Vitamins and Supplements Market is estimated to grow at a CAGR of 6.9% from 2022 to 2030
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Shift in consumer preferences due to increasing focus on health and prevention and the rising prevalence of chronic diseases
VANCOUVER, BC, CANADA, November 7, 2022 /EINPresswire.com/ -- The vitamins and supplements market size reached USD 108.4 Billion in 2021 and is expected to register a revenue CAGR of 6.9% during the forecast period, according to latest analysis by Emergen Research. Shift in consumer preferences due to increasing focus on health and prevention and rising prevalence of chronic diseases are some key factors projected to support market revenue growth between 2022 and 2030.
In addition, increasing awareness among consumers regarding their health is another factor driving revenue growth of the market. Different types of products are increasingly being used for vitamins and supplements. Food and nutrition sectors have evolved to provide customers with a more tailored experience and make up for dietary loss through supplemental nutrition. In addition, rising prevalence of chronic diseases is another factor increasing demand for vitamins and supplements. The World Health Organization estimates that in 2021, prevalence of chronic diseases was around 57%. This indicates that over 50% of people worldwide have a chronic illness, with cancer, diabetes, and disorders of heart and lungs being the most prevalent. Every day, a range of vitamins, minerals, and nutrients are required to maintain good health and, more significantly, a strong immune system that fights off chronic diseases. For instance, vitamin D is frequently suggested for prevention of bacterial and viral illnesses since it is thought to strengthen people's immune systems. Vitamin D may also reduce chronic inflammation brought on by Non Communicable Diseases (NCDs) such as diabetes and obesity.
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Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Vitamins and Supplements market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Vitamins and Supplements market and pinpoint the fundamental growth trends.
Companies profiled in the global Vitamins and Supplements market:
Herbalife International of America, Inc., Archer-Daniels Midland Company, Amway Corporation, Pfizer, Inc., Abbott, Nestle S.A., Nutrition and Biosciences (DuPont de Nemours, Inc.), Bayer AG, Glanbia PLC, and Arkopharma.
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Some Key Highlights from the Report
The geriatric segment accounted for largest revenue share in the vitamins and supplements market in 2021. Increasing need for essential vitamins, such as vitamin D and vitamin B by elderly individuals, is a major factor driving demand in this segment. Vitamin D and vitamin B-deficiency is frequently observed in older individuals and can increase risk of developing osteoporosis and other age-related disorders. In addition, vitamin D is necessary for bone health, battling depression, and preventing colds.
The Over-The-Counter (OTC) segment is expected to account for a significant revenue share during the forecast period. Initiatives aimed at improving healthcare infrastructure, as well as implementation of favorable regulations by most governments throughout the world, are anticipated to have an influence on popularity and growth of OTC dietary supplements. OTC dietary supplement business is working on increasing functioning of these supplements through product formulation improvements, which is likely to provide substantial market development opportunities.
The offline segment accounted for a significant revenue share in 2021. The offline distribution route is either brick and mortar or Direct-To-Consumer (DTC). Supermarkets/hypermarkets, pharmacies, specialty stores, practitioners, and other direct-to-customer channels selling nutritional supplements are examples of offline subcategories. Due to their larger ubiquity, supermarkets/hypermarkets contribute considerably to sales of nutritional supplements in Europe and North America.
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
The Global Vitamins and Supplements Market is further analyzed across the key geographical locations where the market has expanded to a significant size. The key region analyzed are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report offers a country-wise analysis to provide a comprehensive analysis of the Vitamins and Supplements market in terms of production and consumption patterns, supply and demand ratio, import/export, revenue contribution, trends, and presence of prominent players in each region.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
Key Questions Addressed in the Report:
Who are the leading players in the Vitamins and Supplements industry?
Which region is expected to dominate the market in the coming years?
What are the key applications of Vitamins and Supplements?
Which segment is expected to garner traction during the coming years?
What are the key strategies adopted by leading players in the market?
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