Vitamin Supplements Market to Reach $98.6 Bn, Globally, by 2031 at 7.6% CAGR: Allied Market Research

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Oct 20, 2022, 07:00 ET

Rise in healthcare costs, increase in the penetration of the online pharmacies, and surge in consumer awareness and demand drive the growth of the global vitamin supplements market.

PORTLAND, Ore., Oct. 20, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Vitamin Supplements Market by Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, Multivitamin), by Form (Tablet, Powder, Capsule, Gummies, Others), by Distribution Channel (Supermarkets and hypermarkets, Retail Pharmacy, Online Sales, Others), by End User (Adult, Geriatric, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."According to the report, the global vitamin supplements industry generated $47.9 billion in 2021, and is estimated to reach $98.6 billion by 2031, manifesting a CAGR of 7.6% from 2022 to 2031.

Prime determinants of growth

Rise in healthcare costs, increase in the penetration of the online pharmacies, and surge in consumer awareness and demand drive the growth of the global vitamin supplements market. Furthermore, increase in prevalence of vitamin A deficiency (VAD) in developing and underdeveloped regions supplements the market growth. The usefulness of vitamin supplements in non-nutritional disorders such as hyperlipidaemia and Wernicke–Korsakoff syndrome and surge in health-consciousness among consumers present new opportunities in the coming years.

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Covid-19 Scenario

The Covid-19 pandemic made a positive impact on the growth of the vitamin supplements market. The demand for vitamin C and multivitamins increased considerably to boost the immunity and fight against the infection of coronavirus.
Manufacturing activities of different types of vitamin tablets and other forms surged considerably to meet the increase in demand. Governments of many countries permitted the transportation and supply of medicines despite the lockdown restrictions.
Distribution channels such as hypermarkets and supermarkets were closed during the lockdown. However, online pharmacies and retail pharmacies were operational throughout the pandemic. The sales volume of vitamin supplements through these channels increased considerably.

The multivitamin segment to maintain its lead position during the forecast period

Based on type, the multivitamin segment accounted for the highest market share in 2021, contributing to nearly two-fifths of the global vitamin supplements market, and is projected to maintain its lead position during the forecast period. This is due to usage by consumers to fulfill daily requirements of the essential vitamins to improve body functioning and enable development. However, the vitamin B segment is projected to manifest the largest CAGR of 9.0% from 2022 to 2031. This is due to increase in demand for cellular and brain functioning. The report also analyzes the segments including vitamin A, vitamin C, vitamin D, vitamin E, and vitamin K.

The adult segment to continue its dominant share throughout the forecast period

Based on end user, the adult segment contributed to the highest market share in 2021, accounting for nearly half of the global vitamin supplements market, and is projected to continue its dominant share throughout the forecast period. This is due to increase in awareness about the health benefits of vitamins in the diet and busy lifestyle that leads to adoption of vitamin supplements. However, the geriatric segment is estimated to manifest the highest CAGR of 8.1% from 2022 to 2031. This is attributed to consumption of vitamin supplements to make up for bone deficiency. The research also analyzes the others segment.

The retail pharmacy segment to continue its highest contribution throughout the forecast period

Based on distribution channel, the retail pharmacy segment accounted for the largest market share in 2021, holding nearly two-fifths of the global vitamin supplements market, and is estimated to continue its highest contribution throughout the forecast period. This is due to improvement in healthcare infrastructure, rise in number of consumers visiting pharmacies and drug stores, and surge in number of pharmacies globally. However, the online sales segment is projected to register the fastest CAGR of 8.4% from 2022 to 2031. This is due to surge in penetration of various online portals in developing regions, rise in number of offers and discounts, and increase in smartphone users. The report also analyzes the segments including supermarkets & hypermarkets and others.

North America to maintain its leadership status throughout the forecast period

Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global vitamin supplements market, and will maintain its leadership status throughout the forecast period. This is attributed to rise in adoption of vitamin supplements with rise in health consciousness and the need to have a diversified diet. However, Asia-Pacific is expected to grow at the largest CAGR of 8.2% from 2022 to 2031, owing to the presence of huge youth population, increase in employment rates, rapid urbanization, and changes in food habits of consumers. The research also analyzes regions including Europe and LAMEA.

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Leading Market Players:

Amway Corp.
American Health Formulations (AHF)
FullwellLLC
Garden of Life, LLC
Healthy Life Pharmaceuticals Private Limited
Klean Athlete
Llama Naturals
Now Foods
Nordic Naturals
Olly PBC
Pharmavite
RBK Nutraceuticals
The Nature's Bounty Co.
Vital Proteins, LLC
Good Health New Zealand

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