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The multivitamin and mineral supplements market size is forecast to increase by USD 2.97 billion at a CAGR of 4.5% between 2023 and 2028. The market is witnessing significant growth due to several factors. The increasing adoption of these supplements by the aging population, who are more susceptible to nutritional imbalances, is a major driving force. Additionally, the rising number of product launches catering to various health concerns further fuels market growth. However, challenges such as misleading advertisements and promotions, as well as stringent food standards, regulations, and approvals, pose significant hurdles. The market is also influenced by the prevalence of junk food and sedentary lifestyles, leading to an increased incidence of diseases, further boosting demand for preventative healthcare products. Production efficiency and cost-effectiveness are also key considerations for market participants.
The market encompasses a wide range of products designed to address micronutrient deficiencies in consumers. With increasing health consciousness and the prevalence of various diseases, the demand for these supplements has risen. Vitamins and minerals, essential for maintaining optimal health, play a crucial role in various bodily functions. The market caters to diverse consumer segments, including the aging population, health-conscious individuals, monogastric animals, children, and the geriatric population. Vitamin D, a vital nutrient, has gained significant attention due to its role in bone health and disease prevention. The market offers vitamins and minerals in various forms, such as tablets, capsules, and soft gels, catering to consumer preferences and dietary approaches.
Furthermore, the production efficiency of these supplements is a critical factor in the market, with regulations, approvals, and food standards playing a significant role in ensuring product quality and safety. Micronutrient status and its impact on health consequences continue to be a major concern, driving the demand for preventative healthcare products. As consumers become more health-conscious, the market for vitamins and mineral supplements is expected to grow steadily.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The eye health supplements segment is estimated to witness significant growth during the forecast period.The global market for multivitamin and mineral supplements, particularly those in capsule and soft gel forms, is experiencing significant growth due to the increasing number of health-conscious consumers, especially among the aging and geriatric population. These supplements are essential for individuals who may have dietary deficiencies or require additional nutrients to maintain optimal health. In the case of the elderly, multivitamins and mineral supplements are often used to address age-related health issues, such as eye diseases like macular degeneration and cataracts. Eye health supplements are formulated with various vitamins and minerals, including antioxidant vitamins A, C, and E, B vitamins such as B6 and B12, blueberry extracts for anthocyanins, omega-3 fatty acids, zinc, and selenium.
Furthermore, the rising demand for eye health supplements containing lutein, zeaxanthin, lycopene, and curcumin is driven by consumer awareness of their potential benefits for eye health. The monogastric animal market also contributes to the demand for multivitamins and mineral supplements.
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The eye health supplements segment was valued at USD 2.98 billion in 2018 and showed a gradual increase during the forecast period.
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 market is experiencing significant growth due to the increasing health consciousness among consumers, particularly in the aging population and the geriatric population. In the Americas region, the baby boomer demographic, consisting of individuals aged 60 years and above, is a major driver of market growth. These individuals are seeking to maintain their health and vitality through the use of multivitamins and mineral supplements. Additionally, the rising number of product launches and continuous product innovations, coupled with the increasing disposable income of consumers, are contributing to market growth. However, challenges such as the availability of counterfeit products through various retail channels, including online portals, pose a hindrance to market expansion.
Furthermore, in the animal health sector, monogastric animals, such as pigs and poultry, are major consumers of multivitamin and mineral supplements in capsule and soft gel forms to ensure optimal health and growth. Overall, the diet and healthcare industries continue to play a crucial role in the increasing demand for multivitamin and mineral supplements.
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.
Increasing adoption of multivitamins and mineral supplements by the growing aging population is the key driver of the market. The global market has witnessed significant growth due to increasing consumer awareness regarding the importance of maintaining optimal micronutrient status for overall health. With the aging population, which is projected to reach 1.4 billion by 2030, there is a growing concern about the health consequences of degenerative conditions such as Alzheimer's and Parkinson's.
However, to prevent these conditions and address nutrient gaps resulting from reduced food intake, consumers are turning to multivitamins and mineral supplements. These supplements often contain essential nutrients like vitamin D, calcium, iron, vitamin C, vitamin B12, omega-3, protein, and others. The tablet form of these supplements offers convenience and ease of use for consumers following various dietary approaches to support their health.
The increasing number of product launches is the upcoming trend in the market. The market is experiencing significant growth due to several factors, including the increasing concern for maintaining optimal micronutrient status for overall health. With the prevalence of various diseases and health consequences associated with micronutrient deficiencies, consumers are turning to dietary approaches such as supplements to bridge any gaps in their nutritional intake. One of the key drivers fueling market growth is the continuous launch of new products.
Moreover, such innovative product launches will help the market expand during the forecast period, providing consumers with a diverse range of options to meet their nutritional needs. Vitamin D supplements, in particular, have gained significant attention due to their role in bone health and immune system support. The market for these supplements is expected to grow steadily as consumers become more aware of their health benefits.
Misleading advertisements and promotions is a key challenge affecting the market growth. Multivitamin and mineral supplements have gained significant popularity among consumers as they aim to maintain optimal micronutrient status for overall health and well-being. However, the consequences of inadequate micronutrient intake can lead to various health issues. According to recent statistics, the disease prevalence of nutrient deficiencies is on the rise, making the need for these supplements more imperative. Despite this, consumers often rely on dietary approaches to meet their nutritional needs, and the use of multivitamins and mineral supplements is not always the first choice. One of the most common vitamins found in these supplements is Vitamin D, which plays a crucial role in bone health and immune function.
However, the efficacy of these supplements can vary, and the outcome may not always meet consumers' expectations. This can lead to distrust and skepticism towards multivitamins and mineral supplements. To build consumer trust and confidence, manufacturers need to provide transparency regarding the ingredients and the manufacturing processes of these supplements. Advertising regulatory bodies have set stringent guidelines to prevent misleading claims and ensure accuracy in advertising. In tablet form, multivitamins and mineral supplements offer a convenient and effective way to address micronutrient deficiencies. By prioritizing transparency and adhering to regulatory guidelines, the multivitamin and mineral supplement market can continue to grow and meet the evolving needs of consumers.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies 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.
Abbott Laboratories - The company offers multivitamin and mineral supplements under the brand name HI-CAL.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
The vitamins and minerals supplement market caters to consumers seeking to maintain optimal micronutrient status for preventative healthcare. The rising disease prevalence, particularly in the aging and geriatric population, has fueled the demand for these supplements. Health-conscious consumers, including monogastric animals, turn to vitamins and minerals as immunity boosters and to address nutritional imbalances caused by junk food and sedentary lifestyles. The market offers various forms such as tablets, capsules, and soft gels. Vitamin D, a crucial micronutrient, holds a significant market share due to its role in bone health and disease prevention. Regulations and approvals ensure the production efficiency and safety of these supplements, making them essential preventative healthcare products.
Furthermore, the market encompasses a wide range of applications, including vitamins for men, women, and unisex, as well as vitamin blends for specific populations like children and athletes. The market also includes dietary supplements for various diseases and disorders, as well as vitamins and minerals added to food products, beverages, and culinary products. Additionally, natural herbs, botanicals, protein, sports nutrition, pediatric nutrition, and pet care products are part of this expanding market.
Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market Growth 2024-2028 |
USD 2.97 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, 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., and ZeaVision LLC |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, 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 |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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