VANCOUVER, BC, Feb. 28, 2023 /PRNewswire/ -- The global vitamins and supplements market size was valued at USD 108.4 Billion in 2021 and is expected to register a CAGR of 6.7% during the forecast period, according to the latest analysis by Emergen Research. The market growth is driven by increasing consumer awareness regarding the benefits of vitamins and supplements, rising health concerns, and the growing aging population across the globe.
As people become more health-conscious, the demand for vitamins and supplements has risen considerably. Consumers are seeking natural and safe products to enhance their health and well-being. Additionally, rising healthcare costs, increasing prevalence of chronic diseases, and the growing trend of preventive healthcare are also contributing to the market's growth. The vitamins and supplements market is also witnessing a shift towards plant-based and organic products, owing to the increasing demand for clean-label products.
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Drivers:
The market growth is further boosted by the growing geriatric population, who require additional supplements to support their aging bodies. According to the United Nations, the number of people aged 65 years and above is expected to double from 703 million in 2019 to 1.5 billion by 2050. This demographic shift is expected to drive the demand for vitamins and supplements in the coming years.
Furthermore, the COVID-19 pandemic has had a significant impact on the market, as people have become more concerned about their health and wellness. The pandemic has led to an increased focus on immunity-boosting supplements, such as vitamin C, vitamin D, and zinc.
Governments across the globe are also taking initiatives to promote a healthy lifestyle and reduce healthcare costs. For instance, the U.S. Food and Drug Administration (FDA) launched the Dietary Supplement Ingredient Advisory List in 2020, which aims to protect consumers from potentially harmful ingredients in supplements.
Restraints:
However, the market growth is hindered by the lack of regulatory oversight in some regions, leading to the sale of adulterated or mislabeled products. The presence of counterfeit supplements in the market is also a major concern, as it poses a significant risk to consumers.
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Growth Projections:
Despite these challenges, the vitamins and supplements market is expected to witness significant growth in the coming years. The market is expected to reach USD 196.5 Billion in 2030, with a CAGR of 6.9% during the forecast period. The increasing demand for personalized nutrition and the growing e-commerce industry are expected to drive the market growth.
Current Trends and Innovations:
Personalized nutrition is a growing trend in the market, as consumers are seeking products tailored to their individual needs. Companies are increasingly investing in technologies such as AI and machine learning to develop personalized supplements and enhance the customer experience. The growing e-commerce industry is also driving the market growth, as it provides consumers with easy access to a wide range of products and enables them to compare prices and reviews.
The vitamins and supplements market is witnessing several trends and innovations, such as the use of probiotics and prebiotics, which promote gut health and boost the immune system. The market is also witnessing a shift towards sustainable and environmentally friendly products, as consumers become more conscious of their impact on the environment.
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Strategic Initiatives:
Major companies operating in the vitamins and supplements market include Amway, Bayer AG, Glanbia Nutritionals, Pfizer Inc., Herbalife Nutrition Ltd., Nestlé S.A., Archer Daniels Midland Company, and The Nature's Bounty Co.
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Emergen Research has segmented the vitamins and supplements based on ingredient, form, application, end-users, type, distribution channel, and region:
- Ingredient Outlook (Revenue, USD Billion, 2019 - 2030)
- Vitamins
- Supplements
- Form Outlook (Revenue, USD Billion, 2019 - 2030)
- Tablets
- Capsules
- Soft Gels
- Powders
- Gummies
- Liquids
- Application Outlook (Revenue, USD Billion, 2019 - 2030)
- Immunity
- Brain/Mental Health
- Bone & Joint Health
- Menopause
- Metabolic Health
- Beauty Care
- Digestive & Microbiome Health
- Others
- End-Users Outlook (Revenue, USD Billion, 2019 - 2030)
- Adults
- Geriatric
- Pregnant Women
- Children
- Infants
- Type Outlook (Revenue, USD Billion, 2019 - 2030)
- OTC
- Prescribed
- Distribution Channel Outlook (Revenue, USD Billion, 2019 - 2030)
- Offline
- Online
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Singapore
- Thailand
- Hong Kong
- Thailand
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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