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The Global Vitamins Market size is projected to increase by USD 29.24 billion at a CAGR of 7% between 2022 and 2027. The increasing number of product launches reflects ongoing innovation and research in developing new treatments and therapies. The growth in the geriatric population is driving demand for healthcare services and products tailored to the needs of older adults. Additionally, preventive measures for lifestyle-related diseases are becoming increasingly important as people seek to maintain their health and well-being. Overall, these factors are contributing to the expansion of the market as companies strive to meet the growing healthcare needs of the population.
The 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 health and wellness. These vitamins also target aspects such as digestion, mental health, and other nutritional requirements for human health. These new product launches are poised to contribute to the growth of the global vitamins market in the forecast period.
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This 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).
The adult segment of the 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 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 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 22.33 billion in 2017.
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During the forecast period, the pharmaceuticals and cosmetics segment of the 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.
The market encompasses various industries, including food & beverages, animal feed, personal care, and pharmaceuticals & nutraceuticals. Essential vitamins like Vitamin A, B1, B2, B3, B5, B6, B7, B9, B12, D, E, and K, collectively known as B vitamins, play crucial roles in human health, from supporting digestion and immunity to maintaining mental health. With increasing awareness of health and wellness, the demand for vitamin supplements is on the rise, especially among populations with specific nutritional requirements, like post-menopausal women and those combating anemia. Major players in the market, such as DSM, are continuously innovating to meet these diverse needs. 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 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 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 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 Market 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.
The vitamins market report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is a vital component of the healthcare industry, offering essential nutrients for maintaining optimal health. Vitamin E, Vitamin K, and Vitamin C are among the key vitamins that play crucial roles in various bodily functions. Companies like ADM and GlaxoSmithKline plc produce a range of vitamin supplements and pharmaceutical products, including Novatol Vitamin E 1490PH, Sensodyne, Panadol, and Voltaren. These products cater to specific health needs such as osteoporosis, osteoarthritis, and fibromyalgia, particularly in the post-menopausal female population.
The market offers a diverse range of products sourced from both synthetic and natural origins to cater to various health needs. Brands like Centrum, Advil, and Caltrate provide comprehensive vitamin supplements tailored for different demographics and health concerns. Regulatory bodies such as the World Health Organization (WHO) and the Food and Drug Administration (FDA) play a crucial role in ensuring the safety and efficacy of women's health vitamin supplements.
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 29.24 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 |
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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 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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