The global vitamin supplements market size was valued at USD 44.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The market is expected to be driven by a rising number of health-conscious consumers and an increasing preference for vitamins in daily diet. The COVID-19 pandemic highlighted the need for vitamin consumption. The National Institute for Health and Care Excellence (NICE) of the U.K. stated that vitamin D is important for bone and muscle health and helps boost the body’s immune response to respiratory viruses. Additionally, it is recommended that adults (including pregnant women and breastfeeding women), children, and young people over the age of four years should contribute 10 micrograms of vitamin D daily to their diet.
Moreover, vitamins including vitamin A (retinol and carotenoids), B, C (ascorbic acid), D (cholecalciferol), and E are offered in combination as well as individual supplements. Vitamin A supports muscular and ophthalmic health, vitamin E helps repair DNA and strengthen the immune system, and vitamin D is necessary for bone health. Vitamin B is available as B-complex products and individual supplements of B1, B2, and B12, intended to be used for specific ailments, for instance, Vitamin B12 aids in the prevention of megaloblastic anemia.
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Key Player Mentioned:
- Glanbia Plc
- Pfizer Inc.
- Bayer AG
- Amway Corp.
- GlaxoSmithKline plc.
- Good Health New Zealand
- The Nature’s Bounty Co.
- NOW Foods
- Abbott
- Herbalife Nutrition
- Nature’s Sunshine Products, Inc.
- NU SKIN
Product Segment Analysis:
- Multivitamin
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
Consumer awareness regarding the association between diet and health has increased the demand for dietary supplements. Factors fueling interest in these supplements include increasing healthcare costs, burgeoning aging population, and rising interest in attaining wellness through diet. Especially, multivitamin supplements are widely consumed by working professionals and sports athletes.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Key players in the market are increasingly investing in research and development activities to develop new vitamin supplements with different flavors and forms. For instance, in 2018, Bayer AG extensively focused on R&D activities and it invested over USD 14.0 billion in research & development. In addition, in 2020, it expanded its product portfolio with the launch of four product-line extensions for its One a Day vitamins in the U.S.
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