Vitamins and Supplements Market Set for Explosive Growth rate (CAGR) of 6.9% by 2030 | Abbott, Nestle S.A
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Shift in consumer preferences due to increasing focus on health and prevention and rising prevalence of chronic diseases
VANCOUVER, B.C., CANADA, February 3, 2023 /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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The Market Intelligence Report provides a complete overview of the Vitamins and Supplements market along with details on the competitive landscape and profiles of the key players operating in this business. Our analyst team evaluates many other important aspects of the market, including historical market trends, estimated growth rates, revenue generation, production capacity, pricing structure, and key market drivers, opportunities, challenges and constraints. Did. The latest research report offers an accurate study of the Vitamins and Supplements industry and highlights key factors such as import/export analysis, production and consumption rates, distribution channels and consumer base in key regions of the global market. This report further explores key facts and figures related to current market conditions and provides an industry-validated database for companies looking to invest in the market.
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. Moreover, increasing elderly population in geographies, such as North America, Europe, and Asia Pacific, is likely to drive market revenue growth during the forecast period. Furthermore, demand for immune boosters from these end-users is predicted to rise faster during covid-19 pandemic, as geriatric population is more vulnerable to pathogenic infection.
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. According to a Food Industry Asia research issued in 2020, hypermarkets and supermarkets in Asia Pacific are predicted to develop significantly, with Vietnam, India, and the Philippines are expected to grow at the fastest CAGRs throughout the projection period.
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What Questions Should You Ask before Buying a Market Research Report?
How is the Vitamins and Supplements-market evolving?
What is driving and restraining the Vitamins and Supplements market?
How will each Vitamins and Supplements submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?
How will the market shares for each Vitamins and Supplements submarket develop from 2022 to 2030?
What will be the main driver for the overall market from 2022 to 2030?
Will leading Vitamins and Supplements markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?
Who are the leading players and what are their prospects over the forecast period?
What are the Vitamins and Supplements projects for these leading companies?
How will the industry evolve during the period between 2020 and 2030? What are the implications of Vitamins and Supplements projects taking place now and over the next 10 years?
Is there a greater need for product commercialisation to further scale the Vitamins and Supplements market?
Where is the Vitamins and Supplements-market heading and how can you ensure you are at the forefront of the market?
What are the best investment options for new product and service lines?
What are the key prospects for moving companies into a new growth path and C-suite?
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Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Major companies in the market report include 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.
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
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Major Geographies Analyzed in the Report:
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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