Vitamins & Minerals Market Growth & Trends
The global vitamins & minerals market size is expected to reach USD 31.84 billion by 2028, registering a CAGR of 4.6% during the forecast period, according to a new report by Grand View Research, Inc. Increased consumer inclination toward preventive healthcare drives the vitamins & minerals market. Furthermore, rising demand from the aging population to meet their regular dietary allowance creates more demand for vitamins and minerals in the global market. In addition, growing self-medicate for minor ailments will anticipate market growth.
Vitamins & Minerals Market Segmentation
Grand View Research has segmented the vitamins & minerals market based on type, application, and region:
Based on the Type Insights, the market is segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Multivitamins, Calcium, Iron, Magnesium, Zinc, Others.
- Multivitamins have the largest share in the vitamins & minerals market of over 35% in 2021 and are expected to expand at a substantial growth rate during the forecast period. Rising demand for multivitamins from the aging population to maintain dietary intake propels the segment growth. Multiple benefits associated with consuming multivitamins, such as increased energy level, boost immunity system, anti-cancer benefits, reduction in heart-related problem or maintaining good muscle strength, and many more, attracts health-conscious consumers, which results in grown demand.
- Vitamin C has a grown demand in the COVID-19 pandemic era and is expected to expand at a CAGR of 5.2% from 2022 to 2028. Vitamin C is very essential for lowering blood pressure, reducing chronic risk, boosting immunity, and lowering the risk of heart diseases. In 2020, India purchased 185 million vitamin C pills to boost the immunity system against COVID-19. These types of buying behavior fuel the segment's market growth.
Based on the Application Insights, the market is segmented into Energy And Weight Management, Bone And Joint Health, Heart Disease, Anti-Cancer, General Health, Others.
- Energy and weight management accounted for the largest market share of more than 25% in global consumption of vitamins and minerals consumption in 2021 and is expected to expand with a substantial growth rate during the forecast period. A large population consumes vitamins and minerals to get the required energy level and maintain body weight, which results in rising demand for vitamins and minerals.
- The general health segment is estimated to be the fastest-growing application at a CAGR of 5.2% from 2022 to 2028. Consumers' increased inclination toward a healthy lifestyle leads to grown demand for vitamins & minerals. Consumers' approach to maintaining a healthy body by maintaining general health requirements by consuming vitamins and minerals will propel the vitamins and minerals market growth in the general health category.
Vitamins & Minerals Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The vitamins & minerals market is fragmented in nature. Manufacturing companies strengthen their presence by adopting various marketing strategies such as strengthening the supply chain, digital advertising, and offering discounts on products.
Some of the prominent players operating in the global vitamins & minerals market include,
- Abbott Laboratories
- Amway
- Bayer AG
- CSPC Pharmaceutical Group
- Daiichi Sankyo
- Eisai Co., Ltd.
- GNC Holdings, Inc.
- Hainan Yangshengtang
- Koninklijke DSM N.V.
- Nature's Way Products, LLC
- Novartis International AG
- Otsuka Holdings Co. Ltd.
- Pfizer Inc.
- Pharmavite LLC
- Roche Holding AG
- Salus Haus
- Sanofi S.A.
Order a free sample PDF of the Vitamins & Minerals Market Intelligence Study, published by Grand View Research.
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