide detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global multivitamin and mineral supplements market as a part of the pharmaceutical market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the multivitamin and mineral supplements market during the forecast period.

Who are the Major Multivitamin and Mineral Supplements Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, 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
• New Chapter Inc.
• Otsuka Pharmaceutical Co. Ltd.
• Pfizer Inc.
• Pharmavite LLC
• Pinnacle Health Nutrition Ltd.
• Reckitt Benckiser Group PLC
• Swisse Wellness Pty Ltd.
• The Bountiful Co.
• ZeaVision LLC.

 

This statistical study of the multivitamin and mineral supplements market encompasses successful business strategies deployed by the key vendors. The multivitamin and mineral supplements market is fragmented and the vendors are deploying growth strategies such as investment in R and D to compete in the market.

Product Insights and News

• Abbott Laboratories - The company offers multivitamin and mineral supplements under the brand name HI-CAL.

• Abbott Laboratories - Under the established pharmaceuticals products segment, the company manufacturers branded generic pharmaceuticals for established and emerging markets.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The multivitamin and mineral supplements market forecast report offer in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Multivitamin and Mineral Supplements Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the multivitamin and mineral supplements market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Multivitamin And Mineral Supplements Market?

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41% of the market's growth will originate from North America during the forecast period. The US is the key market for multivitamin and mineral supplements in North America. Market growth in this region will be faster than the growth of the market in Europe and ROW.

Factors such as the rising number of product launches and continuous product innovations, the increasing disposable income of consumers in the region, and the growing appeal of leading healthy lifestyles will facilitate the multivitamin and mineral supplements market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 has brought about changes in the lifestyles of the people in North America. The lockdowns imposed to contain the spread of the disease led to restrictions on sports and outdoor activities, such as cycling and camping. Hence, people have been engaging in fitness activities at home, which is increasing the consumption of multivitamin and mineral supplements that increase the nutritional levels in the body. Prominent vendors, such as Archer Daniels Midland Co., have been ensuring that people have access to an adequate supply of nutrients required daily by ensuring the availability of multivitamin and mineral supplements at retail stores. Such factors and new product launches by vendors are anticipated to drive the growth of the regional multivitamin and mineral supplements market during the forecast period.

What are the Revenue-generating Application Segments in the Multivitamin and Mineral Supplements Market?

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The multivitamin and mineral supplements market share growth by the eye health supplements segment will be significant during the forecast period. The significant increase in the demand for eye health supplements from the elderly population who consume multivitamin and mineral supplements to combat age-related eye problems will drive the market in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the multivitamin and mineral supplements market size and actionable market insights on post COVID-19 impact on each segment.

 

Multivitamin and Mineral Supplements Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 4.8%
Market growth 2022-2026	$ 3.19 billion
Market structure	Fragmented
YoY growth (%)	3.9
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 41%
Key consumer countries	US, UK, Germany, China, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	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, New Chapter Inc., Otsuka Pharmaceutical Co. Ltd., Pfizer Inc., Pharmavite LLC, Pinnacle Health Nutrition Ltd., Reckitt Benckiser Group PLC, Swisse Wellness Pty Ltd., The Bountiful Co., and ZeaVision LLC.
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 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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What are the Key Data Covered in this Multivitamin and Mineral Supplements Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive multivitamin and mineral supplements market growth during the next five years
• Precise estimation of the multivitamin and mineral supplements market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the multivitamin and mineral supplements industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of multivitamin and mineral supplements market vendors

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