SAN FRANCISCO, Dec. 1, 2021 /PRNewswire/ -- The global vitamin supplements market size is expected to reach USD 71.37 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2021 to 2028. The market is predominantly driven by the growing awareness regarding the nutrition intake associated with health.
The nutraceutical industry is an evolving and dynamic sector, which offers novel opportunities to collaborate scientific discovery with the growing consumer interest in health-enhancing foods. It tracks and monitors consumer trends and relationships with mass distributors, thus the products developed in this industry are a response to direct demand. It is used to improve health, delay the aging process, prevent chronic diseases, increase life expectancy, and support the structuring and functioning of the body.
Key Insights & Findings from the report:
- On the basis of type, the multivitamin segment dominated the market in 2020 with a revenue share of over 40.0%. This is due to the high demand for a blend of vitamins for the overall improvement of health and wellness
- In terms of form, gummies are expected to expand at the fastest CAGR of 7.0% from 2021 to 2028. It is a sweet jelly-like form, is easy-to-carry, and offers better taste, good mouth feel, and essential nutrients
- Based on distribution channel, the online segment is expected to expand at the fastest CAGR of 6.9% from 2021 to 2028 as it provides ease of ordering the required supplements directly from the website, along with free shipping and home delivery services
- North America dominated the market with a revenue share of over 30.0% in 2020. The increasing demand for functional food and health supplements among consumers is a major factor driving the market in the region
- In 2020, Pharmavite, the U.S.-based dietary supplement manufacturer, launched personalized vitamin and supplement subscription service as an extensive brand of Nature Made. This service helps the company to improve its brand value and customer relations.
Read 150 page market research report, " Vitamin Supplements Market Size, Share & Trends Analysis Report By Type (Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K), By Form, By Distribution Channel, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
Awareness among consumers regarding health and wellness is shifting the trend toward the "Prevention is better than cure" ideology. This has resulted in more consumers relying on nutraceuticals, functional foods, and dietary and vitamin supplements to lead a healthy and disease-free life.
Nutraceuticals including vitamin supplements have received immense focus in the recent past owing to their nutritional and pharmaceutical benefits along with being safe for consumption without significant side effects. This has led to an explosive growth of the nutraceutical market across the globe.
Vitamin supplements are widely consumed as nutritional supplements across the world as they are useful in the treatment of various diseases and support overall immunity. The manufacturers operating in the market have witnessed an increase in demand due to the COVID-19 pandemic.
Grand View Research has segmented the global vitamin supplements market on the basis of type, form, distribution channel, and region:
- Vitamin Supplements Type Outlook (Revenue, USD Million, 2017 - 2028)
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
- Vitamin Supplements Form Outlook (Revenue, USD Million, 2017 - 2028)
- Vitamin Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Specialty Stores
- Vitamin Supplements Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- Australia & New Zealand
- Central & South America
- Middle East & Africa
- South Africa
List of Key Players of Vitamin Supplements Market
- Glanbia Plc
- Pfizer Inc.
- Bayer AG
- Amway Corp.
- GlaxoSmithKline plc.
- Good Health New Zealand
- The Nature's Bounty Co.
- NOW Foods
- Herbalife Nutrition
- Nature's Sunshine Products, Inc.
- NU SKIN
- RBK Nutraceuticals Pty Ltd.
- American Health, Inc.
Check out more studies related to nutrition supplements and foods, conducted by Grand View Research:
- Prenatal Vitamin Supplement Market - The prenatal vitamin supplement market size was valued at USD 377.2 million in 2018 and is anticipated to expand at a healthy CAGR over the forecast period. Increasing awareness about a healthy diet and proper medication among pregnant women is a key factor driving the market.
- Functional Foods Market - The global functional foods market size was estimated at USD 161.49 billion in 2018. It is anticipated to register a CAGR of 7.9% during the forecast period. Increasing demand for nutritional and fortifying food additives is anticipated to drive the growth.
- Nutritional Supplements Market - The global nutritional supplements market size was valued at USD 310.4 billion in 2020 and is expected to expand at a CAGR of 6.2% from 2021 to 2028. The spread of the COVID-19 pandemic & rising demand for nutritional supplements to improve health are the key driving factors.
Browse through Grand View Research's coverage of the Global Nutraceuticals & Functional Foods Industry .
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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